Understanding the Expenses of Filing With a Cheap Bankruptcy Lawyer In Olympia WA

Typically when someone is ready to file for bankruptcy, that person is totally broke and far in debt. The idea of paying a lawyer for this legal service seems impossible, even when it’s a Cheap Bankruptcy Lawyer In Olympia WA.

Two Types

Two types of personal bankruptcy are most common. These are Chapter 7 and Chapter 13. Chapter 7 discharges a large amount of the debt except for certain exceptions, such as back child support payments and student loan obligations. Chapter 13, in contrast, sets up a repayment plan that can last up to five years. A Cheap Bankruptcy Lawyer In Olympia WA can assist clients with either of these options.

Most people who file choose Chapter 7. They cannot afford the payments required under Chapter 13, especially since they must stay up to date with their current bills. Chapter 13 cannot be approved for someone whose income makes the budget far too tight. There must be some room for unexpected expenses, which everyone deals with from time to time.

Unfortunately, many men and women who start with a Chapter 13 repayment program default because it’s simply too difficult financially. They truly want to pay back the debt they’ve accumulated, but it proves to be impossible. People who have defaulted on a Chapter 13 program or know they cannot continue with it are allowed to convert to Chapter 7.

Filing Fees and Attorney Fees

A filing fee is required; for either type, the cost is approximately $300. The person who will be filing must come up with that amount of money somehow. There also will be attorney fees, which vary a great deal among lawyers. The person will want to do some research to find an attorney he or she can afford to pay. Lawyers like Rafal Gorski make the process easier by allowing payment arrangements.

Attorney fees account for most of the cost of bankruptcy filings, which leads some individuals to try filing on their own. They need to understand that bankruptcy filings must be approved by the court. The success rate for approval is relatively low for men and women who do not have professional legal representation.