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Can You Afford to File for Bankruptcy?


When you are barely making ends meet and you are considering filing a personal bankruptcy, you are likely concerned with how much a Chapter 7 or Chapter 13 will cost you. We understand that it can be stressful to come up with the money to file for relief from your debt, but working with the “right” lawyer is crucial to having success in your bankruptcy case.

Afford to File For Bankruptcy | Melbourne and Palm Bay, Florida

Bankruptcy Lawyer Brevard County

Afford to File For Bankruptcy

Having an attorney in your bankruptcy case can actually save you money and help ensure that you keep possession of as many assets as possible. It is common for individuals who are facing money struggles to be tempted to retain the cheapest lawyer they can find, but you sometimes get what you pay for. In other words, you don’t want to hire an attorney that is inexperienced or unreliable to handle your case.

Hiring a Bankruptcy Petition Preparer

In an effort to save money, many individuals also consider hiring a bankruptcy petition preparer to assist with their bankruptcy filing. Although a bankruptcy petition preparer’s fees may be less, the only help you will receive is assistance with completing the paperwork needed to file your case. A bankruptcy petition preparer is not allowed to give you legal advice or to otherwise represent you as your case proceeds. This means that if any complications arise in your filing, you’re on your own.

Preparing Financially for a Bankruptcy Filing

Bankruptcy lawyers understand your financial struggles, so the fees they charge are typically reasonable. This is particularly true when you compare their fee to the thousands of dollars your attorney can help you discharge in your filing! Additionally, many bankruptcy law firms will assist you in finding a way to afford your filing. Consider the following:

  • To prepare for your bankruptcy, start putting aside small amounts each month. Planning your filing allows you to save the money you need to afford it.
  • Talk to friends and family members about making monetary gifts to assist you. It is essential that they understand they are giving (not loaning) the money because the debt will likely be discharged in your filing. If you desire, you can always voluntarily repay them after your bankruptcy has concluded.
  • Consider taking a loan from your retirement plan. It is important to understand the potential tax consequences of doing this. You should also read our blog titled “Is my 401K Safe in Bankruptcy?”
  • Discuss other options with your bankruptcy lawyer, including establishing a payment plan.

Remember, the small amount you pay your bankruptcy attorney is worth every penny when you discharge the majority of your debt and obtain a second chance with your financial future.

Contact a Melbourne Bankruptcy Attorney at Faro & Crowder, PA

The decision to hire an attorney is an important one and should not be based on advertising alone. At Faro & Crowder, PA, we believe our reputation and track record speak for themselves, but we welcome you to ask our other clients about their experience working with us. Contact our office today to schedule your free initial bankruptcy or foreclosure defense consultation.

How Much Does a Bankruptcy Filing Cost?

When you are struggling to make ends meet and you are hoping to obtain debt relief, you are probably concerned with how much filing a Chapter 7 or Chapter 13 case will cost you. Financial struggles can be nerve-wracking and trying to come up with money to pay an attorney and bankruptcy cost can feel overwhelming.

Bankruptcy Filing Cost | Brevard County | Melbourne,FL Attorney

Finding the Right Bankruptcy Lawyer

If this is your situation, it is important to retain the right attorney. An experienced bankruptcy attorney can not only help you save money, but also prevent you from losing your most valuable assets. You may be tempted to retain the “cheapest” lawyer out there, but you don’t want to put your future in the hands of a lawyer that does not have bankruptcy experience or that you cannot rely on. Thus, it is imperative that you research the attorney to ensure that he or she is knowledgeable in the area of bankruptcy and has a solid reputation for helping people in your situation.

You may also think you can save money by working with a bankruptcy petition preparer instead of an attorney. As the name suggests, a bankruptcy petition preparer helps you prepare your paperwork needed to file your case. However, he or she cannot give you legal advice or represent you during your case. This means that if any problems occur in your filing, you don’t have anyone there to help you.

An Attorney Will Help You Manage A Bankruptcy Cost

Bankruptcy attorneys understand better than anyone that your finances are in trouble, so their fees are typically reasonable. In fact, when you compare the small amount you pay your lawyer to the thousands of dollars you can discharge in your bankruptcy case, you are getting quite a deal! Additionally, most lawyers are willing to assist you in finding a way for you to pay for your filing. Below are a few considerations:

  • Start setting aside small amounts of money as soon as you think it is likely you will seek bankruptcy protection. Planning ahead is the best way to prepare yourself for filing a Chapter 7 or Chapter 13 case.
  • Seek help from your friends and family. It is essential that they understand the money is a gift because the amount they give you will be discharged in your bankruptcy filing. If you want, you can repay the amount after your bankruptcy case is over.
  • It is generally a bad idea to borrow from your retirement savings to pay for a bankruptcy case. A loan from your 401k can have negative tax consequences and your retirement funds are exempt in your bankruptcy.
  • Discuss a payment plan with your bankruptcy lawyer.

Contact a Brevard County Bankruptcy Attorney at Faro & Crowder, PA

If you are interested in learning more about how a bankruptcy filing will impact your debt, contact Faro Crowder, PA to schedule an appointment. We are located in Melbourne, Florida on Sarno Road and serve residents and businesses of the Space Coast and Brevard County.

Services Areas

We provide services throughout Central Florida including: Melbourne, Titusville, Palm Bay, Merritt Island, Cocoa, Cocoa Beach, Satellite Beach, West Melbourne, Cape Canaveral, Viera and Eau Gallie.

Get In Touch with Faro & Crowder, PA

Faro & Crowder, PA
Phone: 321-784-8158
Address:
1801 N. Sarno Road, Suite 01
Melbourne, FL 32935
Email: info@farolaw.com

The information on this blog or any blog is not intended as, and should not be taken as, legal advice.

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