One of the legitimate questions that many people have regarding bankruptcy is how to pay for their attorney fees. After all, if you are to the point of choosing bankruptcy in order to get relief from your financial obligations, you obviously have a great deal of debt already. Read on for some ideas on how to cover the legal expenses involved in bankruptcy.
First of all, we're assuming that you've already made an informed decision regarding whether to file Chapter 7 or Chapter 13. You should not take this step hastily because it will carry some long-term consequences which you need to be aware of. You should read other articles like this one to learn more about this huge financial decision.
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First of all, you need to remember that a successful bankruptcy filing will eliminate or restructure your debt. This will make it far easier to take care of their legal costs because you won't have to worry about the financial burdens that have been on your mind for the last several months (or years).
For example, can you imagine the relief from wiping out your credit card bills that you have to pay each month? now we're not saying to take this lightly, because as we said before this is a serious step. But if you are overwhelmed with credit card bills and other unsecured debts, you may not be able to get out from under them or may simply be spinning your wheels as you pay the minimum payments each month.
Not having to pay your debts (or at least eliminating some of them) as a result of a bankruptcy discharge can make it much more realistic to pay your lawyer. In addition, reading as much as possible about bankruptcy before making your ultimate decision is a wise move. That's because your lawyer charges by the hour, and the more informed you are and the more organized your financial documents are, the less work there is for the law firm.
You may also be able to get the money from a generous family member or even your boss who wants you to stop worrying about your financial problems and get back to work! If you have to declare bankruptcy, the legal fees involved will be well worth the effort.
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