If you are struggling to pay your bills and are considering filing for bankruptcy, you may think that hiring an experienced Brooklyn bankruptcy attorney like Ursulova Law Offices is not even an option for you. However, if you file on your own and are not familiar with bankruptcy laws, you may face unintended consequences which may set you further back from being able to retake control of your finances. Therefore, it is critical that you reach out to a Brighton Beach bankruptcy attorney to discuss your situation.
Chapter 13 Bankruptcy
If you are eligible to file for a Chapter 13 bankruptcy, this will enable you to develop a plan to repay all or part of your outstanding debt. Under this Chapter, you propose a repayment plan to make installments to your creditors over three to five years. While your legal fees will be higher in a Chapter 13 filing, debt in a Chapter 13 bankruptcy can include a repayment plan for your attorney fees.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy case moves pretty quickly and will typically have lower attorney fees. The bankruptcy trustee will gather and sell your nonexempt assets and use those proceeds to pay your creditors in accordance to the provisions of the Bankruptcy Code.
Since Chapter 7 bankruptcy does not allow for a repayment plan for attorney fees, reach out to your Brighton Beach bankruptcy lawyer to see what options are available to you within your budget prior to filing.
Attorney Fees
With the serious consequences of a bankruptcy, hiring an experienced attorney is a necessity rather than a luxury. Do not let the fear of attorney fees prevent you from reaching out to one to discuss your options. The total fees may be something you can raise or work out a payment plan for.
