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Finding a bankruptcy attorney is half the battle, and now you need to discuss the cost of his or her services. Determine your favorite among these fee types and you’ll be able to keep your sanity (and even some extra cash) after all is said and done. 1. Rolling the Dice for a Lower Cost – The Hourly Fee This is the preferred method by attorneys, and in most cases, it is not going to cost any more than fixing the price. It could potentially cost less if you don’t plan on meeting very often. Beware of this option if you will be calling or setting up frequent meeting times, as it could ultimately turn against you. Every call you make will be added onto your bill (some clients forget about this), so if the case requires a lot of correspondence, it would be best to stay away from the hourly rate. 2. In for the Long Haul – Retainers In regards to bankruptcies, you should never have to pay a retainer charge. This type of legal filing doesn’t take a long time to process, so be wary of any lawyer that says otherwise. If you are filing another type of legal action alongside a bankruptcy, retainers may apply. Perhaps you know your case is going to require a lengthy preparation before it’s time to go to court. You should speak candidly with your representation about any charges that may be incurred due to the longer time frame of work or frequent use of services. 3. Setting the Figure in Stone – Fixed Fees fixing the rate is an excellent opportunity for you to relieve the pressure when it comes to the cost of a bankruptcy attorney. After sitting down with your lawyer and signing a legally binding contract for the amount determined, you’ll have the peace of mind to relax about the monetary figure and focus on other important things. Many clients prefer the all-inclusive nature of this fee type, as there will be no hidden charges that sneak up at the end of the case. 4. Prevent a Relapse with a Payment Plan The last thing you’ll want to be doing is filing for another bankruptcy as a result of inability to pay your bankruptcy attorney, right? Opt for a payment plan that fits your monthly budget instead of scrambling for the rest of that lump sum. After all, the prices can get pretty steep (ranging from $500 to $2500), depending on both the attorney’s professional experience and filing type (such as Chapter 7, 11, or 13). Your lawyer should understand that you’re in financial crisis and that it’s quite possible you don’t have the means to pay for everything up front. In Grand Rapids bankruptcy attorney can help you anticipate the events in the process before they occur so that the anxiety is kept to minimum. To understand the process and to know more visit, http://www.bankruptcy-grandrapids.net/
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