You’re going to file bankruptcy because you have little to no income, so how can you be expected to pay for a lawyer and pay court fees?
Well, you’re not always filing bankruptcy because you’re flat broke. Sometimes you do it simply to consolidate, if not completely eliminate, debt which will take all the money out of your pocket to pay creditors. If you are low on cash, you might wonder if you can do this whole process yourself. Even if you have money, you may wonder exactly how much this process will cost you. Let’s find out.
Texas Chapter 7 – Costs
To file for Chapter 7 bankruptcy anywhere in the country, you will pay a court fee of $299. Chapter 13 will cost you $274.
Now, hiring a lawyer is where the price can seem high. A typical Texas Chapter 7 case will cost from $1,000 to $2,500. That may seem quite high, but because the benefits themselves are so high, it’s more than worth it. A Texas bankruptcy lawyer saves you time and money, does not take it. This is usually a flat rate for all filers. Also, many lawyers are willing to negotiate payment, if not also setting you up on a payment plan. Few can just pull $2,000 out of the bank, but if you can eliminate $20,000 in debt, that’s a whole different story.
Benefits of Texas Chapter 7
Most are eligible for Chapter 7 bankruptcy, most can discharge the majority of their debt, and you likely won’t lose any assets. Many filers believe they might lose their car or home. This does occur, which is why a lawyer handling your case is more than worth it. With an experienced lawyer, you can stop a foreclosure on your home, set up a payment plan on your home and car, and keep most other assets.
Say you have $20,000 in credit card debt; you can discharge all this money for a fraction of the total. Or say you have over $100,000 in medical debt from when you were hurt and did not have insurance; in this case, Chapter 7 is you best option and the fees seem minor.
Chapter 7 bankruptcy allows for you to be free of most debt, and there is no fine print. You can in some cases lose assets, and certain forms of debt cannot be included, but really it can be a life changing decision.
Can you do it yourself?
Technically you could operate on yourself, but few try that. Yes, you can handle a bankruptcy by yourself, sometimes even with success. It just depends on your situation. In some cases, it’s very understandable to forgo a lawyer, but when your entire financial future is on the line, you might want to be careful. The benefits of hiring an experienced bankruptcy lawyer are known the the thousands who successfully file in Texas every year.
How should you hire a Texas bankruptcy lawyer?
Hiring an experienced Texas bankruptcy lawyer is the first step in filing Chapter 7. If you want to discharge the majority of your debt, protect your assets, and be free of creditor harassment, it’s a wise choice. If you’re in the Dallas/Fort Worth area of Texas, we can handle your case.