St. Louis Bankruptcy Attorney Answers: How Much Does Bankruptcy Cost?

I get many interesting questions when someone first calls us to talk about their debt. One of those questions is often, “How much is this going to cost me?” And it’s understandable that that would be a concern—after all, when you’re in debt, the last thing you want to do is spend more money. I have the same answer for everyone that comes in: It depends.

And it’s the truth. How much you will have to pay for a bankruptcy is entirely dependent on your situation. I know that may not be the answer you are looking for but here are some points that may help you see why price might not be the most important thing to look for in a bankruptcy attorney.

• Bankruptcy fees are regulated by the federal bankruptcy court. By rule, we are only allowed to charge a certain amount and that law was created to protect people from having to take cost into account when they are choosing the best bankruptcy attorney for their case. Debt settlements and loan modifications are not regulated—which has led to numerous scams and their unwillingness to help you escape all aspects of your debt.

• Shopping on price could cost you in the end. Sure, there are some bankruptcy attorneys who claim that they don’t charge much to help you with your case. But what does that really mean? It means that they may have hidden fees that they will expect you to pay later or they expect you to do the majority of the work. Not to mention, a bad bankruptcy attorney could leave you in a worse situation than you were in before. If you needed open heart surgery, would you look for the cheapest surgeon? No. You would look for the best. So, why would you take any less care when it came to your bankruptcy?

• You can talk to most bankruptcy attorneys for free the first time. Most bankruptcy attorney that truly wants to help you will talk to you for free about your situation and quickly sign you up. On the other hand, the best bankruptcy attorneys will take the time to first educate you about bankruptcy and if it is right for you. They will have websites, books, consumer guides, and other information available for free before you even step foot in the office. Keep that in mind as you search around for bankruptcy attorneys because, in some cases, it is not a good choice to bet your future on who has the lowest price.