Posts Tagged ‘Legal’

If you are planning to file for Chapter 7, first consider the pros and cons of retaining a bankruptcy attorney and going through with it. Take a look at this list of the pros and cons of bankruptcy and decide what is the right move for you in your current financial situation.

The Pros of Bankruptcy:

Hiring a bankruptcy attorney can be a debt management tool to help solve your financial problems.

  1. Fresh Financial Start – The biggest advantage of having a bankruptcy attorney file your claim is obviously the hope of obtaining a fresh financial start once your debts have been discharged.
  2. Automatic Stay on Debts – Creditors must stop their collections efforts when you file for bankruptcy. All collection actions from creditors will be stopped including: foreclosures, repossessions, and garnishments. If they haven’t, contact your bankruptcy attorney immediately to bring the matter in front of a judge.
  3. Protection of Essential Property­– In most states, your home, car and other essentials are exempt so your bankruptcy attorney will ensure you do not wind up homeless or unable to get around.

The Cons of Bankruptcy:

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Joshua Just Lawyer Fee Structures

For anyone searching for information on how much a lawyer will cost, the lawyer fee structures seem like a complicated and often misunderstood process. However, rest assured that the number one lawyer fee structure (hourly rate) is pretty straightforward. Here is an explanation of how the different types of lawyer fees are generated.

Lawyer Fee Structures #1: Hourly Billing

Hourly billing is the most common way lawyer fee structures are set up and how most attorneys make their money.  The lawyers typically get paid an agreed-upon hourly rate for the hours he or she works on a case until it is completely resolved.  This is the most common practice of lawyer fee structures because it adequately assesses all the “behind the scenes” work that goes into the majority of cases – phone calls, research, analysis, etc – that are accomplished whether a case is won or lost.  Rates vary considerably per attorney. From lawyers.com:

“Rates may vary anywhere from $50 an hour to a $1,000 an hour or more…Hourly billing rates can often depend on a combination of the lawyer’s professional experience and reputation.”

In addition, law offices may also charge for the time of other legal personnel. For example, hourly billing rates for senior paralegals and legal assistants vary significantly.

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