Bankruptcy Lawyer Dirty Secrets
The field of bankruptcy law has mushroomed in recent years, although the bankruptcy filing process only requires filling out a few forms. Misconceptions, scary news articles and misleading advertisements published by many companies now specializing only in bankruptcy law have convinced the average consumer that they should hire an expensive lawyer to get rid of the money they owe.
Even if a client has a higher than average number of questions or a more complex set of income, debt and assets than most, an experienced attorney should be able to handle a bankruptcy claim from start to finish in a matter of hours. Some honest legal professionals charge their clients for just this small amount of work, but the majority charge a $2,000 minimum basic deposit. In fact, in some areas, prices can go as high as $10,000 for a single case!
These inflated prices have actually driven many honest attorneys out of bankruptcy altogether, because once a client is convinced that bankruptcy must cost them thousands of dollars, they are naturally wary of hiring anyone who charges much less.
Filling out bankruptcy papers is so simple in many cases that attorneys ask their trustees to fill it out. However, this field has created a lot of money for some greedy lawyers, and instead of letting their clients know, they instead put cash in their pockets and stop and watch while bankruptcy filings unnecessarily spiral out of control.
Regardless of the circumstances that led you to your current financial situation, declaring bankruptcy should never be the first choice when trying to deal with high levels of debt. Especially after taking into account high attorney fees and new credit card-friendly laws, it will be better for you in the short and long term if financial difficulties are dealt with out of court.
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