Consumer debt bankruptcy cases require the Debtor to enter information and make computations with income, expenses, and deductions, that ultimately result in the Debtor being eligible for Chapter 7, eligible for a 3-year Chapter 13 plan, or being required to have a 5-year Chapter 13 Plan.
Our office typically bills clients a flat or hourly rate to perform a means test which can be applied toward the regular fee in the Chapter 7 or Chapter 13 if we are fully retained to file on your behalf.
The most common reason that we do a means test for clients before filing the case is because the client wants to know: (1) am I eligible for Chapter 7?; or (2) if I am in a Chapter 13, what might my approximate plan payment be?
Although the initial means test may be adjusted later on in the case, it can be used as a barometer for the appropriate Chapter that you should file, based on your income, assets, expenses, and goals. It can also provide you with a realistic expectation of what is required to make a Chapter 13 work.
Do not be dissuaded by a bate and switch marketing scheme for low cost bankruptcy services for as low as $499. There are times in life when you get what you pay for, and it may be a mistake that you pay dearly for by choosing the wrong firm.
Our firm bills hourly at rates several hundred dollars per hour on hourly fee engagements for attorney time, and bills flat rate engagements on a similar structure with estimated time frames for labor. But we do not compete with cut-rate service providers offering bate and switch rates to lure their clients.
Bankruptcy can be a great option to protect assets and mitigate liabilities by obtaining a discharge, but it is also based on complicated federal law and case law with inherent dangers. A budget bankruptcy law firm or attorney may not take the time to understand the risks because they can't possibly afford to review property records, liens, and spend personal time with you to understand whether you have any contingent assets.
Understanding your assets is crucial. Our office needs to know everything that you own, have an interest in now, or may have an interest in the future, even if that interest is contingent upon something else happening. This contingent interest may include the passing of a relative, an interest in a trust, or upon prevailing in a lawsuit as plaintiff.
Perhaps the most intriguing asset that most Chapter 7 trustees focus on in is an interest in real estate of the debtor, or possibly the transfer of real estate in the four years prior to the filing of your bankruptcy case. All of this is pertinent to protecting and preventing an adversary complaint against clients for some type of fraudulent transfer or having a Chapter 7 Trustee liquidate (sell) your home because it is worth more than the liens against it.
Our service rates may be higher than the marketing you see at intersections on a corner sign, but with what you could possibly have at stake with losing your house or being sued within bankruptcy, you cannot afford to use a cut rate service provider.
Our reviews scattered across the web on the BBB, Yelp! and Google provide examples of clients thrilled with our services and the value that we provide.