A recent study shows the average bankruptcy cost has increased nationwide over the last few years. What caused this change and what does it mean for you?
Bankruptcy Cost and the BAPCPA
According to the study, this change in the cost of filing bankruptcy is directly linked to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
BAPCPA, which has been hailed by some politicians as reform, drastically complicated the bankruptcy process. As a result, more people have to hire an attorney for their bankruptcy proceedings, and those attorneys have additional work to do for every case. Because the bill put new obligations on attorneys, trustees, and courts, the system in general has to charge more for the hours of work involved.
To add to the new costs, the bill requires an increase in fees in addition to the fee increases that happened as a result of its other requirements.
For consumer bankruptcy, the costs of filing Chapter 7 bankruptcy increased 30% on average. The costs of filing Chapter 13 bankruptcy increased 24% on average. And unfortunately, while bankruptcy costs have increased, the need for an attorney to help with your debt obligations has increased with it.
But there is good news.
Affordable Bankruptcy Attorney in Memphis
Our Memphis bankruptcy attorneys know bankruptcy costs can seem overwhelming. We hear this concern every day in our firm. And we’ve worked hard to make it as easy as possible for our clients.
We offer a payment plan to help you file bankruptcy. And for those who qualify, we can take your case at no money down. Plus we offer resources, customer service, and a credit repair course, all for free. We want you to succeed in getting a fresh start, and we’ll do everything we can to help you get there.
For more information about finding an affordable bankruptcy lawyer in Memphis, check out our free report on cheap bankruptcy. A lot of bankruptcy attorneys promise lower costs but don’t do the job they say they will.
If you need to get out of debt, contact us today online or call (901) 327-2100. The conversation is free. We will set up a quick appointment to talk with you about your specific case and help you figure out the bankruptcy cost.