If you are considering going through bankruptcy in Minnesota, it is important to determine what the true cost will be. When you are already struggling to pay your daily bills, this is definitely a concern and a source of great anxiety. To understand what to expect, it is best to look at what goes into a Minnesota bankruptcy and the related costs.
The first item to consider when you are looking at the cost of bankruptcy is the actual type of bankruptcy you will be filing. In Minnesota, courts will approve $2500 for payment of attorney fees on a three-year plan for Chapter 13 bankruptcy cases. For a five-year plan, $3000 is the amount a court will approve.
When it comes to a Chapter 7 bankruptcy, the fees are a bit more difficult to determine. Fees for this type of bankruptcy could vary drastically from one case to another. They will be dependent on the amount of processing time, documentation, consultations and several other items.
There are also some other factors that may affect the final cost of your bankruptcy. For example, prices will change if you owe child support or have other legal obligations. Also, your status may affect pricing. For example, an individual will likely pay a significantly lower price than a small business.
Keep in mind that each attorney will operate on a slightly different pay schedule. The final cost will depend on the amount of time the lawyer puts into the case as well as any filing fees that must be submitted. One of the great things about bankruptcy lawyers is that they are usually willing to work with the client in order to make the process affordable and less stressful.
Contact us to learn more about the bankruptcy process and the costs you may incur.