Bankruptcy is a miserable state, and everyone avoids getting into it. It is a situation in which the person is unable to repay his debts, so he deiced to file for bankruptcy and get some relief. To initiate the process of bankruptcy, you need to file a petition with the court, and then the court will assess all your assets and use them to pay some amount of the debts and will waive off some of the debts if possible. Bankruptcy is the legal way through which a person is freed from all his debts, and the debtors are paid using his assets.
Everyone has to hire a bankruptcy lawyer to handle their lawsuit, but the major problem is that if the person is already bankrupt, then how he will pay the bankruptcy lawyer for his services. You can visit my website to learn more about bankruptcy lawsuits and bankruptcy attorneys. Filing for bankruptcy and hiring a lawyer costs a lot of money, and in a condition of bankruptcy, it seems next to impossible to pay the fees of the lawyers. There are some ways through which the bankruptcy lawyers can get paid by the bankrupt clients.
How the bankruptcy attorneys get paid by the bankrupt clients?
Avoid paying other bills
To pay to get paid by your client, you can advise them to stop paying for the other bills and using that money to pay for your services. There are various types of payments, such as loan payments, credit card bills, medical expenses, etc. If they are still earning, then they can stop paying for other bills for a while and use that money to pay you instead. But you must ensure that they consult you first before stopping paying for the bills as it might increase their problems.
Follow the advice of your lawyer, some of the things such as credit card bills get vanished in bankruptcy, and it is a foolish thing to pay for something that is not going to stay. It is a great way to lower your expenses and to save some money to pay to the attorney for his services.
Formulate a payment plan
You can ask your lawyer that is there any payment plan for you so that you can pay him. Law firms have various payment plans for bankrupt clients; for instance, you can pay them in small installments, and one the full payment is made, the lawyer will initiate the process of bankruptcy. While you make the arrangements for the payment, the attorney will negotiate and communicate with the creditors and keep them quiet for some time.
There is a valid reason behind the lawyers taking fees for the bankruptcy cases in advance because once the case is overall, the debts and outstanding payments will be wiped out, and the charges of the attorney are included in it. No one would like that, so they take the payment in advance.
Borrow money from close ones
There is another way to make money arrangements to pay to the lawyer. You can make money from any of your family members or friends. It is quite embarrassing and awkward to do it, but it is necessary to get out of trouble. Sometimes your family members volunteer to pay for your bankruptcy as they cannot see you getting into the jail and falling into some serious trouble. Adding to it, your close ones know that you are in some serious hassle, and they feel for you, and they also know that you didn’t end up in the situation by doing some unnecessary expense.