top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Estimated Attorney fees?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Estimated Attorney fees?

    Just curious about what I should try to start save up for my C7 filing six months out.

    - Florida, Orlando district.

    - $30,000 IRS (1999 - 2003) and $5,000 in state tax dischargable from another state.

    - $2,000 - $5,000 in unsecured debt.

    - Sole Proprietorship (internet based - about 20 domain names are the only assets, low value maybe $750 tops.)

    - No assets besides those that are exempt.

    - Income: about $12,000 yr for the last seven years.

    - Will need a N.F.T.L. stripped. Total assets below $3,000 (Likely $1,000). NFTL is for about $20,000 (unless they are able to increase it). NFTL filed in 2004. Currently I rent. No real estate. No car.

    - Easily pass means test, no questionable transfers or activity of any kind.


    Am planning on keeping the business running. Might be willing to do a clean break on the business if needed, but would like to avoid that (it's my only income and I do not qualify for unemployment). Fairly clean case otherwise.

    Ballpark estimates on what I should expect? Thanks.
    Last edited by debtprison; 08-27-2010, 10:57 AM.
    Disclaimer: I am not a lawyer nor giving legal advice. Use at your own risk.

    #2
    Paid 1800 in RI 2 years ago

    Comment


      #3
      Hey man, why ask this question? It is self answering. You have no problem. The IRS will not be discharged unless three years have passed from one of the years and you could get a break or reduction. Otherwise your good. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


        #4
        The IRS may be a problem because they have actually filed and recorded a Notice of Federal Tax Lien. That would make it a secured debt. You may be able to get it "avoided" if you and your attorney find it permissible because the lien impedes your Florida exemptions.

        Definitely work with an attorney! I recommend it in every situation where taxes are involved. You will have higher fees since the attorney will need to deal with a tax lien.

        I can't give an estimate because it's so determinate on which law firm you choose. Expect to spent no less than $1,800 and as much as $4,000 in central Florida.

        You may not be able to "separate" the business and it is an asset. if the business has assets and it's organized as an LLC, sole proprietorship, S-corp or some other "closely held" entity... expect the Trustee to pounce.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          Originally posted by justbroke View Post
          Expect to spent no less than $1,800 and as much as $4,000 in central Florida.
          Objection!

          I paid $1,594.00 ($1,200 Attorney Fee, $299 Filing Fee, $75 for Local Counsel Coverage at 341 and $20 for Credit-Report).

          I retained a bigger law-firm in Orlando. I have to add though that my case is as simple as it gets..
          Last edited by IBroke; 08-27-2010, 01:54 PM.
          Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
          FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
          FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

          Comment


            #6
            Originally posted by IBroke View Post
            I retained a bigger law-firm in Orlando. I have to add though that my case is as simple as it gets..
            Ah... you used a mill. LOL! Yes, if you use a mill and your case is simple, expect to pay "less" than the average. However, I stand by my number for a case involving potential lien strips and taxes.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

            Comment


              #7
              Originally posted by justbroke View Post
              Ah... you used a mill. LOL!


              Yeah, it's quite an easy no income/asset case. Don't know for sure though if I would consider it a "mill" - I met my attorney and they basically do all the work. I don't even have to list my creditors - they put them on the petition based on my credit-report..
              Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
              FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
              FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

              Comment


                #8
                Paid 1200.00 plus 299.00 for court fee.

                Comment


                  #9
                  Originally posted by nokia123 View Post
                  Paid 1200.00 plus 299.00 for court fee.
                  Was your case simple? Did you have federal tax liens and other tax items which needed hearings on the lien strips?

                  You're in Florida too? We Floridians seem to be taking over BKForum.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog

                  Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                  Comment


                    #10
                    Originally posted by nokia123 View Post
                    Paid 1200.00 plus 299.00 for court fee.
                    Sounds like we have the same attorney..
                    Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                    FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                    FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                    Comment


                      #11
                      We are paying $1500 for a 7
                      Chapter 7 filed 11/4/10 ---- 341 Meeting 12/1/10 ---- Discharge 1/31/2011.

                      Comment


                        #12
                        Originally posted by justbroke View Post
                        Was your case simple? Did you have federal tax liens and other tax items which needed hearings on the lien strips?

                        You're in Florida too? We Floridians seem to be taking over BKForum.
                        I live in connecticut and my case was simple and doing a ride-thru with my car.

                        Comment


                          #13
                          Just so that anyone reading this thread understands, the "no look" rate varies amongst every bankruptcy district. What you pay in one State (or even a different District within the same State) can and will vary. The price is set by the Bankruptcy court based on a reasonable bankruptcy case ("simple") in that District. If an attorney charges more, they need to file what's known as a "fee application" with the court, disclosing the fee and what the fees were for. This is to ensure that the fees are generally uniform across the District.

                          Once your case gets complex, or even requires 2 341 Meetings or a motion to avoid lien... the fee will grow as those items are outside what's included in a "no look" fee. The worse fee consuming matter comes with Adversary Proceedings. These can easily run into the thousands of dollars, and I've read one case where the attorney submitted fees over $200,000 (yes, that's not a typo).

                          Suffice it to say that you need to "shop around" and see what fees are in your area. Even more important than the fee, will be is the attorney "firm" a bankruptcy mill? Do you get "individual" time with the attorney? Do you spend most of your hours with the paralegal and never see the attorney after the signing (even at the 341 Meeting you do ot' see them but just have "local" counsel)? What's included in the fee? Is a continued 341 Meeting included? What about reaffirmations, objections and dischargeability issues?

                          Know what you're getting for your money. If your case is "complex", then you should be willing to pay more for the individual attention you need.
                          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                          Status: (Auto) Discharged and Closed! 5/10
                          Visit My BKForum Blog: justbroke's Blog

                          Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                          Comment


                            #14
                            Originally posted by justbroke View Post
                            The IRS may be a problem because they have actually filed and recorded a Notice of Federal Tax Lien. That would make it a secured debt. You may be able to get it "avoided" if you and your attorney find it permissible because the lien impedes your Florida exemptions.

                            Definitely work with an attorney! I recommend it in every situation where taxes are involved. You will have higher fees since the attorney will need to deal with a tax lien.

                            I can't give an estimate because it's so determinate on which law firm you choose. Expect to spent no less than $1,800 and as much as $4,000 in central Florida.

                            You may not be able to "separate" the business and it is an asset. if the business has assets and it's organized as an LLC, sole proprietorship, S-corp or some other "closely held" entity... expect the Trustee to pounce.
                            Yes, you've hit on my main concerns. On one hand it actually is a no asset case. But on the other there are potential issues:

                            1. The tax debt and the lien.

                            2. Keeping the business running.

                            3. The domains (only real business assets)

                            I successfully did a Pro Se Chapter 7 myself in 2003. But there was no tax lien then nor did I even try to discharge the taxes. I also shut down my business then nine months before and restarted it over a year later from scratch. It seems different this time, far more complex.

                            I know the real value of my business is very low since it's mainly my work which keeps any income coming. However if I go to these automated website valuation things they tell me I have over $100,000 worth of sites which is ridiculous (I'd sell it all, pay the IRS + my student loans yesterday if that were true! -- I make less than $1,000 a month from my business) . I worry about the trustee not knowing better and trusting those sort of figures or for that matter even being able to find a knowledgeable lawyer who doesn't want $10,000.

                            It's quite a dilemma. I'd LOVE to go Pro Se again and save the cash and retain the control but realistically I don't think that's an option unless I'm willing to shutdown again, wait six months, and forget about stripping the lien. OTOH, paying 1/3 of my current yearly income to an attorney with no guarantees of trouble not arising makes me squeamish. Tough call.....
                            Disclaimer: I am not a lawyer nor giving legal advice. Use at your own risk.

                            Comment


                              #15
                              I had my free consultation with an attorney this afternoon. I spent 2 1/2 hours with him talking about my bankruptcy. From what chapter 7 is to how to make a budget. He is a one attorney office. His quote for filing a simple Chapter 7 is $1495 including fees and credit counseling classes. I don't have any tax liens, just credit card debt. I am in Massachusetts.

                              Comment

                              bottom Ad Widget

                              Collapse
                              Working...
                              X