Question Average Chapter 11 Retainer

[jamesol]

Figured I'd start a new thread about this. For any of you that have either gone down the path of a consumer ch. 11 or have at least gotten a quote for the attorney fee, can you let me know what quote you got? Trying to see what I would expect to pay for it

Thanks.

J.

[HHM]

Do you really need a chapter 11? It is actually quite rare for an individual to file for chapter 11.

The filing fee, charged by the court is $1,039

As for retainers, it really depends on the type of chapter 11 and what part of the country you are in. But conservatively, on the low end, you are probably looking at $7,500-$10,000 to just get started for consumer chapter 11's. Chapter 11's are not done on a flat fee basis like chapter 7's. You are charged an initial retainer, and your attorney will periodically request from the court to pay attorney's fees from the funds available in your bankruptcy estate.

[jamesol]

It seems to be looking that way. household income (~160k) is too high for a 7 and unsecured debt is over the 336k limit (which includes 175k in student loans).

Do you really need a chapter 11? It is actually quite rare for an individual to file for chapter 11.

The filing fee, charged by the court is $1,039

As for retainers, it really depends on the type of chapter 11 and what part of the country you are in. But conservatively, on the low end, you are probably looking at $7,500-$10,000 to just get started for consumer chapter 11's. Chapter 11's are not done on a flat fee basis like chapter 7's. You are charged an initial retainer, and your attorney will periodically request from the court to pay attorney's fees from the funds available in your bankruptcy estate.

[jamesol]

I'm meeting with a ch. 11 attorney tomorrow. Retainer is in the ~4-5k range, which includes the 1k filing fee. We'll see how it goes.

[justbroke]

It seems to be looking that way. household income (~160k) is too high for a 7 and unsecured debt is over the 336k limit (which includes 175k in student loans).

I don't believe that you can do anything about those student loans with respect to them being unsecured debt. As for your income being too high for a chapter 7, it really depends on your income less expenses and not your income itself, which would prevent you from being in a Chapter 7.

Let us know how your consult goes.