A study was released today by Columbia University, the University of Chicago, and Washington University in St. Louis has suggested that there will be 200,000 to one million debtors who will be unable to afford bankruptcy services this years.
This means that up to one million people could be trapped under oppressive debt because they cannot afford to file for bankruptcy.
I know what you are thinking, why is a bankruptcy attorney pointing out high fees?
Because if you are reading this you cannot afford to not file for bankruptcy. Many of my client will look at me like I am out of my mind when I tell them my fees or I will hear an audible sigh when I state my fees on the phone.
But let’s put this in perspective:
The average person calling me right now is behind on the mortgage by at least one to two months, has a car loan with a shameful (shame on the lender) interest rate, and about $15,000 in credit cards with equally shameful interest rates. More often than not the driver behind their calling me is something extreme, such as foreclosure, a pending garnishment, or their bank account was drained by a creditor.
Taking no action here could result in more wage garnishments, more levies on bank accounts, foreclosure, and a whole host of other much more expensive than the $1500.00 national average that it costs to file bankruptcy.
In addition, when it is all over there will be no credit card debt and there is a decent shot at negotiating a better rate on the car, and working out something to bring you current on your mortgage.
Suddenly that national average on attorney’s fees of $1,500.00 is looking like a steal right? That is what I thought. On top of all of this most attorneys are not going to ask you to come up with all of that fee the first time you meet with them. For the most part each attorney has their own way of helping you, myself included.
Interested in how we can help you get out of oppressive debt? Give us a call and we will talk about how we can help at 732-302-9600 or fill out our online consultation form and we will call you.