Richard M. Weaver Bankruptcy Attorney – Some Insight
Most debtors that file for bankruptcy do not usually have much money to spare for legal representation. For that reason, most people ask how bankruptcy attorneys get paid. In all actuality, the way a bankruptcy attorney gets paid actually depends on whether you’re filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Below is a look at what happens when an individual or business files for bankruptcy and the ways in which the typical bankruptcy attorney makes money. Richard M. Weaver Bankruptcy Attorney is an excellent resource for this.
First, most bankruptcy attorneys actually receive some kind of kickback from the legal firms that they represent. This kickback is actually less than one-fifth of their initial referral fees. The other kicks that the legal help receives relate to things like transportation and lodging. The percentage of kickbacks that come directly out of the debtor’s pocket rarely makes up the difference between the actual fee you pay and the actual percentage that your lawyer will make.
One way that the typical legal help makes money is through referral fees. Basically, when you hire a bankruptcy lawyer, you agree to pay the cost of legal services as agreed upon between the lawyer and the law firm. The majority of lawyers who work in this area make all of their money through the referral fees. If you choose to file for chapter 13 bankruptcy, you should definitely ask your bankruptcy lawyer if he/she receives any type of kickback in the form of a percentage of your payment when you choose to hire them.