As BK Costs Rise, Salcido Law Firm Keeps Prices Low
Affordable Utah Bankruptcy Lawyer
At Salcido Law Firm we understand that the reason you are filing for bankruptcy protection is because your debt load is too high compared to your income. In other words, you do not have expendable income. One of the primary problems with filing for bankruptcy is that you have to pay an attorney. Some complain that if they had money to pay an attorney they wouldn’t be filing for bankruptcy. This is a legitimate objection.
Blame Congress for Increased Bankruptcy Costs
In 2005 Congress overhauled the bankruptcy laws to try to prevent so many people from filing for bankruptcy. A new study by the Wall Street Journal, however, shows that the 2005 changes not only prevents people who legitimately need to file for bankruptcy but it has also made it more costly to those who do qualify to file. In fact, consumers looking to file for bankruptcy are facing costs up to 55% higher after 2005 than before.
It is not only the consumers who are feeling the pinch. The 2005 legislation made it more costly for everyone involved in the bankruptcy process. Attorneys spend a lot more time preparing a bankruptcy petition because of the Means Test and other requirements. It is more costly for creditors because there is less money to go around after the consumer is required to pay increased legal fees and take the credit counseling course.
Thus, the conclusion of this new study supports what is generally known: when the government tries to fix something it usually ends up making things worse. Consumers would be paying much less to file for bankruptcy today if it weren’t for the 2005 legislation which was supposed to curb abuse in the bankruptcy process. In reality all it did was make things more expensive for everybody.
Committed to Keeping Fees Low
At Salcido Law Firm we are committed to keeping our legal fees as low as possible without cutting any corners. We aim to be Utah’s most high quality affordable bankruptcy law firm by keeping prices reasonable while at the same time providing superb legal services. If you are contemplating filing for bankruptcy, call us at 801.413.1753 or email us to set up a time to come in and talk to one of our Utah bankruptcy attorneys.