Q: How much (average) will a lawyer cost me in nj (see more below)?
Whether I hire a business lawyer to restructure or a bankruptcy lawyer to file for the company. My company and I are being sued for business loans/line of credit we are unable to pay back. I still have no funds to pay for a lawyer but would like an estimated price. One is based in Passaic county court the other Bergen county.
Also for personal and business bankruptcy do I tell the co I'll be filing or just leave it but it will take many months? Can I just close my business down?
A: No one could answer these issues online. The issue is whether the business is worth saving, how much you have personal liability for, and how much is involved.
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A: These are the type of questions that cannot be answered except in a personal consultation with a detailed review of your situation. There is no such thing as a typical or average cost of a bankruptcy. No one knows what can happen in any particular case. I have seen very simple Chapter 7 business Bankruptcies for as little as $1,500 plus filing and credit report fees, but I have also seen Chapter 7 business Bankruptcies go for over $5,000. Chapter 11 Bankruptcies start at $15,000 to $20,000 and go up from there. Plus a $1,717 filing fee. Chapter 7 Bankruptcy is not simply filling out forms. Trying to handle this matter yourself is not wise. You do not know the USBC, you do not know the local rules of Bankruptcy and if there was an adversary proceeding started against you, or an objection filed to your plan, you would be like a deer in the headlights.
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