In addition, to help ensure that the Low Money Down Option is an appropriate payment method for each representation, the Law Firm only offers the Low Money Down payment option to prospective Debtors who:
- Have been fully employed by the same employer for at least 90 days;
- Have a minimum gross income of at least $2,500.00 per month.
This Low Money Down Option will allow you to pay some of our attorney’s fee in installments over six (6) months after we file your case. Under the Low Money Down Option, we will split our work for you into two separate agreements in order to offer you the ability to pay after your case is filed. The first agreement will cover the Pre-Filing Services only (the “Pre-Filing Agreement”), and the second agreement will cover the Post-Filing Services and Supplemental Post-Filing Services (the “Post-Filing Agreement”).
If you agree to proceed with the Low Money Down Option, you will be required to sign the Pre-Filing Agreement before the Law Firm will file your bankruptcy Case. Our flat attorney’s fee for the Pre-Filing Services will be $500.00. You must sign the Pre-Filing Agreement and pay the $500.00 flat fee and $338.00 filing fee before the Law Firm will perform the Pre-Filing Services and file your case. Please be advised that the Pre-Filing Services do not include all of the tasks that must be performed to successfully complete your chapter 7 case.
After your case is filed, you will have three choices:
- You can represent yourself in your bankruptcy case (called “proceeding pro se”);
- You can hire another attorney to represent you in your bankruptcy case; or,
- Within ten (10) days after your case is filed, you can enter into a Post-Filing Agreement with us.
If you choose to represent yourself or to hire another attorney to represent you (either of which are completely up to you), you will not owe us anything additional. We will ask the bankruptcy court to allow us to withdraw as your lawyer in accordance with the bankruptcy rules, but we will continue to represent you in the case and perform all necessary services until and unless the bankruptcy court allows us to withdraw.
If you choose to enter into a Post-Filing Agreement with us, we will provide you with the Post-Filing Services in exchange for an additional flat attorney’s fee of $1,500.00. You will be able to pay this fee over a period of three (3) months after we file your case in equal monthly installment payments of $500.00/month. This fee DOES NOT include the $338 filing fee (which you will already have paid in advance at the time of filing your case directly to the Court).
In the event the Law Firm performs any of the Supplemental Post-Filing Services after the bankruptcy case is filed, you will be invoiced for those services at the Law Firm’s customary rates. The Law Firm will not perform any Excluded Services unless agreed to in writing by the Law Firm pursuant to a separate agreement.
You may either pay the Law Firm the amounts required under this Low Money Down option yourself, or you may have someone else, such as a friend or family member, pay these amounts on your behalf. If you choose to have someone else pay these amounts on your behalf, the payments must be treated as a gift, and you may not pay the person back after the bankruptcy case has been filed.
If you elect to proceed under the Low Money Down option and sign the Post-Filing Agreement, you will have fourteen (14) days from execution of the agreement to cancel the Post-Filing Agreement for any reason. If you elect to cancel the Post-Filing Agreement, you will not be liable for any post-filing payments due to the Law Firm and the Law Firm may seek to withdraw from the representation as provided for above.
In summary, under the Low Money Down option:
- You are required to pay the $338 filing fee and a flat attorney’s fee of $500.00 for the Pre-Filing Services before your case is filed,
- After the case is filed, you may elect to represent yourself, obtain alternative counsel, or enter into a Post-Filing Agreement with the Law Firm to perform the Post-Filing Services for an additional flat fee of $1,500.00, which will be payable in three monthly installments of $500.00/month.
- If you require or desire any of the Supplemental Post-Filing Services described above you will be required to pay additional legal fees based on our hourly rates of $325/hour for attorney time and $175/hour for paralegal time, and
- If you require or desire any of the Excluded Services described above, you will be required to enter into a separate written agreement on terms and conditions that are mutually acceptable to you and to the Law Firm.
- If someone pays any amounts due to the Law Firm on your behalf, such payments must be treated as a gift, and you may not pay those amounts back after your bankruptcy case has been filed.
THERE ARE ADDITIONAL IMPORTANT DISCLOSURES CONCERNING THE LOW MONEY DOWN OPTION THAT ARE AVAILABLE ON OUR FEE AGREEMENTS AND YOU SHOULD READ VERY CAREFULLY BEFORE SELECTING THIS OPTION.