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What You Need to Know About Bankruptcy Retainer Agreements

When you decide to file a Chapter 7 or Chapter 13 bankruptcy, your attorney will have you review and sign a retainer agreement. The law requires the lawyer to provide this agreement so you are fully informed regarding the relationship between you and the law firm. The contract should outline all of the legal services to be provided by the lawyer and what services are not included in the representation. What else will the retainer agreement provide? It should:

  • Outline the scope of the representation (for example, to represent you in a Chapter 7 bankruptcy case).
  • Clearly state the amount of the legal retainer fee you will be required to pay.
  • How you will be billed for the amount of filing fees, copying charges and other expenses related to the attorney's representation of you.
  • Specify that both you and your attorney have the right to terminate the relationship.

It is essential that you understand what the retainer agreement says and what it means. If you do not understand it, have the attorney fully explain it to you. If the agreement provides for certain tasks that you are obligated to perform, such as providing certain documents or notifying the attorney of any financial changes, you want to be aware of them so you know what is expected of you. Before you retain a bankruptcy lawyer, it is vital that you read and understand the retainer agreement before you sign it. And remember to keep a copy of the signed contract for your records too! If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

 

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515 Valley Street
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Maplewood, NJ 07040

Phone: 973-323-2953
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