Having financial troubles and are you in debt to the point where you’re panicking? Then it might be an idea to consult a bankruptcy lawyer. In case your claim is straightforward, then representing yourself might save you a lot of money. In some cases, however, this is not a good idea and then it is really time to think about a bankruptcy lawyer. But the question is, how do you choose one? Continue reading below!
First we will start with explaining what the advantages and disadvantages are for filing for bankruptcy and making use of a bankruptcy lawyer. Choosing whether to file for bankruptcy, when to file, and how to file is a difficult process, and the repercussions of filing when you shouldn’t can be serious. To evaluate whether bankruptcy is the best option for you, you should speak with an experienced bankruptcy attorney.
When a person files for bankruptcy too soon, he or she may lose property that they would otherwise be allowed to keep, or they may be forced to file a different sort of bankruptcy that is not in their best interests. Even if bankruptcy is the greatest decision for a person, it has serious, long-term financial consequences that should be considered before filing. A bankruptcy lawyer can assist you with this by utilizing their extensive experience.
Pick your Candidates
Choosing a bankruptcy attorney is a two-step procedure: Start by identifying and qualifying potential candidates. Complete the mission by interviewing the few candidates who fulfill your requirements and keeping the one who feels the most compatible.
Look for a qualified bankruptcy specialist or a lawyer with extensive bankruptcy experience. A generalist may be competent to handle a simple bankruptcy, but he or she may not be able to determine whether your case is genuinely “simple.” Local bar associations have bankruptcy lawyer reference panels. Find someone with whom you can easily speak and with the right experience for your case.
Another option, is to ask your friends, family, colleagues or anyone you know whether they know a good bankruptcy lawyer or have heard of one. This can make your search a little easier.
The 3 E’s
Experience, empathy and expense. These are probably 3 of the most important factors that you should consider before choosing a lawyer. You do want the lawyer to have your best interest, and you obviously want them to be experienced as they are going to handle your case. But, above all, the fees should be reasonable as you need to be able to afford it all.
Reviews
Do check for reviews online or on the website of the lawyers as you want to know how they deal with their clients. You don’t want to settle for less as it is a rather emotional time you’re going through. Don’t rush when choosing a lawyer, take your time and do your research, so you can get your case handled professionally and properly.
Although it might sound tempting, don’t hire the cheapest lawyer. Obviously, you don’t have a lot of cash on hand in this situation. However, like with most things, you get what you pay for. You want a lawyer that is familiar with the system and will do the best work possible for you. It’s possible that this will cost a little more. Your local bar association will most likely be able to assist you in determining if a suggested charge is reasonable and in accordance with local norms. Any lawyer that charges too much or too little should probably not be your first pick.
What Happens When You Declare Bankruptcy?
If you’re having financial difficulties, bankruptcy allows you to pay off a portion of your debts over time or have some of them forgiven totally. In either case, filing for bankruptcy results in an automatic stay, which prevents creditors from attempting to collect on your debt. They can’t take money out of your account, garnish your pay, or seize your other possessions. After that, you’ll have time to work with the court and your creditors to figure out what to do next.
All together, the experience of bankruptcy is already a scary one. The last thing you need is a bankruptcy lawyer who judges you or has no empathy for your situation. A good bankruptcy lawyer should be aware of the overwhelming misfortune you’ve been through. The experience with a bankruptcy lawyer should be a good experience, and not a scary one.