Before rushing to a lawyer to assist you in filing for bankruptcy, you have to make sure what is bankruptcy and what is not. Only then will you have to find a bankruptcy lawyer that you can work with in filing your case. Many people rush to file for bankruptcy thinking that it will solve their financial problems. The opposite is often true.
Declaring your business to be legally bankrupt, only mean that you have done everything you could and there is no way for recovery. It means being deep in debt that it will already be impossible for you to sustain the business.
It’s always good to ask questions to a certified specialist bankruptcy lawyer until you understand all options. In most state-county systems, you’re not required to have a lawyer for the legal proceedings, yet this doesn’t mean you don’t need one. It’s still best to have a bankruptcy lawyer who can help with the overwhelming legalities of the system while also taking away the burden of dealing with the process especially in the midst of a financially and emotionally straining time.
The main purpose of a bankruptcy lawyer is to help an individual or business go through the legal procedures for filing bankruptcy. Lawyers are meant to help deal with creditors, meet with the court systems to set up payment plans or repayment programs, gather together and liquidate assets, and fill out and file necessary paperwork. Just as a realtor would be the knowledgeable party in the selling or buying of a home, a bankruptcy lawyer will be that knowledgeable source during a bankruptcy proceeding.
In most state and county legal systems, you are not required to have a bankruptcy lawyer for the legal proceedings. This does not always mean it is wise to do without a bankruptcy lawyer, though, as most specialize in just financial law. Unless the court case would be easily cut and dry or you already know a great deal about the legal system in this case, a bankruptcy lawyer can help from becoming overwhelmed with the legalities of the system.
Things to remember when choosing among potential bankruptcy lawyers:
Choose an experienced bankruptcy attorney. You need someone with considerable experience in bankruptcy proceedings who focus on practicing this type of law. An ideal bankruptcy lawyer would be someone who has handled more than a thousand cases and whose bulk of work is mostly bankruptcy cases.
Cost of lawyer’s fee. Bankruptcy lawyers charge clients either with a flat fee that covers all services or a base rate for standard services plus extra fees for any other additional work. Whatever payment option you choose be sure to know what exact services will be rendered for the fee. Compare fees of different lawyers. You want to choose a reasonable rate and not necessarily the cheapest one.
Moreover, you want a bankruptcy lawyer who is easy to speak with who will respond to you with respect. You have to be comfortable to ask the lawyer any question no matter how simple and a good lawyer should always be willing to answer them.
Most bankruptcy lawyers will at least offer a free initial consultation. Find a lawyer that you feel comfortable discussing your personal matters with and who offers a competitive rate for their fees. Remember not to compromise quality and experience just because a bankruptcy lawyer offers lower fees, however. Contact your state’s Attorney General office for a suggested list of bankruptcy lawyers in your area.