Category: Finance.
Finding a bankruptcy lawyer can be very difficult and time consuming. A law forum that deals exclusively in bankruptcy and debt consolidation is better equipped to deal with both chapters 13 bankruptcy and chapter 7 bankruptcies.
Bankruptcy lawyers should offer a free initial consultation to evaluate the financial situation and offer legal advice on the best course of action. The yellow pages are a helpful source to find bankruptcy attorneys who are categorized by their field of specialization. Due to the duty of confidentiality, the lawyer cannot share information about their current or past clients unless permitted to do so. Another way to find a qualified bankruptcy lawyer is by referral from those who are more familiar with the field and other attorneys who might make some helpful recommendations. Talking to close and trusted family friends who can guide the right direction might be of great help. The attorney should be considerate about the client s problem and make him feel comfortable. This gives an insight into the lawyer s competence.
It is also necessary that the attorney is organized and punctual and work well together. While conversing with the lawyers, the client should find out how long he or she has been practicing the specifics of their specialization, number of cases handled by them approximately and expectation from the attorney in terms of representation. While the initial consultation is free, the client should honestly explain his or her situation to the lawyer and the lawyer should give a feed back on the situation and on the option thereon. Also, it should be ascertained whether the attorney will personally attend the case or pass it on to a junior lawyer or staff. Bankruptcy attorneys specialize in bankruptcy laws and provide legal methods to either wipe out debts by liquidating assets and distributing them among creditors or resolve them by developing a court approved reorganization plan. All such questions can be asked and the Attorney should make sure that the client is comfortable for appointing him or her as the bankruptcy lawyer. Bankruptcy lawyers explain the main purposes and application of bankruptcy laws and how they function to relieve the individual and business from indebtedness.
The lawyer should be kept informed of all the facts. A disclosure of all the financial affairs is extremely important in a bankruptcy setting. In the worst scenario, failing to disclose information to the court could be a crime. Bankruptcy lawyers usually specialize either as debtor s counsel or as creditor s counsel. Written documentation of debts and liabilities is important in bankruptcy setting. Debtor s counsel will usually charge a flat fee for a single bankruptcy.
For filing bankruptcy, hiring debtor s counsel will hopefully be a one- time experience; A lawyer may give alternatives as to what can be done and should discuss the possible consequences of each option. Creditor s counsel usually charges on an hourly basis. If the house is in foreclosure, the need to file a bankruptcy petition is imminent and therefore by the need of the meeting, there should be clear understanding of what has been accomplished.
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