Bankruptcy Attorney – Making Bankruptcy Filing Smooth

What
is bankruptcy – meaning and definition

The
Merriam-Webster dictionary defines bankruptcy as the condition of being
bankrupt. It is essential to understand the meaning of bankruptcy.

A
bankrupt is a debtor that may be an individual or organization whose property
is subject to treatment under bankruptcy law to recover the debt of creditors.

Who
is a bankruptcy lawyer

A
bankruptcy lawyer is a type of lawyer or attorney who specializes in providing
legal support to clients filing for bankruptcy. Such a lawyer prepares the
legal documentation and appears for the client in court.

Besides facilitating you on filing bankruptcy,
the attorney guides the client on several aspects of bankruptcy that including
file/not-to-file, types of bankruptcy to file and educating on the process.
They also guide you on the various forms.

Different
Types of Bankruptcy

Bankruptcy
can be divided into two major types. Here we define these types briefly.

Chapter
7 Bankruptcy

It
is the most common form of bankruptcy. In this bankruptcy type, there is a
provision for the liquidation of assets to pay creditors. And it is why it is
called Straight or Liquidation Bankruptcy. This bankruptcy is ideally suited
for businesses that are not able to pay monthly debts and wish to sell assets
for cash.

Chapter
13 Bankruptcy

Chapter
13 bankruptcy is applicable to wage earners, self-employed, and
single-ownership businesses. And it is why it is also called the wage earners
plan. In this type of bankruptcy, the court gives you a period of 3 to 5 years
to pay off your debt.

What
can a bankruptcy lawyer do for you?

Bankruptcy
proceedings require a series of meetings with creditors. These meetings will be
convened by a court-appointed trustee. Here, your creditors and their attorney
will ask a series of questions to know about your financial status and why are
you filing a bankruptcy claim.

By
having an attorney on your side, you can rest assured that you are protected
and that your meetings have been completed well.

Helps
you navigate through the legal process

The
US bankruptcy law is highly complex and you need an experienced attorney to
navigate through it. Every bankruptcy situation is different and has its own
legal requirements. Besides, every court has its own set of rules that should
be understood for maximum effectiveness.

An
experienced lawyer will guide you on how to negotiate this complex process
related to law and tilt the scale in your favor.

Helps
you deal with the paperwork

Filing
for bankruptcy requires you to complete complex paperwork. Every chapter has
its own form which is different from other. 
Any negligence at this stage may lead to the dismissal of your case. No
doubt, you won’t be taking chance. Different forms are used for defining
property, income and expenses.

Owing
to the complex nature of paperwork, people make sure that there is a
knowledgeable bankruptcy lawyer on their side.

Collecting records

Filing
bankruptcy requires the submission of a number of records collecting them is a
herculean task.  Collecting such records
require a good understanding of bankruptcy law. You can’t do it on your own. On
the other hand, a bankruptcy lawyer is adept at doing it. These efforts will
help avoid 204(a) examination – a detailed examination of your financial
conditions.

Saves
your money

People
who file for bankruptcy are already in a bad financial condition and it is not
a surprise that they try to file for bankruptcy on their own. But it is not a
good decision. Filing on your own may not fulfill the desired purpose as you
don’t know the process. An expert lawyer will make it easy and smooth for you.
So, hiring one is worth it. His services will help you get the best out of your
situation.

Helps you get the most out of your situations

When
you file for bankruptcy, you are required to attend bankruptcy meetings that
are actually creditors’ meetings.  These
meetings are presided over by the trustees assigned by the court. In these
meetings, the creditors and their attorneys want to know about your financial
situation. At times these questions could be tough and complicated. Here a
bankruptcy lawyer on your side will help you sail through these situations. His
guidance will help you safeguard your rights.

Keeps
track of discharge and recovery

One
of the prime responsibilities of bankruptcy lawyers is to keep track of
discharge and recovery. He is the one to make sure that all discharges and
follow-ups have been completed successfully. You may be intriguing what
discharge is here. In simple words, discharge means you are freed from debt
liabilities as the bankruptcy proceeding concludes. On the other hand, recovery
is the process of finding the causes behind bankruptcy and what should you do
to avoid such circumstances in the future.

Gives
important advice

Besides
other things, hiring a bankruptcy lawyer would ensure that you are never short
of good advice.  As he has performed the
process several times and knows the rules and regulations his guidance and
support will help you make valuable decisions.

How
to find a good bankruptcy lawyer

Dealing
with bankruptcy cases requires expertise, experience and hard work and not all
lawyers are ideally suited for the job. You must go for a lawyer who can help
you navigate through the process. Here is how to find an ideal bankruptcy
lawyer.

Specialty
should be the preference

Law
is a diverse subject that encompasses various topics. And not every lawyer is
experienced in bankruptcy law. The laws regarding bankruptcies are complex and you
should give preference to a lawyer who is proficient in the finer nuances of
the law.

If
some of your acquaintances have filed for bankruptcy in the past then they can
better guide you on bankruptcy lawyers.

Ask
for referrals

Don’t
shy away from doing your own research while hiring a bankruptcy lawyer. Ask
your friends, acquaintances, or someone who has ever filed for bankruptcy.
These people have better ideas about the quality of bankruptcy lawyers in the
vicinity. Why make mistakes if there is someone to guide you?

There
are some attorneys who offer free legal advice. Such attorneys may introduce
you to a good bankruptcy lawyer.

You
can also consult your local bar association which can help you with the numbers
of some good bankruptcy lawyers. 

Online
research

You
can also do online research if you want to know more and more bankruptcy
lawyers. There are several online directories like google and yelp that gives
you a listing of the best bankruptcy lawyers. To find them you just have to
type bankruptcy lawyers near me and you will be served with various options.

Besides
search engines, you can also search them on social media where bankruptcy
lawyers have made their profiles.

You
can also visit the website of the National Association of Consumer BankruptcyAttorneys (NACBA) where you can find the list of qualified bankruptcy lawyers
have been given.

Good
lawyers cost more

The
term cheap and best is an oxymorons. Don’t buy it. Hiring a good lawyer cost
more. You should not settle for an incompetent lawyer even if it comes to a
pittance. We understand that you are going through a rough phase but any
compromise here would further worsen your situation. So, our advice is to
always go for the best and not ruin your prospect by going for a cheap bankruptcy
lawyer who might prove incompetent.

No
substitute for experience

Qualification
is important but there is no substitute for experience. Always go for a
bankruptcy lawyer who has spent several years in business. ask your lawyers for
how many years he has been handling bankruptcy cases and with what success.
Based on this discussion you should make up your mind.

Personal
interview

Once
you have shortlisted some attorneys it is time to conduct a personal
interview.  A personal interview lets you
know more about your prospective lawyer and some questions. Here is what to ask
your bankruptcy lawyers on your first meeting.

• Ask
  him about the costs
• Would
  I lose my assets?
• Pros
  and cons of filing a bankruptcy.
• How
  many bankruptcy cases he has handled?
• What
  information do they need from your side?
• Who
  will represent me in court?
• Would
  I be able to hold a credit card?
• How
  would it impact my credit score?
• What
  if my bankruptcy is not approved?
• Also,
  ask about their mode of communication and how fast they return your call.
• How
  experienced is he with the paperwork?
• Knowledge
  of local law

Besides
having a good knowledge of bankruptcy laws, he should also have knowledge of
the local law of the court. The procedures at one court differ from that of
another and a lawyer who understands it finds himself at ease. Their knowledge
of local law can tilt the scale in your favor to a small extent.

Does
he give personal attention?

There
are several lawyers and law firms handling bankruptcy cases. But most of them
have an overload of work and they fail to provide personalized attention to
your case.  Always prefer an attorney or
a law firm that offers personalized attention to your case.

Your
comfort level

While
working with a bankruptcy lawyer, you should also check your comfort level with
him. There are times when you are not comfortable working with a particular
lawyer. So, if there are some comfort issues between you and the lawyer it is
better to look for some other bankruptcy lawyer.

Ratings
and reviews

Ratings
and reviews are the most common ways to know about service and your bankruptcy
lawyer is no exception. There are several portals where you can find candid
reviews of lawyers. If they have a social media handle that should also be
checked. You should know your prospective lawyer well before hiring him.

Frequently
asked questions

What
Information a bankruptcy lawyer will need on the first consultation?

When
you are visiting a bankruptcy lawyer for the first time, you should have
certain documents ready. The list is as follows.

• The
  list of creditors
• Document
  for the amount to be paid
• Complete
  list of assets
• Your
  monthly expenses 

Can
I file for bankruptcy without a lawyer?

Yes,
you can by following recommended procedures.

What
are the positive and negative sides of hiring a bankruptcy lawyer?

There
are positive and negative sides to filing bankruptcy on your own without a
lawyer.

Not
paying any fee is among the major pros.

When
it comes to cons, there are a few. As you are not aware of the process, you
might make mistakes filling out several forms. Any mistake at this stage may
bring losses. As you have not attended creditors’ meetings before, not having a
bankruptcy lawyer on your side might affect your preparations for the meeting.