Bankruptcy is not an experience that any individual or business wants to go through. It’s a legal process to help get rid of all or some debts.
It typically happens when a financial crisis arises making them unable to make good on those debts. You go before the courts and say that you are unable to pay your debts. Many individuals experience bankruptcy due to illness, job loss, or even natural disasters. When a business doesn’t go as well as planned it makes it difficult to pay on debts, causing them to get behind and eventually many seek out bankruptcy to help them settle or clear those debts.
The weight of debt can be unbearable which is what leads people to ultimately choose bankruptcy. While not the most ideal option, it provides needed financial relief for those who desperately need it.
Why do people need a bankruptcy attorney?
Because bankruptcy isn’t as simple as getting a free pass on not paying off your debts, it’s important to use a good bankruptcy attorney. People need them to help navigate legal paperwork, expectations, set up court dates, and represent them in their cases. They help you understand the differences between the types of bankruptcy and how it will impact you.
When you file for bankruptcy you enjoy some important legal protections. But if the paperwork is filed incorrectly it can cause major issues. By using an attorney, you mitigate these issues by relying on their expertise instead of your limited knowledge.
4 Steps to choosing the best bankruptcy attorney
While all attorneys have been educated in all areas of the law, they usually pick an area to practice in. The best bankruptcy lawyers are those who focus on that area of the law all the time. While it may be tempting to hire a family member or friend just because they are a lawyer, it’s important that they are experts in bankruptcy law. There are many moving parts to a bankruptcy case and you want to be sure that you end up with the best representation and that you’re able to keep as many assets as possible after the debts are settled.
You can find a lawyer through many different channels.
- Personal referrals: You can find a bankruptcy lawyer through personal referrals. Find out if anyone in your network of family or friends has someone they’ve worked with that they liked and helped them out.
- Professional referrals: Your professional network may include a bankruptcy lawyer. Find out if anyone you know is offering these services.
- Online directories: A quick internet search in your area should reveal plenty of options. While it may be hard to know who to choose, hopefully all these tips can help. Most lawyers offer a free or low-cost short consultation to help you decide if they are the right choice for you. You want someone you connect with but who will also go to bat for you in court.
- Don’t go to bankruptcy mills