Bankruptcy is a legal process that a citizen or even an entity can apply for if they are unable to repay their debts. It can offer relief from some or all of their debts. This is carried out by either liquidating the assets of debtors or by developing a flexible repayment plan. However, filing for bankruptcy can be a complicated process for which one may need legal advice and assistance, which a lawyer can provide.
What can a bankruptcy lawyer do?
These lawyers are well versed in bankruptcy laws and regulations and know how to maintain the paperwork and represent their clients in court. A bankruptcy lawyer holds a law degree and must have a practicing license registered in their state. They can offer sound advice on various questions: which type of bankruptcy to file, whether the client needs to file for bankruptcy in the first place, how the filing process works, what kind of financial stressors or debts can be eliminated or reduced, and which possessions can one hold on to after filing for bankruptcy.
What to expect when hiring a bankruptcy lawyer?
Written agreement: This is a legal contract between the client and the lawyer, which will include an overview of deliverables or what will the lawyer’s work entail.
Payment description: This is an important step wherein payment arrangements will have to be established, which can address questions like whether a one-time fee will be charged or if the lawyer will be hired on an hourly basis.
Updates: In the initial discussions, it is important for the client to ask for timely updates regarding the case. One can also set up a timeline and ask the lawyer to stay in touch to discuss all changes and the overall progress of the proceedings.
Documents: The bankruptcy lawyer should provide the client with a full list of documents required for filing. The documents are also crucial for the lawyer to advise and guide the client in the case.
Pros of hiring a bankruptcy lawyer
Avoiding legal hassles: If one is not well acquainted with the law, presenting their case in front of the judge can seem intimidating. A lawyer can take care of the legal matters and make the process easier for the client.
Error-free paperwork: Keeping track of the forms that need to be filled and submitted can be overwhelming, and missing a deadline can impact the case. A lawyer will have a clear idea regarding all the paperwork needed for this case and will submit the documents on behalf of the client.
Dealing with debt collectors: A lawyer can take over all the communication with debt collectors and lenders who may have been incessantly calling or pressuring the debtor. A debt collector is supposed to speak to the lawyer once they learn about the individual’s legal representation. This can take some of the pressure off the client.
Finding the right lawyer
Finding a legitimate and reputed bankruptcy lawyer for a matter as important as a bankruptcy case is essential, as the case can be a fresh start or a second chance for an individual or entity. One can start by seeking recommendations from friends and family for a reliable attorney. People can also check the National Association of Consumer Bankruptcy Attorneys website, which offers a database of licensed lawyers. The local bar association can also guide people and assist in finding free legal services. As a final resort, one can reach out to a lawyer referral service.
