A message to all millennials - Here's what to keep in mind while selecting a bankruptcy lawyer
September 3, 2019 (Investorideas.com Newswire) The laws that involve bankruptcy are not only complicated but can also be nearly impossible for a layman or average person to understand. This situation is even made worse by the fact that recently there has been an enactment of many new laws that deal with issues about bankruptcy. This is why it is very paramount and advisable for one to hire a bankruptcy lawyer if any individual is considering filing for bankruptcy. The attorney will help one choose the right chapters of bankruptcy to undertake. But, fortunately, there is good news! One can have a shot at a new life by taking the help of a Philadelphia Bankruptcy Lawyer. All they have to do is to opt for the services of a lawyer who is capable of getting them out of this miserable condition.
Usually, there are two types of bankruptcy attorneys. Commercial bankruptcy attorneys assist one in filing for bankruptcy for the business. On the other hand, consumer bankruptcy attorneys will help to file bankruptcy. Notably, commercial bankruptcy attorneys would help one to secure their business from creditors when they are facing severe financial problems. Consumer bankruptcy lawyers can protect one as well as their partner when setting up payment plans and clearing debts.
As per Ed Flynn of the American Bankruptcy Institute, lawyers represented their clients in 91.5% of the 486,347 Chapter 7 cases filed in 2017. Moreover, lawyers had their clients debt discharged in 96.2% of the cases. In simpler words, 428,097 people walked out of court debt free with the help of bankruptcy lawyers.
The selection of a bankruptcy lawyer is essentially a two-step process. One can begin by vetting and finding likely candidates. But, an individual has to be first aware of the situation which demands the need for a bankruptcy lawyer. The following points illustrate the situations when one may need a bankruptcy attorney.
- Bounced checks
- No cash flow
- Not being able to pay the bills
- Constant calls from debt collectors and creditors
- Need someone to represent the case in the court
If a person's family income is less than 125 percent of the federal poverty guidelines, they may be eligible for free services. Legal Services Corporation would appoint a bankruptcy lawyer on behalf of them. These nonprofit organizations facilitate civil legal services for people of the low-income group. But one should always note that their income requirements are pretty strict. However, if a person is unemployed or disabled, then their services are worth a look. After hitting a peak during the recession, bankruptcy filings have declined, but nearly 800,000 cases are still filed every year.
As discussed earlier, there are two types of bankruptcy lawyers. Some lawyers deal with clients filing Chapter 7 and Chapter 13 cases. They are known as consumer bankruptcy lawyers. Other lawyers work primarily with businesses to file Chapter 11 and Chapter 7 cases. They are known as commercial bankruptcy and business lawyers.
When a person interviews a bankruptcy attorney, they want to be confident about their competency. They should also feel comfortable that the attorney cares about solving their problem. Let's have a glance at the following questions which can help an individual with the selection of a bankruptcy lawyer.
- The person must ask a lawyer how many bankruptcy cases they have dealt with in past
- How large is the lawyer's practice or the affiliate firm? Single-proprietor firms usually provide one with personalized services. The larger firms offer more services. The person must select one on the basis of the perplexity of their case
- The person should ask the attorney whether they are a qualified candidate for bankruptcy. And if so, which variety, Chapter 7 or Chapter 13?
- How quickly they respond to calls? The person must know about their policy about charging for calls
- Will the bankruptcy attorney complete all paperwork? Shall the attorney accompany a person to the court?
The selection of a certified bankruptcy attorney should be guided by three E's: Empathy, Expense, and Experience. Let's assess them in the reverse order. After all, who cares about empathy and experience if a person cannot afford to pay the fees of a lawyer?
Hence, one should opt for the services of a bankruptcy lawyer who can work with their finances at reasonable fees. Most lawyers would offer plans which permit legal services to commence without an upfront payment.
The last thing an individual requires is an advocate who despises their situation and ladles on the judgment. Hence, it helps a lot if the attorney has empathy for the position of the client. A reputed and empathetic bankruptcy lawyer is aware of the overwhelming financial strife.
Personal Referrals are a great way to select a reliable and reputed bankruptcy lawyer. If a person wants a recommendation, one will more likely have to discuss their needs. But this is where the catch lies! Some people are uncomfortable to talk about their financial struggles. One can also opt for the services of a bankruptcy lawyer from local bar associations.
Thus, the experience will not be that tough when an individual opts for a bankruptcy lawyer. Implementing decisions in the right manner is the key.
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