You never know when you will have to involve in a legal matter; that is why you must have accurate knowledge about these topics. This article will cover most of the important information you require when discussing bankruptcy attorneys. What is it, and how to find the perfect one for you? Keep reading because we will tell you all of this. So make sure you stick to the end and gather all the information.
What Is The Role Of A Bankruptcy Attorney?
A bankruptcy attorney is a lawyer who specializes in the legal aspects of bankruptcy. A bankruptcy attorney can help you with all aspects of the process, including filing for Chapter 7 or Chapter 13 bankruptcy, representing you at your meeting with creditors, and negotiating a repayment plan. The most important role of this lawyer is to help you file for either Chapter 7 or Chapter 13 bankruptcy. This will stop creditors from harassing you and allow you to get back on your feet financially. In this article, we are going to discuss these main elements.
· Chapter 7: Bankruptcy
Bankruptcy is a legal process that provides a fresh start for the person or company that cannot pay its debts. It is an option for those who are in debt and have no other way of paying their creditors. Chapter 7 bankruptcy is the most common bankruptcy procedure. It frees people from most of their debts by liquidating all of their assets, and it does not require repayment of any debts other than certain secured debts like mortgages, car loans, and home equity loans. An attorney can help you with Chapter 7 bankruptcy proceedings if you consider this option.
· Chapter 13: Bankruptcy
Chapter 13 bankruptcy is a form of bankruptcy that allows individuals to keep their assets. It does not require the individual to give up any property, including a vehicle, home or retirement accounts. The only exception is if the court decides that the property is not necessary for the debtor’s family to maintain a minimal standard of living. It involves making payments to a trustee who will then distribute them among creditors according to the terms of an approved repayment plan.
How To Find A Bankruptcy Attorney?
The process of finding a bankruptcy attorney is a challenging task. Legal matters are not something one must take lightly. There are many things to consider before you start your search.
· Do Some Research
The first step to finding a good bankruptcy attorney is researching. There are plenty of options available online or even offline. Your job is to shortlist the best ones. Research properly, surf various sites and then see if the options you have shortlisted fit the other aspects of choosing the right attorney.
· Right Qualifications And Skills
The first thing to do is ensure that the person you are considering has the right qualifications and experience. You should also find out if they have any specialities in this field, like bankruptcy or debt relief. A bankruptcy attorney is a lawyer who specializes in the legal process of bankruptcy. It is a very complicated process that requires expertise and knowledge of the law.
· Reviews Matter A Lot
Find out what people are saying about this person, or ask your friends or family if they know anyone who has used a bankruptcy attorney. You can also get referrals from your local bar association, which will have information about any complaints filed against an individual and their disciplinary history.
· The Compensation Must Fit In Your Pocket
Different people take different compensation. You have to go with the one that you will be able to afford. Most of the time, Chapter 13 costs more than Chapter 7. The charges differ from case to case and through distinct locations. If your case is complicated, the charges will eventually be more.
· The Ease Of Communication
You should be able to open up with your lawyer. We all know that communication is the key. First, ask yourself whether you can open up with them. If not, there is no point in investing in that attorney.
This Brings Us To
Legal matters should not be taken lightly. So if you have stuck with us until the end, you now know who a bankruptcy attorney is and what things to keep in mind while going for one. Finding the most competent lawyers for your legal matters is very important. We hope to bring light to the doubts you came here with. Thanks!