Hiring a Bankruptcy Lawyer
If you are seriously considering filing for bankruptcy, you may be tempted to go it alone in order to save costs.
However, using an experienced bankruptcy lawyer during a financial crisis can make a significant difference to your future financial situation.
If there’s anything worse than filing for bankruptcy, it’s having your bankruptcy denied. To guard against such an eventuality, the smartest and safest thing to do would be to let an experienced professional guide you through the rough waters and ensure your case is resolved in an efficient and satisfactory manner.
The worst bankruptcy in the world is the person who has lost his enthusiasm.
HW Arnold
Finding an experienced bankruptcy lawyer or firm is essential to ensuring the entire process goes as smoothly as possible for you. For this reason, you’ll need to do some research. Here are a few tips to help you find the best bankruptcy firm:
Search the Net
Search online. Out of all the resources available to locate bankruptcy firms, the best by far is the Internet. Do a comprehensive research online. While searching, you’ll come across several websites which provide extensive listings of all bankruptcy firms. Review their qualifications, experience, and their mission statements to help get to know their focus and specialties.
Get personal recommendations. Contact friends, relatives or any professional organizations you may belong to for a referral. This is definitely one of the best ways to find a good bankruptcy firm. This is because learning from the experiences of family members and friends will give you an insight into the firm’s competence and also the relationship they share with their previous clients.
Ask questions. It is important that you understand exactly what you are getting into, so be sure to hire a bankruptcy firm that is willing to answer questions. Don’t be afraid to interview multiple firms before coming to a decision. After all, it is your financial future in question. If you are not satisfied with the answers or the firm is being evasive in any way, take that as a red flag and keep looking. Be sure to choose a firm that is knowledgeable and receptive to your questions.
Some of the questions to ask include:
How qualified are you to take the case?
- How long have you been handling bankruptcy cases?
- Can you explain the process I will be going through?
- How many bankruptcies have you handled in the past month, year?
- How many of the bankruptcies that you handled have been denied?
- How much time will you allocate to this bankruptcy process?
- How much access will I have to you before and during the process?
- Will I be working directly with you throughout the process?
- If I’m not working directly with you, who will I be working with?
- Can I interview the person with whom I would be working?
- What time frame will you allocate to this process?
- How can you help rebuild my financial life after bankruptcy?
It is said that the world is in a state of bankruptcy, that the world owes the world more than the world can pay.
~ Ralph Waldo Emerson
Experience counts
Experience does count. It’s important to use a firm with specialized knowledge of the bankruptcy process or has vast experience in bankruptcy law. Go with a firm with a strong track record. Ask for testimonials or recommendations from other clients. Select a firm that understands the local rules, the Trustees’ preferences, the local judge’s rulings, and how to work with the local creditor lawyers. If you live in the US, Bankruptcy cases require specialized knowledge of the laws and regulations of each state, so be sure to choose an attorney who is licensed to practice in your state.
Look for a firm that offers a free initial consultation. This will give you a chance to meet the lawyer and ask questions about the bankruptcy process. If you find a lawyer that refuses to consult with you without charging a fee, keep looking.
Hire the best firm for your circumstances. Obviously, in this situation you will be looking to save costs. However, the bankruptcy process will have a devastating impact on your financial future, and is not to be taken lightly. With bankruptcy firms, you get what you pay for.
You don’t need to get the most expensive firm that you can find, but avoid rock bottom fees. They usually indicate either a lack of business or a poor reputation. You want an experienced and reasonably priced bankruptcy firm who are willing to offer you a payment plan, and are willing to do the best job of representing you. That may end up costing a little more than you anticipated.
However, this is an investment in your financial future, and definitely worth the cost. Make sure you can afford the payment though, and that it does not stretch for too long of a period of time.
Check out Bankruptcy court
Spend a day at bankruptcy court. Observing the bankruptcy process in action might give you an idea of the type of firm you want representing you. You will also get a good idea of what you will be going through.
Stay actively involved in the bankruptcy process. Once you hire a bankruptcy firm, don’t simply sit back to let them handle it alone. Double-check all filings. Make sure all of your creditors are on the list. If any gets dropped from the list, find out why.
Credit repair
Credit repair and restoration. You should select a bankruptcy firm that will help you rebuild your financial life. Make sure the firm you choose has the resources to help you dispute credit report errors if necessary. They should also be able to provide a list of bankruptcy friendly lenders and tools necessary to execute your plan to rebuild your financial life.
It is important to choose a firm that gives you confidence. You will be working with these people on your own personal finances, so you need to have confidence in whoever you go with. Do your research thoroughly as you file for bankruptcy, because even the slightest error could mean your application for bankruptcy protection is denied.
Finally, makes sure you enter into a contract with the firm, and that you understand every aspect of the contract. Never sign something unless you both understand and agree to it. The contract specify exactly what the firm will do for you, what guarantees they offer, and if any refunds will be made for an unsuccessful bankruptcy claim.
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