What You Should Expect From Your Bankruptcy Lawyer
Today, lawyers for both corporate and personal bankruptcies are in higher demand than ever before. The precipitous freefall of the economy that caused drastically reduced corporate revenues has also impacted jobs and incomes of families. Bankruptcy lawyers protect a client’s assets from debt collectors and find a way to free him from any financial responsibilities. A good attorney helps to give his clients peace of mind and provides them with consultation, options, paperwork and representation if the case goes to court.
Bankruptcy requires court hearings, including a meeting with your creditors, while your attorney represents you at these proceedings and ensures that your best interests are pursued. This is one reason why having an attorney with deep knowledge of local court procedures and the bankruptcy trustees in your region is important because approaches can vary from locality to locality. These hearings could prove especially consequential if one of your creditors challenges the filing, making your attorney’s experience and understanding of your specific case crucial.
Sora Shimazaki/ Pexels | A bankruptcy attorney has several functions throughout the process and can help a client determine the best courses of action
During these legal proceedings, a bankruptcy attorney should be readily available when you have questions or need consultation as you navigate the process. Bankruptcy can be a challenging, confusing experience, but a good attorney can bring a measure of clarity and comfort and help ensure that it serves its chief purpose of helping you regain your financial footing. Here are a few things you should expect from your lawyer:
Legal advice
A retainer agreement outlines the services your bankruptcy lawyer is supposed to provide you with. However, your attorney’s job also comes with the responsibility to provide you with competent advice throughout the entire process. You should expect your lawyer to point out the best options for you and whether filing for bankruptcy could be in your favor or not.
Karolina Grabowska/ Pexels | Bankruptcy helps eliminate the negative consequences of your unpaid debts, whether you file under Chapter 7 or Chapter 13
If bankruptcy does indeed appear to be the right solution for you, an attorney can help you compare the chapter 7 and chapter 13 options. This is a critical decision and will involve you and your attorney examining the size and makeup of your debt, the assets you are willing to risk in a bankruptcy, and your ability to repay your debts, or a portion of your debts, among many other considerations.
Help with gathering paperwork and records
Karolina Grabowska/ Pexels | The most common type of bankruptcy is Chapter 7 or liquidation bankruptcy
Filing for bankruptcy involves a lot of paperwork–you’ve got to document your assets and your debts, and it’s going to seem like the bankruptcy court wants to know everything about you. One of the things that you can expect from your attorney is clear instructions on how to gather the paperwork for your case.
Your attorney can help you understand exactly what you need to gather as far as records go. They can make sure that you have what you need and that you don’t waste your time gathering unnecessary paperwork.
More in Legal Advice
-
Lockdown Move-Ins Are Complicating Couple’s Finances – Here’s How to Stay ProtectedThe 2020 coronavirus pandemic became the cause for drastic changes in people’s lives – and couples were no exception. For some...
December 8, 2021 -
Generate Generational Wealth With 3 Smart Tips!‘Sky’s the limit’. ‘If you can dream it, you can do it’. ‘There is no excuse for not trying’ – when...
December 2, 2021 -
Even Law Firms Can Transition to Remote Work – Here’s HowThe impacts of the coronavirus pandemic echoed wildly in every nook and cranny of the world, whether it be social, economic,...
November 30, 2021 -
Strategies To Keep In Mind While Looking For The Right AttorneyResearching and selecting the perfect lawyer can involve an alarming amount of hard work and brainstorming. And even after that if...
November 16, 2021 -
Who Should Be Blamed For Slip & Fall Injuries?Regardless of how proper your gait is, it’s absolutely impossible that you’ve never slipped and fell in your life. It’s really...
November 9, 2021 -
Tips and Tricks to Survive Law SchoolImagine this – Your dream to get admission into your desired law school turns into reality. It’s your first day at...
November 5, 2021 -
Hey, PowerPuff Lady! Vanquish the Odds in Your Legal Career with These Success StrategiesObtaining a career in law is challenging as it is, but if you’re a woman, the struggle increases manifold. Well actually,...
November 3, 2021 -
3 Smart Tips to Ace Law SchoolIf you’ve watched Dark Waters, we’re sure the law aspirant in you is completely fascinated by the bold, successful, and whip-smart...
October 27, 2021 -
Are You a Fresh Grad with No Work Experience? Here’s How You Can Build an Impressive ResumeA lot of job positions require some sort of experience for candidates to be considered. This is bad news for many...
October 27, 2021
More From Lawyers Favorite
-
Legal AdviceHere’s What You Should Know About Buying Farmland From A ReceiverBanks are considered to be a great place to store your hard-earned money or to get a loan if you’re looking...
June 27, 2022 -
Law DegreeThe First Law Student Who Attended School From Prison Is Going To Mitchell HamlineThey say when there is a will, there is a way – and Maureen Onyelobi is proving it right. Studying law...
June 22, 2022 -
Family LawThe Rights Of The Transgender Community In IndiaThe world is finally coming to terms with gender identity and expression. However, ancient India was always quite open to the...
June 15, 2022 -
Legal AdviceWhat You Should Expect From Your Bankruptcy LawyerToday, lawyers for both corporate and personal bankruptcies are in higher demand than ever before. The precipitous freefall of the economy...
June 12, 2022 -
Family LawPet Insurance Or Self-Insuring Your Pet: What is A Better Option?With veterinary costs soaring, having a pet is quite costly. From medical treatments to the daycare of your pet, it takes...
May 18, 2022