Bankruptcy attorneys are often the only hope of a struggling family during a time of financial ruin, but even their most faithful customers, many of which have scant time for research and may know very little about how the process actually works, are often in a terrible state of mind when it comes time for them to seek legal counsel. For this reason, a bankruptcy lawyer may be their last hope for any kind of meaningful assistance. This is understandable – after all, bankruptcy proceedings often take months or years to finalize, and the entire period of financial instability that bankruptcy brings to a person’s life can have lasting effects on their ability to think logically or even to work. It is a good idea for people or families who are considering filing for bankruptcy to consult with an attorney as soon as possible. This article will provide an overview of bankruptcy and the aspects of hiring a bankruptcy lawyer.
The first thing to remember when looking for a bankruptcy lawyer is that it is not simply a case of finding the most affordable option. A bankruptcy lawyer should not simply be the cheapest option. He or she should be affordable, but should also offer high-quality service. This is one of the key elements that ensure clients get the best deals: good legal advice and good service, which must come from the very heart and soul of the law firm. After all, the very essence of filing for bankruptcy protection is to relieve oneself of the burden of debt, and paying out money to a bankruptcy lawyer or other debt relief specialist (such as a credit counseling company) is simply the start.
A good bankruptcy lawyer will be able to answer any questions that the debtors might have and should be able to explain in layman’s terms, the technicalities of the bankruptcy code. He or she should also be able to explain why certain chapters of the code are chosen over others. The bankruptcy lawyer should also be able to show the debtor how the new chapter 13 bankruptcy law will help him or she achieve financial stability. This can be done by showing the debtor how his or her debts will be reduced through a chapter 13 plan. This can be done through supplying documents, or explaining in general terms how the new law can help achieve this goal.
The main function of the bankruptcy litigation attorney is to protect the assets of their client and to ensure that this plan is successful. The fact is that a number of people end up filing for chapter 13 even though they may have a valid reason for doing so. For example, the client may be having difficulties paying his or her monthly bills or he or she may have been recently laid off. The litigator has to prove that the debtor has no way of meeting his or her payments and that selling the house or other property would be a disincentive to follow through with the chapter 13 filing.
The best type of non-bankruptcy litigation to use a bankruptcy lawyer for is a sell and rent back plan. If this happens, the debtor will sell his or her house or property and then lease it back under a new agreement to a creditor. The non-bankruptcy litigator will purchase the house at auction and then resell it to the party paying the mortgage within a set amount of days to occur. The debtor will receive a lump sum payment from the sale and will be able to live comfortably in the home while the mortgage is paid off.
Another reason to employ a good bankruptcy lawyer is that bartholumetric services may also be required. Bartholumetric services include legal support during the process of completing an estate plan (in the state of Tennessee) or a living will (in some states). These services are often performed by family law attorneys who specialize in estates or probate. It is highly likely that bartholumetric services would be retained even if the person committing bankruptcy was not a layperson. Even if the debtor is a layperson, it is still possible that he or she will need the assistance of a knowledgeable professional to discuss legal matters and to develop appropriate estate planning strategies.
There are two types of “contingency agreements” that small business owners might enter into. (They are referred to as either CAs or POAs.) An example of the CAs would be an arrangement in which the creditors agree to accept less money than what is actually owed on a variety of debtors’ accounts. An example of a POA would be a plan in which the creditors to accept less money than is actually owed on many accounts and agree to do so for a specific period of time.
One more reason for obtaining an initial consultation with a lawyer specializing in business bankruptcy is that in many cases, such lawyers have expertise in dealing with similar circumstances. (There are even firms that specialize in dealing with all types of creditors, even though the vast majority of such firms focus their practice on the specifics of personal bankruptcy.) Thus, before any case is taken, the lawyer going through the initial consultation will know if he or she will need to use his or her skill and experience in dealing with a creditor who is trying to avoid paying his or her debts.