People wind up filing bankruptcy for a variety of reasons. Medical bills are a leading cause, credit card debt can get out of hand, job loss can throw finances into chaos, and so on.
A lawyer can help you find a fresh start by legally wiping out some debts. But how do you know which one to hire?
Affordability
Considering that many people who need bankruptcy assistance are low-income, it’s important to find lawyers who offer affordable services. Unfortunately, legal aid organizations often aren’t able to do this.
Bankruptcy law allows individuals and businesses to reduce or eliminate certain debts, including unsecured credit card debt, medical bills, personal loans and second mortgages on underwater homes. It also lets debtors repay secured debt, such as the money they owe on a car, over time.
A Harrisburg, PA bankruptcy attorney can help determine which debts are eligible for discharge, and which assets you can shield from creditors by applying state exemption laws. She can also make sure that all required paperwork is submitted on time, and can deal with aggressive debt collectors on your behalf. She can also help you choose between filing Chapter 7 or Chapter 13 bankruptcy, and can recommend alternative debt relief solutions if your case is too complex to file on your own. She can even negotiate with creditors to settle debts for less than you owe.
Time
It takes a lot of time to become a bankruptcy lawyer. First, you must graduate law school and pass the Multistate Professional Responsibility Examination (MPRE). Afterward, you must complete your bar admissions requirements.
A lawyer who specializes in bankruptcy must also complete continuing legal education courses to keep abreast of new laws and court decisions. Then, he must study extensively to learn how to prepare and defend a bankruptcy case before a judge or a trustee.
Bankruptcy attorneys must be able to file complex legal documents and argue persuasively in court. They must understand the laws regarding bankruptcy, including which debts are dischargeable and which cannot be discharged. They must also know how to handle the various types of property in a bankruptcy case, such as real estate and personal property like cars. Even the simplest mistakes can have disastrous consequences, such as filing the wrong type of document or missing a deadline. The experience of a good bankruptcy attorney can make the difference between getting a fresh start and losing your home or car.
Experience
Bankruptcy lawyers work with a wide range of clients, from individuals experiencing financial crises to large corporations facing insolvency. This diversity of cases keeps the work interesting and provides a variety of learning opportunities. In addition, the field offers excellent job security and substantial income potential.
Bankruptcy attorneys spend much of their time advising clients in the complexities of state and federal bankruptcy laws. They also represent their clients in court, arguing that they should be allowed to liquidate assets or eliminate debt. They also help them create a plan for paying creditors and dealing with creditor harassment.
If you’re considering hiring a bankruptcy attorney, be sure to find one with experience handling the specific type of case you’re facing. Be wary of bankruptcy mills that take a generic approach to each client’s case. An experienced attorney will ensure that every step of the process is handled correctly, including meetings with creditors. This is critical to ensuring that you receive the best possible outcome from your bankruptcy.
Knowledge
A good bankruptcy attorney knows the ins and outs of the law. They understand how to navigate the legal system and negotiate with creditors. They also know how to find and organize financial records. This is important because a creditor may request a 2004(a) examination, which requires more thorough financial documentation. A skilled bankruptcy lawyer will be able to quickly and accurately provide this documentation.
People wind up in bankruptcy for many reasons. Unexpected medical bills might lead to mounting debt, or job loss can trigger a chain reaction of accumulating credit card debt.
A quality bankruptcy attorney can help people manage their debts through options such as liquidating assets or reworking the debt into a different arrangement. They should have strong research and writing skills, as well as the ability to communicate clearly with clients and adversaries.
