Expect Quality From Your Bankruptcy Lawyer When it comes to the process of your bankruptcy, expect quality from your bankruptcy lawyer. In general, the biggest problem of your bankruptcy lies on: your case. This is not just a financial problem but also legal one. Therefore, it is very important to choose an attorney who is very sure regarding the matter of your bankruptcy. In order to make things right, it is very important that you have a high quality lawyer by your side.
Experience is an essential aspect when hiring a bankruptcy lawyer. You should choose someone who has enough experience dealing with the ins and outs of the bankruptcy law. The more experience he or she has, the better. It means that the lawyer must have dealt with cases where the same issues are being raised and the same procedures followed.
A qualified bankruptcy lawyer should know exactly how chapter 13 works in order to answer any questions you may have regarding it. The best way to obtain relevant information is to ask for referrals from people whom you know and trust. If you have friends or relatives who filed for a chapter 13 in the past, they will most likely be able to give you the necessary information. Once you have the correct information, then you can discuss the whole matter with your attorney.
There are two types of chapters in bankruptcy law: chapter 7 bankruptcy and chapter 13 bankruptcy. In chapter 7 bankruptcy, which is the most commonly used procedure for debt relief, the court grants summary relief to the creditors against certain assets and pays them. On the other hand, in a chapter 13 bankruptcy, the court does not grant such summary relief. What this means is that the creditors are not fully paid; instead, the court allows them to sell off the remaining assets to settle their debts.
Because filing for bankruptcy may seem like an easy process, it may often lead to problems and complications. To avoid problems and complications, you should hire a competent bankruptcy lawyer to represent you in your proceedings. This will make things easier and help you during the entire filing process. You should also ask about other methods of debt relief such as debt settlement and loan modifications. These methods have become more popular lately, but still, people who file for bankruptcy remain in better shape financially compared to those who do not file.
Before hiring a bankruptcy lawyer, you should also ask about the different options available to you. Chapter seven bankruptcy is a viable option for many corporate debtors who want quick relief from creditors. It allows you to liquidate your assets and pay a lump-sum payment directly to the creditors. However, because it has a lot of negative implications, it is usually not used by majority of corporate debtors. A good bankruptcy lawyer will be able to help you decide whether it would be better for you to file for chapter seven bankruptcy or another option. In addition, he/she will be able to provide tips and guides on how to keep your business running smoothly despite your current financial issues.