Bankruptcy what is it? If you haven’t encountered such a term, you will fully understand it and what to do if you get in such a situation. People and organizations file for bankruptcy when they cannot pay their debts. There are various types of bankruptcy known as chapters. However, here are two main chapters you need to understand first.
Chapter 7 liquidation
This is the most common bankruptcy for individual people. Debtors’ non-exempt property is sold to pay the debts they owe their creditors. It is suitable for people without a regular income and is not likely to use chapter 13’s payment plan system. Nevertheless, it is necessary to have your lawyer with you when going through this process. Chapter 7 bankruptcy fees are never that high as it has been strategizing in a way every person can pay with ease.
Chapter 13 bankruptcy
Can I file for chapter 13 bankruptcy myself? If this is the question you might ask yourself, you need to find a lawyer who can assist you with necessary filing directions. Visit a reputable law firm‘s website and choose a lawyer who meets your needs. In most case, chapter 13 lawyer cost is relatively low and affordable.
Dealing with a possible bankruptcy situation and not sure how to find a bankruptcy lawyer who’s experienced enough for your case? Here are a few tips on how to find a good lawyer and how to choose a lawyer who will best represent your needs:
- Most people state that the best method for finding a lawyer who handles bankruptcy cases is to ask other people for referrals — don’t bother paying attention to all the billboards or TV commercials. Instead, talking with real people about their experiences with a local bankruptcy lawyer will give you a better idea about what to expect and whether the lawyer will be a good fit for you.
- Some people don’t mind going to a big law firm, but others really prefer the intimate environment of a smaller independent firm that handles just a couple of specific types of law. Remember that whatever makes you feel the most comfortable is what matters.
- Also, make sure to ask for a consultation before choosing which lawyer you want to represent you in court. This is a big thing to remember because talking in person will help you figure out how comfortable you feel with the lawyer you might choose. It will also give you the chance to ask about things like fees and paperwork, which should never be kept a mystery from you.
- Last but not least, it’s important to realize that a good lawyer is going to be very honest with you about your financial situation — not every one of your local bankruptcy lawyers will give you an honest opinion about whether or not declaring bankruptcy is the best choice for you, simply because they want your business and don’t want to turn you away. A really good lawyer will help you figure out if bankruptcy is the best choice, and if it isn’t, he or she will help you figure out what your next steps should be.
Filing for bankruptcy is a really big decision to make and it shouldn’t be taken lightly; it’s also imperative that you have the best legal help available in order to make the process as painless as possible!