Bankruptcy attorney services are not required by law. Filing bankruptcy, however, is no easy feat and generally requires some level of legal assistance. Bankruptcy lawyers specialize in helping individuals and businesses gain debt relief through various chapters in insolvency.
Most bankruptcy lawyers specialize in personal or corporate bankruptcy. Personal chapters include 7 and 13. Chapters 9 and 11 are generally reserved for corporations and partnerships, but individuals with large debts may file Chapter 11. Chapter 12 is reserved for producers.Chicago bankruptcy Attorney is one of the authority sites on this topic.
Before reaching a definitive call, interviewing at least three bankruptcy lawyers is a smart practice. Remember you should spend considerable time with your counsel and their team.
Often, paralegals are assigned to your case and will do most work. This helps keep legal fees manageable because paralegals are paid at a lower rate than lawyers. Request paralegal and other staff members to attend your initial meeting.
Another outlet for finding bankruptcy attorneys is another. Many attorneys network with peers and are acquainted with skills and expertise. If you retain an attorney’s services for other legal matters, seek referral.
If you have friends , relatives, neighbors or colleagues who filed bankruptcy, ask for referral. This can be a touchy subject, so it’s best to ask in private. It’s not a good idea to cry across cubicles asking Sally how she liked her bankruptcy lawyer. It’s also not a good idea to ask someone for a referral unless they’ve told you they’ve filed bankruptcy.
If you’ve assembled a directory of bankruptcy lawyers, approach each for an initial consultation. Be sure to ask if the law firm provides complimentary consultations or a fee. In addition, ask what documents they require and request three to four customer referrals.
Most bankruptcy attorneys will require financial information including income , expenses, current tax returns, real estate and financial portfolios, as well as a list of assets such as cars, jewelry and household furniture.
By reviewing your finances, lawyers can advise which bankruptcy chapter you can file. Chapter 7 includes asset liquidation to satisfy investors, while Chapter 13 allows loan redemption over a defined duration.
The 2005 Bankruptcy Exploitation Prevention and Consumer Security Act (BAPCPA) made declaring bankruptcy particularly difficult. One clause allows debtors to recover their loans wherever necessary. Any individual who applies for bankruptcy protection will pass the ‘means’ check to decide how much of their loans they can compensate.