Understand Why You Need A Bankruptcy Lawyer
First of all, its important to know why you need an attorney when you file for bankruptcy. Legally, its possible to file on your own. But even though you can do it doesnt mean you should.
People often assume it would be better to file for bankruptcy without an attorney because of the cost. Its true: you will need to pay more to file when working with a bankruptcy lawyer. But that expense can save you a lot of money in the long-run. Even in the simplest of bankruptcy cases, filing without a lawyer is risky. One mistake and your entire case might be dismissed. This means you are back to where you were before considering bankruptcy and maybe even in worse shape. If you are filing to protect your home or stop a wage garnishment or bank levy, the outcome can be dire if your case is dismissed.
Whatever money you save by not hiring a bankruptcy lawyer isnt worth it if you arent able to get the result you need.
Offers Alternatives To Bankruptcy First
In many foreclosure cases, a Chapter 13 petition should not be the first step toward resolving a mortgage arrearage. There are often opportunities to modify or refinance a mortgage that should be explored first. Only when all other alternatives have been exhausted should an attorney turn to bankruptcy.
Questions To Ask When Vetting Candidates
Many bankruptcy attorneys offer free consultations, so it makes sense to use that opportunity to find a lawyer youre comfortable with.
When you take those meetings, its important to be prepared. Heres a list of some of the questions you may want to ask to help evaluate an attorney.
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A Solo Bankruptcy Lawyer Small Firm Or Bankruptcy Mill
There are different approaches in the legal industry to bankruptcy cases. Some firms have figured out how to use non-lawyer paraprofessionals to handle the bulk of the work, including basic information intake, explaining the process, and making sure you gather all the required documentation about your debts and finances. With this mill approach thats all about handling a high volume of cases, you might not even see a real lawyer until you have the meeting with creditors around a month into the whole process. People who end up going with a bankruptcy mill often feel like they were just another case and that their personal needs werent really considered. Its also important to understand that there isnt usually any financial advantage to going with a mill. Bankruptcy lawyer fees tend to fall within a fairly tight range in any given market. We recommend you go with a small firm or solo bankruptcy lawyer where youre more likely to get the individual care and attention you deserve.
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When You Need To Finance A Car In Spite Of Bankruptcy
Day One Credit helps people find a bankruptcy car loan, which is often the best way to finance a car purchase when you have an active or recently discharged bankruptcy on your credit report. You can fill out our quick online application that we will then share with our strong network of top lenders who are willing to work with bankruptcy customers. We go the extra mile to help anyone find a bankruptcy car loan if they meet our basic eligibility criteria. The bankruptcy car loans we find for you often require little or no money down at all. A bankruptcy care loan may also be an effective way to begin rebuilding your credit during and after bankruptcy when many lenders wont give you the time of day. If you have questions about how all this works, please visit our Common Questions page to see if your answers are there, but also feel free to give us a call at 855-475-4725. Were here to help you understand your options for getting the car you need!
A question people often have is what happens if they need to file bankruptcy more than once? Many people just assume declaring bankruptcy is a once-in-a-lifetime last resort action they can take only once. In reality, there is no legal limit to how many times you can file bankruptcy. There are, however, very strict rules Continue readingHow Many Times Can Bankruptcy be Declared?
Borrowing money from friends and family.
Stopping payments to some creditors while keeping up others.
You Recently Became Entitled To An Inheritance
This one involves some really tricky timing, so pay close attention. Lets say youre under financial stress from too much debt and are considering or preparing to file for bankruptcy. Then lets say someone dies who leaves you money or other assets in their will or a trust. Its going to take some time for all that to be processed. This is definitely a situation when bankruptcy is not a good idea! If you file for bankruptcy and then you receive the inheritance, the bankruptcy trustee can take it away from you. In fact, even when you file bankruptcy, if you become eligible for an inheritance with 180 days of filing, that money or those assets can be seized to pay your creditors, but then youre still stuck with a bankruptcy on your credit history.
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Expect Competence From Your Bankruptcy Lawyer
Not all bankruptcy cases are complicated, but they aren’t all easy, either. Either way, your bankruptcy lawyer should have the skill level necessary to handle your case.
In general, the difficulty of your bankruptcy will depend on:
- the facts of your case
- whether you file for Chapter 7 or Chapter 13 bankruptcy
- the involvement of bankruptcy litigation.
One way to find out if it’s a good fit is to to ask whether the lawyer has represented clients in similar situations in the past.
Filing Your Own Bankruptcy Case Could Save You A Few Dollars Or Cost You A Bundle Find Out Why
By Carron Nicks
Individuals filing for bankruptcy have the right to do so without an attorney. And, if your case is straightforward, representing yourself might save you attorneys’ fees. However, it isn’t always a good idea. If your Chapter 7 case involves valuable assets, or if you want to file for Chapter 13 bankruptcy, filing without an attorney could cost you more than you’d save going it alone.
Why a Bankruptcy Attorney Is Worth the Cost
The biggest benefit to you is that an experienced attorney quickly recognizes any potential hiccup that could arise during your case and will plan accordingly. Here’s a sampling of the value a qualified consumer bankruptcy attorney will bring to the table.
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Boleman Law Attorneys Are Bankruptcy Specialists
The 21 lawyers and 37 professional staff at Boleman Law will help you through the often confusing and emotional bankruptcy process. We will complete all of the paperwork for you. To save time filings are sent electronically. Home foreclosure or vehicle repossession may be stopped immediately. We stay with you throughout the course of your bankruptcy.
Boleman Law is the largest consumer bankruptcy firm in Virginia. Since 1991we have helped more than 106,000 Virginians regain their financial health.
We will help you.
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Follow These Tips To Find Quality Bankruptcy Attorneys In Your Area
By Kathleen Michon, Attorney
Bankruptcy lawyers specialize in bankruptcy cases. When seeking legal representation in bankruptcy, you’ll want to look for an experienced bankruptcy lawyer, not a general practitioner. Not only does bankruptcy require understanding how many principles interrelate, making a mistake can be costly. Most lawyers won’t accept a bankruptcy matter unless they practice bankruptcy law regularly.
Here are some suggestions for finding the best bankruptcy lawyer for your job.
Finding A Bankruptcy Attorney
If youre thinking about filing for bankruptcy, getting a referral from someone you trust may be a good way to find an attorney to represent you. Your friends and acquaintances may know more about your specific situation and needs, and could even have firsthand experience to draw on.
But not everyone has this option. If you cant get a recommendation from someone you know, here are a few other options to consider.
- Legal aid: Legal aid offices provide free legal advice to low-income individuals. If you qualify, they may choose to represent you for free.
- National Association of Consumer Bankruptcy Attorneys: The NACBA is a professional trade association for bankruptcy attorneys who represent individuals. You can search the organizations member directory to find an attorney near you.
- National Association of Consumer Advocates: The NACA is an organization that advocates for consumers on a range of issues, including bankruptcy.
- Online directories: A variety of online resources list lawyers and law firms by location and by specialty. Examples include NOLO, lawyers.com, Avvo and LegalZoom. A lawyers appearance in one of these directories is not an endorsement of their legal abilities, though some resources include peer and client reviews.
- Your state bar association: These groups can help connect you with a local lawyer who specializes in bankruptcy.
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Identify Where You Can Find A Bankruptcy Lawyer
There are many ways to find an attorney. Most lawyers arent shy about advertising, so finding one might be as simple as contacting someone you see on television or you find through a Google search.
Since you know you need a lawyer to help you file for bankruptcy, you can narrow your search by looking for lawyers who specialize in bankruptcy. This means theyll have the expertise needed to help you with your case.
If youre lucky enough to know someone who filed for bankruptcy, you might be able to get a personal referral. Ask the person if they were happy with their lawyer and if theyd recommend that person to help you with filing. This is one of the best ways to find a bankruptcy lawyer because you have a good idea of what to expect.
If you dont know anyone who has filed, consider contacting the National Association of Consumer Bankruptcy Attorneys . This is a national trade association that connects experienced attorneys with consumers in need of assistance filing for bankruptcy. Working with someone who is a member of NACBA means your lawyer will be up-to-date on the latest bankruptcy laws and who is active in the local legal community.
If no bankruptcy lawyers in your area are NACBA members, you can look for referrals from an online legal referral service. Some of the most popular online resources for finding a lawyer include:
Every Recession Is Different And The Pandemic Recession Is Bizarre
Most every recession has been accompanied by a significant increase in personal bankruptcy filings . But remember its what is called a lagging indicator, meaning it takes a while for bankruptcies to rise after a recession hits. Unemployment is also a lagging indicator of recessions. For example, in the Great Recession that began in December 2007 unemployment was 5%. It took nearly two years of gradual job loss for the unemployment rate to march slowly up to its peak of 10% in October 2009. Bankruptcy filings tend to lag even further behind, which is why the peak in bankruptcy filings didnt come until a later in 2010.
But comparing the current pandemic recession to the Great Recession might be like comparing apples and oranges. Take a look at the graph below and youll see for yourself :
Look how different the shapes of the unemployment rate line is between the two recessions. It took two years for unemployment to reach its peak of 10% and then started its steady march down to record lows just before the pandemic hit.
Based on what happened in the Great Recession, which was a peak in bankruptcy filings about a year after the peak in unemployment, you might be tempted to predict that the peak in bankruptcy filings will come in 2021. But its not clear its going to happen any time soon, or at all. This is unchartered territory in terms of how unique this recession is.
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Choose An Attorney With Adequate Experience
Ask about an attorneys level of experience. Its not necessarily the case that someone with more years of experience is always better equipped than someone with fewer years of experience. What matters is the number of bankruptcy cases they have successfully handled.
The National Association of Consumer Bankruptcy Attorneys advises, There are some attorneys who have practiced bankruptcy law for many years, but have never really mastered the subject. There are other attorneys who have pursued a general practice, filing a case now and then. If they have been practicing for 25 years without much in-depth experience in bankruptcy, that does not translate to the expertise you need.
I Need To File But How Do I Choose A Bankruptcy Lawyer
Youve done a little research and you know that your finances are out of control and you need help. But how do you choose someone to help you through one of the most difficult experiences of your life? We know were not the only great bankruptcy lawyers in Oregon. We have good relationships with other firms in the state, and we know what sets each apart. So let us explain some of the different kinds of firms youll encounter.
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Reasons To Hire A Bankruptcy Attorney
Bankruptcy is an official legal process. It is complex and detailed and involves many deadlines and procedures. While a bankruptcy attorney may not be required for an individual to file bankruptcy, legal representation is strongly recommended. There are many court forms to complete and documents to file. If not completed correctly, the bankruptcy procedure could be delayed, or an accusation of fraud could be made. In addition, a large percentage of bankruptcy cases that are filed by an individual pro se actually get dismissed by the courts.
Exclusive Practice More Likely To Have Familiarity With Process Courtroom Players
One of the first important decisions in the bankruptcy process is choosing the right kind of bankruptcy, which is not always as straightforward as it may seem. Chapter 7 bankruptcy, in which debts are generally discharged in a matter of months, and Chapter 13 bankruptcy, in which debts are partially repaid over a three to five year term before the remaining balance is discharged, are the most common types of consumer bankruptcy Chapter 13 is mainly used to reinstate delinquent mortgages, repay non-dischargeable liabilities like certain tax liabilities and keep non-exempt assets like a boat or a second home.
Other more obscure forms of bankruptcy might be better for some individuals, such as Chapter 11 bankruptcy for high net worth individuals who need debt relief. A more uncommon form of bankruptcy for individuals is Chapter 12, which is limited to family farmers and commercial fisherman and allows the court to completely rewrite a mortgage or secured loan.
There are different qualification requirements for each type of bankruptcy. You may qualify for more than one type, but there is often a distinct advantage to choosing one over another. A Long Island attorney who focuses exclusively on bankruptcy may be best suited to help you select the right type of bankruptcy for your individual needs.
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