There is an ever-increasing trend in the amount of people who file for bankruptcy each year. We all remember the mortgage bubble of 2008. Fortunately, the economy is improving. But whether the economy is doing well or badly, there are always people who find themselves in financial dire straits. If you are one of those people, you could decide to file for bankruptcy for a variety of reasons. The most common reasons are as follows.
– It could be that you are experiencing a stressful amount of harassment from your creditors.
– Your recent divorce has left you struggling financially.
– You are suffering from illness or a disability and you are no longer able to work.
– One of your assets is about to be repossessed by the bank.
– You have lost your job and you are struggling to keep up with your financial responsibilities.
Whatever the reason for your need to file for bankruptcy, you shouldn’t go it alone. There is someone to help you through the process. Bankruptcy is a complex and specialized area of the law. It is difficult for laymen to understand it all by themselves. If you are considering filing for bankruptcy it is imperative that you hire a bankruptcy lawyer to assist you each step of the way to ensure that you do not come out of the process worse off than you were before.
There are different kinds of bankruptcy and you need a bankruptcy lawyer to help you figure out which is the type that you need. A bankruptcy lawyer will be able to look at your case and advise you as to what options you have and which route will most likely be the better option for you. The most common kind of bankruptcy is Chapter 7. But just because it is the most common does not mean it is the best for you. And this is where a good bankruptcy lawyer will be able to help you.
Bankruptcy lawyers are not the general lawyers that you can find anywhere. They have specialized training in this field as it is a specialized area of the law with its own rules and regulations. Bankruptcy lawyers have at least some experience working as clerks or interns for more experienced bankruptcy lawyers. Naturally, you want to hire the lawyer with the most experience. Having a good education and good training does not guarantee that a lawyer will be a good bankruptcy lawyer for you.
The only way to judge whether a bankruptcy lawyer is good or not is to look at the cases that they have handled in the past. Find out what proportion of those cases have been successful. Also, having a high success rate is not a good enough determinant. You have to determine whether or not that lawyer has been successful with cases that are similar to yours. If you are filing as an individual there is no point hiring a business bankruptcy lawyer as the types of bankruptcy and the procedures are not the same. Similarly, it is not advisable to hire a divorce lawyer to help you with your bankruptcy case.
Filing for bankruptcy is a life changing decision that should not be made lightly. You need to be able to make an informed choice. A bankruptcy lawyer is the best professional to help you make that choice and to guide you through each step of the process. When you are consulting different bankruptcy attorneys, make sure that you contact your local bar association to find out whether or not that lawyer is in fact specialized and qualified in that area of the law.