No one wants to admit when it?s time to throw in the proverbial towel, but when the time comes we have to be ready for it. Filing for bankruptcy is never easy, however; choosing the right bankruptcy lawyer can take some of the excess strain off of you and make filing for bankruptcy a little more painless.
Whether you are filing as an individual or you are a small business owner, preparing for bankruptcy takes a good bit of time and a knowledgeable resource. Remember bankruptcy laws vary from state to state.
1) Always use a lawyer
Some people opt to file on their own behalf, but you and/or your business are much better off if you choose to go the route of representation. Finding a good bankruptcy lawyer who specializes in these types of cases is key and will save you a lot of stress in the long run. You?ve already got emotion after emotion during this period of your life, find someone that?s qualified to take some of the stress off your shoulders.
2) Ensure they are qualified
A little tip, when choosing a lawyer, make certain you will have direct contact with one who is familiar with business law and make them aware of all your personal finances. You don?t want to have to be stuck dealing with a paralegal during this process.
It helps to go with smaller firms or a private practice over the larger corporate law firms available. In most cases you can set up an initial consultation for free. But again, do your research and make sure your representation is 100% qualified to deal with your personal case.
3) Know basic bankruptcy laws in your state
Just as the laws vary, fees vary for filing bankruptcy in the United States from state to state. The average cost is around $1700.00, depending on where you live. You will also be responsible for court costs unless you file a bankruptcy fee waiver which again, varies by state. Do some basic research and make sure you know the basics before looking for direction from someone else.
Once you have secured adequate representation, your lawyer will assist you with these matters as well as help you with the BAPCPA?s required means test. Together you and your lawyer will decide which Chapter of bankruptcy is right for you and your financial situation.
Be aware that there are basically two specific types of individual bankruptcy. The most common and seemingly the most popular is Chapter 7. This method is strait or liquidation style bankruptcy. You should know that often though, many individuals are inherently forced to file the second version of bankruptcy, Chapter 13; due to their assets.
4) If you?re a small business owner, know more!
Small business owners have three different types of bankruptcy claims they can file. Generally in the case of a sole proprietorship, where the owner is the only responsible party, bankruptcy can be filed under Chapter 7, Chapter 11 or Chapter 13. It gets a little more complicated in the case of corporations and partnerships. Under these circumstances, the business is a separate legal entity from its owners, thus eliminating Chapter 13 as an option.
5) As always, compare prices & offerings
At the end of the day, you are paying for a service and should get a good deal. Don?t settle with the first ?bid? you recieve or the first company you check out, always, always, always price-check around and see what everyone has to offer.
While you do NOT want to settle with a ?cheap lawyer? and get cheap service, you do want a good deal and not ripped off.
6) Personality & respect matters!
It may seem petty but make sure you like and get along with your bankruptcy lawyer ? you?ll be spending quite a bit of time with them and if you don?t get along with them, it?s just going to cost you more money.
Secondly, make sure you respect the person in charge of your?financial?future. If you have the right bankruptcy lawyer, you are going to hear things that make you upset and may even step on your toes ? make sure you respect the person working with your finances and giving you advice.
During the process of preparing for bankruptcy, you?ll have to refer creditors to your lawyer, discuss personal finance information and make personal life decisions based on his/her advice so be sure to be careful who you choose.
If you?re in the Phoenix area, I personally can recommend Scott Hyder Law, an amazing Arizona bankruptcy lawyer who can help you make the important decisions you need to make during this process. If not, please follow these tips and read our articles to come.
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Source: http://epicafinance.com/preparing-for-bankruptcy-choosing-the-right-lawyer/
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