More than 1.4 million people filed for bankruptcy due to the Great Recession back in 2009. The economy of America struggled to recover, and that number increased the next year. Nearly 1.6 million people filed for bankruptcy protection in courts back in 2010, according to the released Administrative Office of U.S. Courts statistical records.
Despite a decline in filings, millions of Americans are still in danger of being overcome by their debts. Attorneys that work in this field are in demand. Before we hire a bankruptcy attorney, we will explain exactly how legal professionals can save you from debt and what they actually do?
Bankruptcy
Nobody wants to file for bankruptcy even if it is common for people to file despite it being an unpleasant process. Few Americans are willing to do it because it is an admission of failure to the public as well.
Bankruptcy is a legal method in which businesses or individuals seek relief from their creditors because they are unable to repay their debts.
Contact an Attorney
People considering filing for protection must call a qualified and excellent bankruptcy lawyer. While representing themselves in court is possible, it is not a good idea most of the time. Lawyers spend years of studying the U.S. tax code before they go in court, so it is recommended to hire an expert. A single mistake on your petition can result in your case being dismissed because of errors in your case.
Traits of a Bankruptcy Attorney
Free consultations should be considered in hiring an attorney. Your inability to pay your bills means you can’t pay for consultation in the meantime for filing your protection. Consultation fees and payment for your case will be a waste. Luckily, top attorneys in the field offer first meetings for free. It is also recommended to speak with more than one attorney before making a decision.
When searching for a bankruptcy lawyer, consider experience as the most important trait of an attorney. Bankruptcy law should be their specialization. As mentioned above, the bankruptcy law is quite complicated, and lawyers inexperienced in this field will have a difficult time competing in at court. It is also essential to consider hiring a lawyer in your area since different regions and states may have different laws.
Since most cases are settled, you should ask the lawyer you consider hiring their success in negotiations with favorable terms. An expert legal advisor should also be an excellent negotiator.
Costs
Most importantly, consider the hourly rate of these lawyers. Some cases take time, and clients will be caught off guard for attorneys that have high hourly rates. It is better to always ask for cost estimates before agreeing to take their services. If you can afford the lawyers’ rates that are experts in these fields, it is best to take these attorneys.