Tips on Selecting a Bankruptcy Attorney
A known fact is that bankruptcy lawyers can come in handy in a tough economy where creditors are closing in and pressure is mounting to declare bankruptcy but due to these tough conditions most clients select a bankruptcy lawyer based on price or an advertisement but this can cost them because choosing a bankruptcy attorney to handle one’s case can mean the difference between a long-term pain or an eventual rebound. When selecting a bankruptcy attorney one of the things to look at includes the fact that one gets value for what they pay for but normally most bankruptcy attorneys charge a fixed fee that includes consultation with the customer, an analysis of the financial situation of the client, preparation of the bankruptcy petition, attending meeting with the creditors, reviewing the petition with the client and making follow-ups with the creditors like by taking action to stop any post-filling collection efforts. In a liquidation case, the fee should also include the preparation of the reorganization plan and representation at the hearing confirmation and it is vital that these services are clearly identified in the representation agreement. However, there are certain aspects that the flat fee does not cover such as representing the debtor in an adversarial proceeding that happens when the creditor challenges the filing and the client needs to know the amount that the lawyer charges for any litigation case that may arise out of the bankruptcy.
Bankruptcy attorneys should not be chosen solely based on price because lawyers may cap how much money a lawyer can make in a given case and the client needs to be wary of a lawyer that charges lower than other attorneys in the same area because this may mean that they do not do a lot of bankruptcy cases and they may cut corners on the case. A good number of great lawyers will also not give out fees over the phone without doing a comprehensive consultation on the needs of the client.
Any lawyer can handle a bankruptcy case since they are trained in all aspects of law, but only those that have practiced in such areas are worth looking into because the more the bankruptcy cases a lawyer has handled the better they are at dealing with such cases and thus the client is guaranteed of a favorable outcome. Laws regarding bankruptcy keep being changed from time to time thus a lawyer needs to be aware of a law that was passed back in 2005 targeting millionaires and habitual filers from rigging the legal system and this law has brought tremendous changes in the bankruptcy industry.Services – Getting Started & Next Steps