Monthly Archives: December 2017

Responsibilities of a Bankruptcy Lawyer

Many organizations will only consider filing for bankruptcy as a last resort. They will struggle very hard to pay their creditors. Yet, sometimes bankruptcy is inevitable because of the stringent economic times being experienced. Recessions have resulted in the declaration of bankruptcy by many and this has led to an increase in the demand for bankruptcy lawyer services. Bankruptcy is defined as being unable to offset your debts. It is fully recognized by the law and some countries even have bankruptcy laws put in place to regulate the way debtors and creditors relate when a debtor has filed for bankruptcy.

Bankruptcy will give the debtor the option of clearing his or her debt fully or partially. This will also depend on the financial state of the debtor. The creditor, however, can choose to file a bankruptcy petition seeking the debtor to pay part of the debt or the entire amount. Once this happens, the debtor will need the services of a bankruptcy lawyer. Understanding the complexities involved in bankruptcy law might be difficult for a layman and this is precisely why the service of a professional lawyer who has specialized in bankruptcy is required. There are certain responsibilities and duties that the bankruptcy lawyer will perform once you have found the right one to represent you.

Professional responsibility: Every lawyer has a special responsibility to his or her client, regardless of who the client is, and it is no different with a bankruptcy lawyer. The lawyer should ensure that the client receives treatment that is fair during the entire legal process. This is an ethical responsibility that a lawyer accepts when taking the oath. This is the single most important aspect of a bankruptcy lawyer and failure to fulfill this responsibility will lead to losing the case.

Discretion: Another responsibility that is important and should be practiced by a good bankruptcy lawyer is discretion. The lawyer should know how to behave, what action to take and what to disclose about the case. The case details and conversations between client and lawyer should always be confidential. This will enhance the client-attorney relationship and prevent any important information from falling into the wrong hands.

Responsibility related to finances: The commonality in bankruptcy cases is the management of huge volumes of financial documents and statements. It is the work of the bankruptcy lawyer to analyze and evaluate the financial documents and determine the assets of the organization that has filed for bankruptcy. This must be identified early because liquidation might be necessary and the lawyer needs to be prepared for that option.

Devotion: The lawyer should be devoted to the bankruptcy case that he or she is working on. Devotion to the case and the client will ensure that the lawyer pushes for the rights of the client. Lack of devotion will ultimately lead to the case being lost due to infringement of the clients rights.

Legal counsel: One of the most important responsibilities that the lawyer handling the bankruptcy case has to his or her client is to offer legal advice. It is the duty of the bankruptcy lawyer to inform clients on how to conduct themselves at all times and provide expert legal advice about the case. This will make clients better prepared for any questions or information that may arise as a result of the case. All in all, the case will run much smoother for the client.

Getting a Good Bankruptcy Lawyer

There is nothing worse than having to file for bankruptcy. Bankruptcy is a very serious matter which can destroy the lives of many people and render them completely helpless. Before moving forward with this article it is important to describe bankruptcy and what it entails. Bankruptcy is also referred to as insolvency and is a legal state of being unable to repay debts owed to creditors.

Bankruptcy is applicable to both individuals and organizations. When bankruptcy happens to an organization, many creditors will normally file a bankruptcy petition in an effort to recover a portion of the money owed to them by the company or organization. This results in the organization seeking the services of a bankruptcy lawyer. A bankruptcy lawyer is someone who is conversant with bankruptcy law and will be able to defend you against the petition filed by the creditors. Bankruptcy lawyers are quite expensive and you will have to prove to them that you can pay them before securing their services.

Tips on how to hire a good bankruptcy lawyer?
The increase in bankruptcy petitions has resulted in an increase in demand for bankruptcy lawyers. This has led to an increase in the number of lawyers who are looking to make a quick buck at the expense of debtors who do not know any better, while offering very poor legal services in return. It is important to ensure that the bankruptcy lawyer you have chosen is up to the task and will give you the required help you need throughout the entire process. Some of the tips you can use when trying to identify a good bankruptcy lawyer are given below.

Investigation: Many people often panic when they declare bankruptcy and will select the first bankruptcy lawyer that they come across. This is not a wise move because you need to conduct a thorough investigation. This investigation should involve a thorough background check of the lawyer and should be done before the bankruptcy claim is made. This will also give your lawyer enough time to prepare for the case.

Word of mouth: A good bankruptcy lawyer will be well-known, especially in the business world, so it is very important to ask around and gather information about companies that have filed for bankruptcy and who represented them. It is also important to know the outcome of the cases. You are bound to get information that is helpful. Experience should be your main focus in the search for a good lawyer who can adequately represent you.

The courts: A bankruptcy court is a good source about bankruptcy lawyers. You should always take some time off and visit a bankruptcy court so as to see and experience a bankruptcy case. This will give you an idea of how a good lawyer should conduct the trial when defending someone.

The panel of lawyers: The best place to find out about the best and most respected lawyers is by visiting the bankruptcy lawyer’s panel. The reputations of these lawyers precede them and you are likely to find a very good lawyer who deals with bankruptcy issues and is experienced in the field. Visiting the office of the lawyer may also give an indication about the lawyer’s reputability.

Attending free consultation sessions: Free consultation sessions are the platforms that make it possible for you to ask as many questions as possible about bankruptcy and where to find good lawyers. It is also the beginning of a good working relationship between you and the lawyers because you might get good contacts which will help you in the future. A bankruptcy lawyer will make the difference in the outcome of your case so you should ensure that the lawyer you choose is able to swing the final result in your favor.

Hire A Bankruptcy Lawyer Before Filing For Bankruptcy

If you are considering filing for bankruptcy, you should first discuss all options available with a bankruptcy lawyer. There are many options to be explored before one files bankruptcy, and a bankruptcy lawyer can go over the pros and cons of every option before you file Chapter 7 or Chapter 13.

One option a bankruptcy lawyer can assist you with would be dealing with a payment plan that satisfies your creditors. A competent bankruptcy lawyer can work with your creditors to develop a plan that is affordable enough to meet any budget. This will also keep creditors from harassing you about missed or late payments.

Creditors will be satisfied with most payment plans that are presented to them by a bankruptcy lawyer, because it shows the good faith effort that one is making an attempt to pay of their debts before resorting to bankruptcy.

If a bankruptcy lawyer can not develop a suitable plan for his or her client then he or she can advise the client about which form of bankruptcy would be in the client’s best interest.

A bankruptcy lawyer can file a Chapter 7 bankruptcy for clients. This type of bankruptcy allows one to liquidate assets and property to pay off creditors. When filing a Chapter 7 bankruptcy, one is not required to sell all of their property. A person is able to retain enough for financial stability once the proceedings have been completed.

A competent bankruptcy lawyer would handle the task of filing for the bankruptcy, obtaining documents to prove assets and worth and work with creditors to pay of as much debt as possible from the liquidation proceeds.

If one chooses to file a Chapter 13 bankruptcy, the bankruptcy lawyer can handle the proceedings for these cases as well. A Chapter 13 bankruptcy allows a person 3 to 5 years to pay off his or her creditors following a payment plan set by the presiding Judge.

The bankruptcy lawyer would gather the paperwork required to show how much a person’s earnings are and how much would be a reasonable payment each month.

Bankruptcy does not cover all types of debts, and if one is not sure if a debt is covered if one were to file bankruptcy then they should consult with a bankruptcy lawyer for clarification.

In both types of bankruptcies, both 7 and 13, a trustee is appointed to handle overseeing the payments or liquidation of the assets. If one hires a competent bankruptcy lawyer, he or she would be able to ensure that one has a trustee that is reliable when handling claims.

Before filing for bankruptcy, one should always consult with a bankruptcy lawyer to ensure that there are no other alternatives available that one can pursue. Bankruptcy lawyers handle more than just bankruptcy cases; they also assist in helping a client work with creditors if a client is hesitant about filing bankruptcy.

If one has filed for bankruptcy then a competent bankruptcy lawyer can also provide advice on how one can re-establish good credit. There are quite a number of things one can do to re-build their credit.

If you are in debt, then you certainly should contact a bankruptcy lawyer about your financial problems. He or she can work with you to eliminate your debt using one or more methods. If bankruptcy is considered as your only option, then he or she can handle the bankruptcy proceedings for you. By contacting a bankruptcy lawyer and turning one’s financial troubles over to him or her, one can live knowing that the stress of their debt is being lifted.