Filing for bankruptcy for big industries is common; in 2019, the clothing line Forever 21 declared bankruptcy and closed over 350 brick-and-mortar stores. However, to complete the entire process of bankruptcy protection, you will need a bankruptcy lawyer.
According to the judicial system, filing for personal bankruptcy under section 7 and section 13 requires a detailed and thorough understanding of legal issues. Misinterpreting laws or inducing problems in the process can cost you your rights, so seeking proper legal guidance is of utmost importance.
In this piece, you will find five must-have attributes of bankruptcy lawyers. So, keep reading.
How can a bankruptcy attorney help in your case?
A bankruptcy lawyer can help you in various ways. Some of the benefits are listed down.
- An attorney is the only person who can offer what kind of bankruptcy protection you should file for.
- They will also help you reconsider your decision for filing a bankruptcy case. They will put out the worst-case scenarios and let you know about all the possibilities.
- Will offer counseling on which property you must hold onto.
- Will also advise you whether you should keep paying the creditors.
- Give inputs on your tax return or tax consequences as per your requirements.
Top attributes to look for in a bankruptcy attorney
Go for an experienced attorney
Check on the level of experience index and see the marking. Experience does not mean working in the industry for long but successfully handling bankruptcy cases. The thing that matters is the number of bankruptcy cases an attorney has handled successfully.
You will find an attorney with a specialization in bankruptcy but do not just go by that and also see their track record. Compare the success rates and then decide on which one to hire.
Emphasize on bankruptcy attorney with local skill
Familiarity with bankruptcy law won’t be enough; your lawyer must be aware of the local judiciary laws where the case is filed. The bankruptcy procedure varies from state to state, so look for a lawyer who is localite and will help you understand legal terms and definitions. This will give you an upper hand on the case.
See a specialist
Different attorneys practice different areas like filing a divorce, tax, and more. Look for a specialist who has studied bankruptcy laws and can help you rest your case and get your rightful due. You will find lawyers who are jack of all trades but master of none; they do not get the granular aspects of the case and won’t be beneficial for your end goal.
Look for an attorney who is a member of the National Association of Consumer Bankruptcy Attorney. They are reliable and do have an understanding of bankruptcy laws.
If you are looking for a bankruptcy lawyer, make sure to check out these attributes. Also, avoid bankruptcy mills as they handle thousands of bankruptcy cases and lack proper focus. These mills will take up your case and even not give you proper details about the proceedings.