Having determined that you need to file a bankruptcy to ensure your financial stability. Your next step is hiring a bankruptcy lawyer who will have your interest at heart.
While this might just be as simple as hitting the store to get some things, it might turn out badly if you don’t know what you want.
So, that’s why you have to understand that before hiring the service of a bankruptcy lawyer, you must ascertain that they are qualified for the job and also they are fully aware of your financial situation.
Questions You Should Ask Your Bankruptcy Lawyer?
Do I Need To File For Bankruptcy?
The first question you must ask your bankruptcy lawyer is whether or not you qualify for filing a bankruptcy case. And if you indeed qualify, then is it suitable for your financial situation?
Also, your attorney must be willing to explain to you what filing for bankruptcy entails and the alternative you may want to go for.
How much experience of the Bankruptcy Lawyer has?
Check if the lawyer is experienced. You must be sure that the lawyer is very experienced in handling bankruptcy and must have spent a considerable time doing the same over the years.
You should be wary of sites that will list years of experience without corresponding it to the area of practice.
Asked how many years they have spent practicing bankruptcy law. Also, what branches of the bankruptcy law viz Chapters 7, 11, and 13 are they more conversant with?
Lastly, you should ask about how many cases they have handled so far. This should be a reasonable number with a 75% success rate.
What Are The Pros And Cons Of Bankruptcy?
The benefits of filing for bankruptcy differ from individuals and situations. A bankruptcy lawyer should be able to explain to you the benefits of bankruptcy relating to your situation.
Your bankruptcy lawyer must review all aspects of bankruptcy law before you proceed. If you feel the lawyer is rushing you to file without you understanding anything, then that’s very bad. Also, you must understand how bankruptcy will affect various aspects of your life.
What Is The First Step To Take?
Ask your bankruptcy lawyer the first step to take. The filing of bankruptcy is time-consuming and can’t still be a little confusing. The breakdown of the process of bankruptcy from the beginning to the end.
This will enable you to understand all the steps you need to take and will make it a lot easier.
What Documents Do You Need?
On the list of questions to ask are the required documents the court will be asking of you. Make available all necessary copies of documents for your lawyer’s examination. This will reduce the risk of you losing the case as with the right documents at hand, you are halfway done with your bankruptcy.
What’s The Cost Of Bankruptcy?
Apart from the filing fee meant for the court, you will have to pay your lawyer for the service offered to you.
Some lawyers charge on an hourly basis while others have a flat rate. You have to talk to them about their charges and what the initial retainer covers.