There’s something unnervingly counterintuitive about the very notion of a bankruptcy lawyer. Many people will ask themselves: I am already broke, so why hire a professional when I’m just basically giving up? In fact, however, filing for bankruptcy is far from throwing in the towel. Radical as it may sound, it’s also the most decisive step you can take to protect your property while going through a rough time like so many people are in the wake of the pandemic and other calamities.
In this article, DebtStoppers is sharing with you some essential recommendations as to what to look for if you need consultation and representation in bankruptcy-related procedures as an individual or business owner.
Step 1. Determine Your Budget
A weighty price tag is widely believed to be a telltale sign of a well-reputed and much-trusted lawyer. This is of course not necessarily true. What matters even more, though, is that it becomes irrelevant when your funds are limited dramatically. A wise approach would be to analyze your financial situation and decide how much you are prepared to pay someone for helping you navigate the confusing bankruptcy law terrain.
Step 2. Search Credible Resources
Now that you have an idea of the maximum acceptable remuneration for your lawyer, you can start looking for one. The vital rule here is to spare yourself frustration by only turning to official and well-known resources such as the American Bar Associations. Being part of an organization like this is no guarantee of expertise, but it will help you filter out a lot of poorly qualified candidates.
Additionally, remember to specify what you are looking for at this stage. Given how many lawyers specialize in bankruptcy cases, there’s no need to take chances with someone who seems to have no specialization at all.
Step 3. Give It a Try
Communication is an indispensable part of any cooperation, and that with your lawyer is no exception. It’s thus highly advisable to meet in person or at least arrange a call before you actually start working together so that you can estimate your potential as a team.
Some lawyers offer free initial consultations, while others will charge on an hourly basis. Remember that the former approach does not necessarily mean the person is less qualified. This is just a matter of strategy, so decide according to your budget.
Step 4. Repeat Steps 2 to 3 as Needed
If the meeting reveals that the lawyer is difficult to talk to, cooperate with, or understand, do not hesitate to go through the cycle again. The same applies if you find that their fees and/or qualifications do not fit your expectations.
When You Can’t Rely on Yourself
Taking advantage of the post-COVID-2019 bankruptcy laws can be highly challenging in the presence of loans, mortgages, and other responsibilities that complicate your financial picture. This is exactly why you need a lawyer — to make sure you only suffer minimum losses.
