A bankruptcy filing can be legally complicated, as well as time-intensive. In many cases, your first big decision and major time commitment will be finding a bankruptcy lawyer. While you may already have an attorney from your business, estate planning, or family matters, they might not be experienced in bankruptcy. More often, you will have to find an attorney from scratch. This can be well worth the effort because lawyers who practice exclusively in bankruptcy tends to do it quickly and cheaply. Using a Bankruptcy AttorneyIt may feel counterintuitive to pay attorney’s fees for help with your financial crisis. But professional assistance can mean the difference between a setback and a total loss when you have serious debt issues. You can have a free consultation with most bankruptcy attorneys to explain your situation and see if your personalities are a good fit. There is no legal obligation to have an attorney when you go into bankruptcy. However, bankruptcy law is a complicated and ever-changing system. Having knowledgeable assistance is a practical necessity. An experienced bankruptcy attorney can help you: Having a bankruptcy attorney is increasingly important. In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act. Among other changes, this law modified existing bankruptcy procedures. It shifted responsibility for providing documentation and proving your inability to pay debts to the bankruptcy debtor (you). Choosing Your AttorneyYou will want to meet with any attorney you consider hiring to see if you and the attorney can work together in general. You will really be interviewing the attorney just like you would interview a job applicant. Some bankruptcy attorneys run their offices like an assembly line, which is not necessarily bad. It means they won’t be wasting your time either. You need to decide whether the style of any given attorney is one with which you can work. Select the attorney with experience and an approach that fits well with you. Questions Your Lawyer Will Ask About BankruptcyTo do the best possible job on your behalf, your attorney needs your input and cooperation. At your first meeting with your attorney, you should be prepared to provide the following information and answer important questions. If you are filing with a spouse, be ready to share their information as well. General Questions• Will this be a joint bankruptcy petition? Documents Your Bankruptcy Attorney NeedsOnce you hire an attorney to assist with your bankruptcy case, it is important to provide the information they need to best advice and represent you. Although every person’s financial life is different, some basic documents are virtually always helpful in better understanding your financial position. Examples of important documents include, but are not limited to: Bankruptcy cases can involve multiple people and creditors and take years of litigation. It can be a personal comfort to have someone who understands the system and is on your side. Benefits of Hiring a Bankruptcy Lawyer1. Hiring a lawyer increases your chances of successfully eliminating debt. In the case of Chapter 13 Bankruptcy, debtors represented by a lawyer are more than ten times more likely to reach a successful outcome than individuals representing themselves. Risks of Filing Bankruptcy without a Bankruptcy LawyerOne little mistake could cost you everything. If you file incorrectly or the filing is incomplete, the bankruptcy judge could throw out your case. If that happens, you may not be able to refile for any type of bankruptcy in the near future or if you can refile, you may lose protection from creditors taking action against you. Incorrectly listing assets could cost you not only your debt being discharged, but you could lose the possessions you sought to protect. Bankruptcy lawyers know how to protect your assets and successfully lead you through the process. Mistakes could mean criminal charges for fraud or perjury. Committing fraud in a bankruptcy case can land you in jail. You cannot hide assets or income from the bankruptcy trustee or judge (even those that you haven’t received yet). Do you know the law well enough to avoid this serious situation? Did you sign over a vehicle, deed property, gift money, or other assets to a friend or relative? A bankruptcy lawyer will help you file your petition and truthfully list your assets in a way that protects you from criminal charges. You may end up paying more of your debt. When communications between the bankruptcy trustee and your creditors occur, can you respond without negatively impacting your bankruptcy discharge? If a creditor files a lawsuit or contests your discharge of debt – how will you respond? A bankruptcy lawyer can protect your interests, effectively communicate with all parties involved, and save you money in negotiating with creditors. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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