When do you need to hire a bankruptcy lawyer if you have decided that it is time to declare bankruptcy? Is not declared bankrupt automatically discharged from personal liability? It is true that most people wait until they hit the big bank vault to call an attorney, but there are ways that may take some of the financial sting out of paying for an attorney.
The sooner you start paying a bankruptcy lawyer, the better. Even corporate debtors can be helped by hiring a bankruptcy lawyer as soon as possible. This is because most corporate debtors do not want to admit that they cannot pay back what they owe to their creditors. Instead, they hide the fact that they are in financial trouble and try to work with their creditors to come up with a payment plan.
A bankruptcy lawyer can help you negotiate your way out of a tight spot. If you were turned down by your creditors and think that you may lose your home, this type of attorney can help you work around the regulations set forth by the law. For example, if your home is in danger of foreclosure, your attorney can tell the mortgage company that your home is un-insurable. This will stall foreclosure proceedings while an agreement is made, so that you and your lender can come to a mutually acceptable solution. In addition, your attorney can advise you on other options available to you such as selling the property or refinancing the loan. Visit: southjerseylawyers.com
Bankruptcy attorneys represent many different kinds of people. Small business owners, corporations, LLCs, and individuals are just a few of the categories represented by bankruptcy lawyers. Also represented are collection agencies, insurance companies, investment banks, and public administrators. Sometimes attorneys even represent governments, tax departments, and social service programs. Because of their diversity of experience, bankruptcy lawyers are able to settle cases quickly and with a minimum of expense to their client.
Although a bankruptcy lawyer can give invaluable advice, it’s not necessary that you always take their advice. It’s important to remember that attorneys are experienced professionals and may be inclined to go along with what they feel is best for your situation rather than taking your wishes into consideration. If you have reason to believe that you will be able to save your home with little or no help from your attorney, it’s still important to seek legal advice as well.
Some states have “no win no fee” laws. If you have more pressing financial matters to attend to, you may find that paying a fee to your bankruptcy lawyer can be helpful rather than having to pay a fee to your attorney. No win no fee laws vary from state to state so it’s best to research the laws concerning your state before hiring an attorney and attending the consultation. An important thing to keep in mind is that although the above mentioned factors are important, they are not the only factors that you should consider when hiring a bankruptcy lawyer. Make sure to keep these factors in mind when evaluating bankruptcy lawyers and choosing an attorney to represent you.