Filing for bankruptcy is an action that can have long standing consequences for your credit. It is a difficult decision and not one to be entered into lightly, which is why choosing the right attorney to handle your bankruptcy, is so important. Not all attorneys specialize in bankruptcy. By heeding the tips below you can be more assured that the attorney you choose will advise and represent you appropriately throughout this difficult process.
The Bankruptcy Code is the federal law by which most bankruptcies are controlled. State law may also play a role including your decisions about whether or not to file or which type of bankruptcy is best for you.
Chapter 7 and Chapter 13 are the two main types of bankruptcy cases that individuals can file. Both enable you to have a fresh financial start through discharge; this ends your liability to pay your creditors and your creditor's ability to collect debts owed by you.
If credit card debt and other debts are overwhelming you or you are facing foreclosure, bankruptcy may be your best chance for a fresh start once you have exhausted your other options.
Many people who are living with financial problems don't know where to turn. It is important to know the steps that you can take when you find yourself in these types of situations. The first step when faced with the possibility of bankruptcy is to find a reliable bankruptcy attorney to help you. Below are some tips that can help to guide you through this process.
Tip One: Be sure that you don't wait until the problem gets out of control before taking action. Even with the help of a reputable bankruptcy attorney, waiting too long to act can cause problems for you and may even effect the outcome of your situation. Be sure to hire an attorney as soon as possible, this will give the attorney more time to evaluate your case and figure out a strategy that will be most useful to you.
Tip Two: Be sure to do your research. Referrals from friends or relatives are a great way to find the kind of help that you need. However, since people's opinions can be biased the best way to ensure you are getting the most accurate information is to do some research yourself. Using the Internet to research can be a great resource and can help you compare information from different bankruptcy attorneys.
Tip Three: Selecting a firm that has a concentration on bankruptcy law is an important step. When searching for an attorney be sure to research each firm's site to see what areas of law they specialize in.
Tip Four: While certainly not mandatory, spending a day or two in a bankruptcy court before hiring an attorney can help you to better understand how the proceedings run and to learn the primary requirements. If you hire a qualified attorney who is well aware of the bankruptcy system this step will not be necessary as they can guide you through the process.
Tip Five: Choosing an attorney from your area is very important as bankruptcy laws vary from state to state. Be sure to have a bankruptcy attorney from your state handle your case.
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