Filing for bankruptcy can be a scary and intimidating experience. Bankruptcy lawyers have the expertise and knowledge required to file for bankruptcy. Filing for bankruptcy requires detailed, accurate, and timely paperwork. It is essential to have precise information and supporting documentation. A lawyer can help you complete all the paperwork and provide legal guidance on your valuing assets, disclosures, expenses, and income. A bankruptcy lawyer is familiar with courtroom etiquette and has built strong relationships with the judge and other people involved in the process. A knowledgeable bankruptcy lawyer at Macco Law will properly review your financial situation and explain your bankruptcy options. You should approach an experienced and skilled bankruptcy lawyer instead of a general practitioner if you need legal representation in bankruptcy.
Benefits of working with a bankruptcy lawyer
Bankruptcy may appear to be the most straightforward solution if you’re having financial difficulties. If another choice would truly be better for your circumstances, a competent bankruptcy attorney may assist in determining that as well.
Your last resort should be bankruptcy, not your first.
Your financial position might be evaluated by a lawyer to help you decide whether other debt relief options are better for you. And if bankruptcy is your best route, a lawyer can tell you whether you qualify for Chapter 7 or Chapter 13.
If you choose to move forward with bankruptcy proceedings, an attorney can guide you through the process.
An attorney can assist with the following during the process:
- Provide guidance on the ideal moment to declare bankruptcy so that you don’t find yourself in a worse financial position than you were before.
- Provide advice on resources. Some assets are shielded from the bankruptcy process when you file for Chapter 7 bankruptcy, allowing you to keep them. Your attorney should be aware of the exemptions you are eligible for and work to prevent you from losing money unnecessarily.
- Assist with completing the papers needed to submit your bankruptcy petition.
- Attend the creditors’ meeting on your behalf.
Above all, the bankruptcy attorney aids you in navigating a procedure that can be challenging for the inexperienced.
If you’re looking for a bankruptcy law firm in TN, you need to do a proper background check of the company. Here are a few things to look for:
Experience
It is natural to assume that a lawyer with 30 years of experience will know more than a lawyer who has been practicing law for only 15 years. However, this might not always be true. Even after practicing bankruptcy law for several years, some attorneys are unable to master the subject. Few general practitioners might file a bankruptcy case without being an expert on it. So, even if an attorney has been practicing law for decades, they might not be able to offer you the expertise you require if they do not have in-depth experience in bankruptcy.
You should look for a lawyer with several years of experience in small business and consumer bankruptcy law.
Competence And Training
An attorney’s real learning begins when they graduate from law school and pass the state bar examination. Lawyers need to attend educational seminars to improve their skills even if there are not many laws on a particular subject. If a completely new law gets enacted, attorneys need to educate themselves on it. The new law could be highly complicated, which would make it difficult for attorneys to understand it by simply reading it.
The National Association of Consumer Bankruptcy Attorneys (NACBA) is the only organization devoted to training lawyers representing debtors. In 2005, NACBA held workshops for lawyers in Chicago and Orlando to teach them how to continue practicing under the new bankruptcy law. More than 3000 lawyers had attended these workshops and learned the concepts associated with the new law. When selecting a lawyer to handle your case, check whether they had participated in the NACBA educational events.
Choose a Lawyer with Whom You Feel at Ease
You want to hire a bankruptcy lawyer with whom you are at ease. To effectively represent you, get a person who will pay attention to you and learn the details of your case.
Don’t base your choice only on cost. If your case is won, paying a skilled lawyer their standard fee will save you money. If someone charges a cheap price, they can be cutting shortcuts, which might harm your bankruptcy case.
Listening Skills
Some attorneys would tell you what to do before you get the chance to tell them about your situation. These lawyers have a “cookie-cutter” approach to every case. You should not hire a lawyer who offers uniform legal advice to everyone without considering the facts, opportunities, or difficulties of the specific case.
Only lawyers who listen to you and ask you the right questions to properly understand your case can genuinely help you. They should offer legal advice by considering the facts of your situation in the context of the law.
Finding The Right Bankruptcy Lawyer For The Job
Now that you know what to look for in a lawyer, you can begin your search for the best one. Here are a few ways through which you can find the best bankruptcy attorney for your case:
Personal Referrals
You might know someone who had a good experience with their bankruptcy attorney. It would be best to contact this lawyer first.
Lawyer-Referral Panels
You should approach your county bar association if you need a list of bankruptcy lawyers who practice law in your area. However, you need to remember that a bar association does not screen the attorneys. You need to check the experience and credentials of the lawyers that the bar association referred to.
Online Directories
You can also get lists of bankruptcy attorneys online. An online directory contains information about the attorney, like the type of cases they take, their fees, and their philosophy on legally representing clients. You can find the contact information of NACBA (National Association of Consumer Bankruptcy Attorneys) members on www.nacba.org.
Legal Aid And Legal Clinic
Few legal aid offices intended for low-income people also provide legal assistance in bankruptcy cases. Many law schools offer free legal advice and sponsor legal clinics. Low- and moderate-income group people can get these services for free.
If you want the best legal representation for your case, you can visit https://www.thepopefirm.com/.
Myths and Misinformation About Bankruptcy
Lies and disinformation circulate around bankruptcy. And that information is too frequently no more genuine than the elephant-dragon-peacock in the image.
Creditors aim to perplex or terrify. Friends may be misinformed or accurately recollect obsolete bankruptcy information. Half facts, misinformation, and propaganda abound on the internet.
The following are mistruths regarding bankruptcy.Every single one of them is incorrect.
Myth: Bankruptcy relief is no longer available
Nearly all of the bankruptcy relief that was available before the legislation changed in 2005 is still preserved in the current bankruptcy statute.
It is a little more complicated and pricey than it was before the “reform,” but it still functions.
Myth: You can’t file for bankruptcy if you have a job
According to the new “means test,” some filers who earn more than the median income for households of their size in their state of residence should be directed to Chapter 13 instead. Having a job is the only requirement to finance a Chapter 13 plan.
Therefore, this is wholly untrue.
Myth: Medical bills can’t be discharged
This misconception is sometimes referred to as “you can’t discharge credit card debt in bankruptcy,” which sounds like the law as it is stated by bill collectors.
Credit card debt, personal loans, and other types of unsecured contract debt are almost always still dischargeable in bankruptcy.
Myth: Chapter 13 plans require repayment in full
Plans under Chapter 13 might range from paying general unsecured creditors nothing to paying them 100%, with every possible variation in between.
The interplay between your disposable income, the value of your non-exempt assets, and the total amount of priority obligations you have determines how much you must pay in 13 payments.
Myth: bankruptcy keeps you from credit for 10 years
It’s untrue.
Individuals who have filed for Chapter 7 bankruptcy receive credit card offers immediately after receiving their discharge; persons in Chapter 13 bankruptcy can borrow money during the procedure. Although the rates on this credit are not the finest, credit is still possible.
The Fair Credit Reporting Act permits the publication of a bankruptcy filing for a period of ten years, which is likely where the myth’s origins lie.
Myth: You lose everything you own in bankruptcy
Most personal bankruptcy petitions filed by people are “no asset” cases, in which the debtor retains ownership of all of his assets. This is so that assets that the debtor may keep are protected by exemptions.
Pensions are one asset that bankruptcy trustees and creditors simply cannot seize.
Myth: Bankruptcy represents a personal failure
More than 90% of bankruptcy filings can be linked to situations that are essentially beyond anyone’s control, such as job loss, sickness, or divorce.
In order to avoid people from being buried with debt they would never be able to repay, bankruptcy is a safety measure.
Myth: Bankruptcy costs our society too much
Despite the low number of loans dismissed in bankruptcy, credit card companies make enormous profits.
The increased purchasing power enabled by credit has been beneficial to our economy. Credit is priced with the understanding that not everyone would be able to pay it back.
Myth: There is a minimum amount of debt required
No minimum debt amount is mandated by bankruptcy law in order to file.
If the debt seems to be beyond your means of repayment, you may choose to declare bankruptcy if doing so is the best course of action given your financial condition and personal circumstances.
Myth: Married couples must file together
Couples are not required to file together; they are free to do so.
It is important to pay close attention to what property will be handled as property of the bankruptcy estate if just one spouse files.
Conclusion
Navigating the bankruptcy proceedings can be challenging. This makes it crucial to work with a bankruptcy law specialist lawyer. Find lawyers in your region that specialize in this area of law and who will be able to confidently lead you through the process by using resources like your state bar organization and the National Association of Consumer Bankruptcy Lawyers.