If you or your company are battling with debt and expenses and if you think you may be about to go bankrupt, you should take a look at the following six tips to find a good bankruptcy lawyer.
If you are going insolvent, having an experienced attorney who specialises in bankruptcy looking after your interests is essential.
What is bankruptcy?
Bankruptcy is the formal term for when an individual, company or organisation cannot afford to pay their creditors back. This legal status is often enforced by a court, usually at the debtor’s request. In some countries, an insolvent person is not always bankrupt. It is a term given to a specific set of circumstances.
When a company goes bankrupt, they will usually close down and liquidate their assets in order to free up money to pay back their debts. When an individual is deemed bankrupt, they will often sequester their assets in order to pay back what they owe in debt.
Six tips to find a good bankruptcy lawyer
Why do individuals and companies who have gone bankrupt need a bankruptcy lawyer?
The answer to this question is simple: because this is a tricky process and there will be a lot happening regarding the sale of assets and legal action taken on the bankrupt individual and having an experienced professional who understands the process and the system and who is looking after your interests is absolutely essential.
However, as with any profession, there are individual who are good at what they do and there are those who are not so good at what they do. Finding a good bankruptcy lawyer who knows what he or she is talking about and who will help you is important.
The following are a list of tips and advice to help you spot a good bankruptcy lawyer and avoid the bad ones.
Tip #one: go for a reputable agency
It is always a good idea to find a lawyer that comes from a well-known, reputable agency.
There are many law firms that are not so good and you can find out how to avoid them by looking for reviews online, asking friends, family and acquaintances about their experiences and doing some research on the companies themselves.
Tip #two: get a lawyer with experience
It is also important to go for a lawyer who has some years behind him. An experienced lawyer will be able to tell you the best way to go about things and will be able to give you expert guidance and advice.
Tip #three: find a lawyer that specialises in bankruptcy
Some lawyers find that they are good at one specific type of law and will specialise in it. It is always a good idea to find a lawyer that specialises in bankruptcy so that you know you are being looked after in the best possible way.
Tip #four: go for someone that you feel comfortable with
It is important that you trust the lawyer that is representing you. You should never go against your gut feelings when it comes to working with someone who is looking after your interests, especially in the law.
Tip #five: go for someone who asks the right questions
When you are looking around for a lawyer, it is always good to speak to a few and find out what you feel. See if they ask the right questions when it comes to your situation and make sure that you feel they have covered all of the necessary information.
Tip #six: find someone who is successful
A lawyer who has won cases in the past or who has a high success rate is someone that you definitely want to go with.
How to avoid going bankrupt
It is incredibly, frighteningly easy to find yourself in financial trouble in today’s fast paced, consumer driven world.
Avoid it by always paying your debts on time and in full, never taking out debts that are not absolutely essential and at the first sign of trouble, see a debt counsellor.