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Hiring The Bankruptcy Lawyer

Hiring The Bankruptcy Lawyer

Bankruptcy Attorneys - Understanding the Process

Bankruptcy Attorneys - Understanding the Process

 

 

The decision to file for bankruptcy should not be entered into lightly. Bankruptcy affects your credit for a number of years, preventing you from obtaining credit in the future, and in some cases even retroactively stopping you from obtaining certain types of jobs. A bankruptcy attorney can help guide you though the maze of legal process, paperwork and decisions that constitute a typical bankruptcy filing. During this time an experienced bankruptcy attorney will work with you, explain the laws involved, and work with your creditors to reduce your debt. A bankruptcy attorney has much more at stake for you than you do for him, so it is important to choose wisely.

 

There are a few guidelines you should consider when choosing a bankruptcy attorney. The first is probably obvious; do not hire anyone who charges fees upfront for the initial consultation. It is extremely common for unscrupulous lawyers to tout their services as "no cost" when they are really asking for fees up front. Make sure that any bankruptcy attorney that you consider works on a contingency fee basis, which means that they will not be paid unless they win your case and remove your bankruptcy from your credit report. In many cases this is the only way that they will be paid.

 

You should also avoid hiring a bankruptcy attorney that suggests any type of financial restructuring or other actions to "get out of debt". No one can get out of debt without paying for it, and the bankruptcy courts are aware of this. Attempting to renegotiate repayment terms with your creditors will only delay the inevitable and allow your debts to grow again. While it is true that bankruptcy proceedings often result in a discharge of your debts, this does not mean that you can immediately start drawing down on your obligations. Any such action will subject you to laws that limit the amount of time that you can be discharged from your debts. Visit this website at https://www.merriam-webster.com/legal/personal%20injury for more info about lawyers.

 

If you are trying to sell your assets during the course of the bankruptcy process, it is important to realize that the trustee cannot accept the total of your debts, including any secured debts (such as a home mortgage). Secured debt is referred to as "non-recourse" debt. You must pay it back with either the money you have accumulated or with another asset. Selling non-recourse assets is a much more realistic option for you at this point in your bankruptcy process.

 

Finally, keep in mind that any type of advice that your myrtle beach bankruptcy lawyer provides you should be taken seriously. Even if he recommends a specific procedure to eliminate your debts, don't simply take his word for it. If your creditors request that you stop making payments on your accounts because of your bankruptcy, your attorney should tell you that this request is likely to be denied. He may also suggest other methods of achieving your aim, such as debt settlement.

 

It is important that you become fully informed about the bankruptcy laws before you start filling bankruptcy petitions. You should always consult your bankruptcy attorney for more information. There are many excellent bankruptcy attorneys available in our local area, and they are ready and willing to help you resolve your financial problems. Start now!

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