Finding bankruptcy lawyers for when you land in trouble
A good bankruptcy attorney is an investment for a better future. Just like any other profession, the choice of practitioner can make alter the outcome to a large extent.
How can you decide when to use the “find a bankruptcy lawyer near me” option?
- There are a few individuals among us who possess relatively fair knowledge on how to file a bankruptcy petition. Also, as every individual has the right to file their own bankruptcy petition, it’s better to do so if the bankruptcy petition is straightforward. This could be an advantage for you, as it can save the lawyer’s consulting charges and, in this case, you do not need a lawyer.
- If you lack knowledge in terms of legal laws, it’s better to hire a bankruptcy lawyer. They would be able to assist you better if your Chapter 7 case involves valuable assets, or if you need to file for Chapter 13 bankruptcy. Filing these cases without a bankruptcy lawyer would cost you more in the long run.
- In such cases, the best option is to look for a “bankruptcy lawyer near me”.
What qualities should a bankruptcy lawyer possess?
When wondering where to look for a bankruptcy lawyer near me, you should keep the following things in mind before hiring someone to take up your case:
- Specialization: The lawyer should be trained and experienced in bankruptcy. They must be specialized in the kind of bankruptcy to be filed (personal, commercial, business, or agricultural).
- Experience: They should have been actively practicing bankruptcy law for several years and must have updated knowledge of the constantly changing laws. They should also know and understand the local rules, the Trustees’ preferences, rulings of the local judges, and how to deal with the local creditor attorneys.
- Reasonable fees: When going through a crisis, you may not be in a position to spend much on the fees of the lawyer. The agreement on payment should suit your situation.
- Personal service: It is always better to have a conversation with the lawyer who will be handling your case over the telephone, even before you fix an appointment to meet with them in person. Ensure that all your discussions are directly with the lawyer who handles your case entirely.
- Credit repair resources: The attorney should have enough resources to assist you in rebuilding your credit after bankruptcy, such as rectifying credit report errors and assisting with the list of friendly bankruptcy lenders. Credit counseling will help you gain enough skills for future success. Your attorney may even be able to direct you to a credit repair agency.
- Clear terms: You would always need a lawyer who would make a clear contract between you both, where each and every detail would be specified, so that you have certainty of what your lawyer will do for you.
How much time does it take to close a bankruptcy case?
- In most cases, it takes nearly three to four months to close a Chapter 7 bankruptcy and obtain a discharge.
- But if your bankruptcy case is complex and your creditors object to your discharge, it might take longer to close the case.
- This means you can begin to rebuild your credit right from the time of closure of the case.
How can you plan a budget to avoid future bankruptcy?
- Once your bankruptcy case has been closed and you are discharged, you need to be more cautious about your spending habits.
- Constantly review your financial records or credit reports and plan a budget in order to avoid future bankruptcy.
- It’s important to follow your budget and avoid buying things on credit that you cannot afford to pay back in cash.
- Paying off your credit card balance in the same month will save you much trouble.
How can you rebuild credit after bankruptcy?
- Get a printout of your credit score report and review it to see whether there is any inaccuracy, and get a clear idea of your debts. Once you know your status, come up with a plan to get out of your debts.
- Open a savings account so that you can have a fresh start practicing good financial habits. Once you open the account, sign up for auto payment of bills online.
- Getting a secured credit card can help you rebuild credit and improve credit scores.
- Get a gas card or a retail card.
- Pay off your balance in full every month.
- Continue to monitor your credit score.