bankruptcy lawyer
Bankruptcy Law

Bankruptcy Lawyer: Everything You Need to Know

| March 17, 2021 | Last Updated on: November 3, 2023

Life is full of surprises; you never know what might happen next. As a responsible individual, you need to ensure your finances are okay. And that is where a bankruptcy lawyer comes into play. 

Being bankrupt is bad itself; you do not want to add more to your problems by selecting a bad bankruptcy lawyer. Since you are here, chances are you have been bankrupt recently. My heart goes out to you for the losses you have faced. As a financial advisor, it is my job to ensure that you select the best bankruptcy attorney for yourself. 

In this article, I am going to tell you the steps that you can consider following for selecting a bankruptcy lawyer. So I would suggest you read the article to the end. But before that, let us take a look at what a bankruptcy lawyer actually does. 

What Is The Job Of A Bankruptcy Lawyer?

The main job of the bankruptcy lawyer is to guide you through the legal course and process of bankruptcy, and he will decide whether or not it is right for you. 

A bankruptcy lawyer will take a look at your finances, such as your balance sheet, your debts, and assets, and he is only to guide you through the process of filing for bankruptcy. You might be able to settle debt on your own without having to hire a bankruptcy lawyer. 

If you are a businessman or an entrepreneur having contact with a lawyer that specializes in bankruptcy cases is very important. 

While you are filing for bankruptcy, your lawyer is going to prepare all the necessary paperwork and have them ready. Court sessions are usually very long in bankruptcy cases. 

These meetings will consist of your creditors. It is important to ensure that the lawyer that you select should have very strong knowledge of the financial terms and jargon. Now let us take a look at how we can file for bankruptcy.

How To File For Bankruptcy?

These are steps through which you can file for bankruptcy.

  • Make sure you have collected all the necessary documents
  • Fill in the Bankruptcy forms
  • Ensure you have paid the filing fee
  • Print your bankruptcy forms
  • Mail the documents to your chosen trustee  

Select A Bankruptcy Lawyer In 10 Steps

Let us now take a look at how you can select the best bankruptcy attorney. You can consider the following steps to select a lawyer that specializes in bankruptcy

#Step 1: Conduct Your Research

Before hiring a lawyer for bankruptcy, you need to ensure that you do your research at home. In this tech-driven world, we have this beautiful gift called ‘The Internet’ and use it for your search. Google the top 10 bankruptcy lawyers and law firms in your area, and you will get the results. 

In this day and age, selecting lawyers has become very easy; credit goes the Internet. But before making your choice, kindly check the ratings, reviews and the testimonial of other clients. Doing this will ensure you do not select a poor one.  

#Step 2: Ask Around

Recall your acquaintance and who would have contacts with Bankruptcy lawyers. This is not the time to feel shy. Seek the help of your family members and friends. 

If you have a personal lawyer of your own, you can ask him if he has any contact with a bankruptcy lawyer. You can also ask your personal lawyer to act as your bankruptcy lawyer. This will save a lot of costs.    

#Step 3: Visit The Bankruptcy Court

This is the third most important step. This will give you a first-hand experience of the way bankruptcy attorneys operate. It will also give you an idea of what kind of lawyer you want to represent you. 

Do not think that you can do everything by just sitting at home. If you are serious about filing for bankruptcy, you have to get into the field and work things out. 

#Step 4: Visit Law Firms

A law firm is a place where you are going to meet several lawyers. If you are searching for a bankruptcy lawyer, then the law firm is a place you must definitely visit. The more organized a law firm is, the better lawyers they have in their store. 

#Step 5: Do Not Think About The Price

While filing for bankruptcy, you need to ensure that you choose the cheapest lawyer available; the cheapest lawyer means the services are also going to be cheap. 

The reason some lawyers charge more is because of their success rate and their experience. So hiring an expensive lawyer means you are doing yourself a lot good. 

#Step 6: Check For Experience

One of the most important things that you need to keep in mind before selecting a bankruptcy lawyer is that they should be experienced; you would not want an inexperienced lawyer to file for bankruptcy on your behalf. 

Also, another thing to ensure is that the lawyer you are selecting should specialize in filing for bankruptcy. But experience does not mean a better success rate, so you need to ensure that your potential lawyer has a good success rate.  

#Step 7: Do Not Shy Away From Asking Questions

Have your doubts cleared, and the only way to do that is if you ask questions you desperately need the answer to. So you should always ask a lot of questions. Some of the important questions that you should definitely ask are

  • How many bankruptcy cases have you handled before?
  • What are your degrees and qualifications?
  • How many cases do you handle in a month?
  • What is your usual frame of time?
  • What is your area of specialization?
  • How many cases have you handled like my one?

Final Thoughts

There you go, that was pretty much everything you needed to know about bankruptcy lawyers. I hope this article has given you some insights into the term ‘bankruptcy‘.

I am sure that after reading this article, you will know how you can select a bankruptcy lawyer to file for bankruptcy. If you have some questions or feedback for us, then kindly leave a comment section down below. Each of your questions will be answered.

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Lucia Patterson
Lucia Patterson

Lucia Patterson is the woman behind TheLegalGuides, a blog solely focused on legal guides, tips, and advice. Lucia is passionate about Legal and blog TheLegalGuides in her free time.


12 Replies to “Bankruptcy Lawyer: Everything You Need to Know”

  1. You made a good point that actually visiting law firms will help in the search for the right bankruptcy attorney. A friend of mine is thinking about consulting with one soon because she has incurred quite a lot of debts in the past few months that might put her business in jeopardy. A bankruptcy might be imminent if her profits don’t get better any time soon.

  2. My aunt needs to hire a bankruptcy attorney. I appreciate your recommendation to check for experience before you hire one. I’ll pass along this tip to my aunt so she can find a great attorney.

  3. You made a good point that looking for degrees and qualifications will help a lot in looking for the right bankruptcy lawyer. A friend of mine is willing to let go of his business after years of being in debt. Hopefully, finding the right lawyer, will help a lot in minimizing the damage this will cause to his credit score and finances.

  4. Thanks for the tip that it’s best to go to the firm itself when looking for a bankruptcy attorney. I’d like to help out a friend in looking for one because her business hasn’t been doing good due to some disruptions in the supply chain. Hopefully, a legal expert can suggest alternatives to her than going bankrupt.

  5. Thanks for the reminder about how to looking for the right qualifications when planning to hire a bankruptcy lawyer. I’d like to help a friend look for one soon because he is in need of debt relief solutions. Hopefully, he will be able to save his business in the end.

  6. A bankruptcy lawyer who can answer a lot of questions is definitely something that can be important. When it comes to bankruptcy, you really have to think about a lot of things concerning your future. The wrong decisions you could make could really make your credit plummet, which is why looking for a bankruptcy law firm is extremely crucial.

  7. When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Cheers!

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