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Here are some questions to ask a bankruptcy attorney;
• What information will you need to get started on my case?
• How much will you charge?
• What should I do in my case?
• How many similar cases have you worked on?
• Do you have a bankruptcy certification?
• What type of bankruptcy should I choose?
• What are the advantages and disadvantages of filing for bankruptcy?
You can get options from the National Association of Consumer Bankruptcy Attorneys or the American Bar Association website and use the find an attorney option. You can also get referrals or recommendations from friends or family members. Next up is to look out for the experience. It would be better to have someone who is very experienced in the field. They can also have bankruptcy certification from the American Board of Certification and this will only go to show how well they know their way around bankruptcy cases. Also, you should check their price structure and see if it fits your budget. Another thing to consider is if you’re comfortable working with the person and if they communicate well.
The cost of hiring a bankruptcy attorney depends on the kind of bankruptcy you’re filing. The two most common bankruptcies are Chapter 7 and Chapter 13 and the attorney fees are usually different. The cost of hiring an attorney for a Chapter 7 bankruptcy ranges from between $500 to $4000 while also considering experience and reputation. For a chapter 13 bankruptcy, the cost ranges from $1500 to $7000.
There are six types of bankruptcies and they include; Chapter 7, Chapter 13, Chapter 11, Chapter 12, Chapter 15, and Chapter 9.
• Chapter 7 bankruptcy, also known as liquidation bankruptcy, is the most common type of bankruptcy for individuals. In this case, the trustee oversees the sale of your assets to pay off creditors, and then the remaining unsecured debts are usually erased or eliminated.
• Chapter 13 bankruptcy is another common type of bankruptcy for individuals. This kind of bankruptcy reorganizes your debts as the court makes a payment plan to pay all your secured debts and a portion of your unsecured debts over a particular period. This kind of bankruptcy allows you to keep your assets and even stop a foreclosure by providing you with time to bring your mortgage up to date.
• Chapter 11 bankruptcy helps with the reorganization of debts for a business. In this case, a plan is made so that the business can continue while also paying off debts.
• Chapter 12 ensures that family farmers and fishermen do not sell all their assets through a repayment plan. It is flexible and has an even higher debt limit.
• Chapter 15 is related to international bankruptcy issues while Chapter 9 organizes a repayment plan for cities or towns or municipalities to pay back their debt.
A bankruptcy attorney is simply a professional who assists clients in court proceedings to reduce or eliminate debt or to proceed with bankruptcy. The professional works for either debtors or creditors and their major objective is to help clients through court proceedings and ensure that they get the best possible result for clients even under difficult circumstances. The bankruptcy attorney looks at the financial circumstances and advises you on what to do next and if it would be a good option to declare bankruptcy.
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