|
By Robert Thatcher
Before rushing to a lawyer to assist you in filing for
bankruptcy, you have to make sure what is bankruptcy and what
is not. Only then will you have to find a bankruptcy lawyer
that you can work with in filing your case. Many people rush
to
file for bankruptcy thinking that it will solve their
financial
problems. The opposite is often true.
Declaring your business to be legally bankrupt, only mean that
you have done everything you could and there is no way for
recovery. It means being deep in debt that it will already be
impossible for you to sustain the business.
There are kinds and variations to bankruptcy and the legal
process will depend very much on where you are coming from but
the purpose is the same. Bankruptcy cases will take years to
resolve. The court will determine what debts do not have to be
repaid and what will be directly deducted from your income.
In the interim, credit lines will be closed to you. Your
credit
history will be tainted and no credit institution will want to
do business with you. Back taxes that you owe will still have
to be paid and obligations will still be enforced like alimony
and child support.
When there is no resolution that is possible, finding a good
bankruptcy lawyer will then be the only recourse.
A good bankruptcy lawyer should be someone you can be
comfortable talking with. Someone you can trust and someone
who
has displayed competence in handling bankruptcy. This is very
important as communication between you and the lawyer must be
based on trust. There have been so many instances when the
client holds back on information that he thinks is not so
significant only to learn later on that the piece of
information that was withheld posed additional complication to
the case. Withholding information from your bankruptcy lawyer
pose problems where non existed before. Bankruptcy lawyers can
only help the client to the extent of the knowledge that the
lawyer has. It is crucial then that the client works with the
lawyer. This is in the first place the client’s future that is
at stake.
Do not hesitate to interview the lawyer prior to retaining
him.
Ask the lawyer questions and a good lawyer must answer you in
a
language that you can understand. If you don’t, do not be
afraid to clarify statements that could be ambiguous to you.
Find out a bankruptcy lawyer that already has an extensive
experience in handling bankruptcy cases. Whenever possible
find
a bankruptcy lawyer who is a specialist. Avoid the generalist,
as they may not be able to help you as much.
If you feel uncomfortable talking with a particular bankruptcy
lawyer, find another one. You can visit the local bar
association to find out their recommendation.
When you visit your bankruptcy lawyer, bring a list of all
the
creditors that you owe, including payments to personal loans
that you are not left behind and a list of all your assets and
liabilities. The more information you provide the bankruptcy
lawyer, the better and more accurate the recommendations he
will give you. Remember that lawyers can only work as good as
the information that you provide.
Cooperate well in giving your lawyer the data regarding your
case because you are in the best position to give those to
him.
You also will be the person that will either suffer or benefit
from the outcome.
About The Author: Robert Thatcher is a freelance publisher
based in Cupertino, California. He publishes articles and
reports in various ezines and provides bankruptcy lawyer
resources on www.your-bankruptcy-lawyer.info
|