Bankruptcy: what a word, it can send shivers running down your spine or embarrassment through every pore in your body. Just the word itself has power. It's amazing how something so helpful has developed a tarnished reputation. Some people think bankruptcy is a form of punishment for not paying bills. Other people think it's the worst kind of embarrassment, especially as "predator creditors" start calling daily demanding and screaming for money. It's like that movie Jerry Maguire - "Show Me the Money!" If you don't have it you don't have it.
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What we imagine bankruptcy to be is quite different from the truth. Most people try everything before filing bankruptcy and many times it's life circumstances - not personal behavior - that is to blame. The great thing about bankruptcy is that it clears the field for a new start and the best way to clear that field and start again is with the help of an expert. Just like we don't treat our own broken leg, you should not self-treat your damaged or broken financial situation.
Bankruptcy allows everyone to start again and begin fresh financially but it's easier said than done. Changes in bankruptcy law have made it harder to file. Without going into the gory, political details, what this means is that if you're under financial pressure and considering bankruptcy you should consult with a professional. Just like you go to the doctor when you break a leg you should consult with someone who knows the ins-and-outs of financial law.
Bankruptcy is a life event and one that will clean out your financial closet but you should not go it alone. In 2005, a new bankruptcy law was enacted. This law made it much more complicated for debtors to file bankruptcy. With careful planning, however, and a good lawyer, it can be done. A good attorney knows the ins and outs of this new law so you'll get great results. When looking for a bankruptcy attorney and before you hire one, make sure that he or she has the capacity and expertise to win your case.
Here are some tips and things to consider:
Experience- This is one of the prime factors to consider before hiring any attorney. A good bankruptcy attorney should have a lot of experience; preferably they have dealt with bankruptcy for many years and have completed many cases. If you don't know where to start you can contact the Bar association that oversees attorneys in your state.
Reputation- A good bankruptcy attorney will have a solid reputation. It is essential that you are hiring someone who has many satisfied clients. Investigate by asking past clients, look for testimonials and recommendations.
Focus- The lawyer must concentrate on bankruptcy law. Again, when you break a leg you go to the orthopedic surgeon because he's a specialist. The same applies to attorneys; always consult the specialist. Make sure anyone you are considering is an expert in bankruptcy. To make sure you are working with a good bankruptcy attorney look for a lawyer who is a member of the National Association of Consumer Bankruptcy (NACBA) or the American Bankruptcy Institute.
Help with your credit report- The lawyer you will be hiring should help you with your credit report. This cannot be stressed enough. Too many bankruptcy attorneys stop when the filing and court case is over but that is not the end. When you are rebuilding your credit a lender will not look at your court records but rather they will look at your credit report. So make sure that help with your credit and/or credit history is a part of your service agreement. You definitely want to pay attention to this as a correct credit report is key to your financial make-over.
No Obligation and /or Free Consultation- It's always nice to meet a prospective attorney and make sure you like them. Look for someone who can offer you a consultation or who has great staff who can answer some initial questions you might have. Keep in mind also that with changes to the law there are more factors that come into play so you might have to prepare for your consultation.
Clear terms- It is a must that you are clear with your contract. Many attorneys don't state the specifics on what will they really do for you. So make sure that the agreement is clear wherein it outlines the service you will receive and what investment you will be making.
Comfort- Of course, it is important that you feel at ease with your lawyer. If you are not comfortable with him or her it's better look for someone whom you think you'll get along with.
Bankruptcy is a wonderful tool when life or life's circumstances throw a curve ball, but as all things in life it pays to be educated about what you're doing. If you're considering bankruptcy then do yourself a favor, find a good attorney with great staff and results and learn if it's the perfect fit for your situation.
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