Common Questions For Bankruptcy Attorneys
Bankruptcy is a process with many different stigmas associated with it, while it may be the perfect opportunity and solution for some to climb out of their debt situation, these fears stop these individuals in their tracks and result in the victory of the creditors. These needless situations have no reason for happening, some simple research on bankruptcy is the perfect solution to help clear the smoke and mirrors surrounding the process and shine light on the way forward. Coming forward with questions before searching for a bankruptcy attorney is paramount in finding the correct bankruptcy solution for your specific situation. This is also a great opportunity to prescreen the firm to figure out if you even want to work with them in the first place; unless the law firm is communicative and supportive in answering these questions for you they are definitely not the solution for you. Anyways, here is a concise list of common questions for bankruptcy attorneys that will clear the way forward in your specific debt situation!
What Type of Bankruptcy?
There are a few different types of bankruptcies, also known as chapters. The two most common types that are utilized by debtors are chapter 7 and chapter 13 bankruptcy; these two types of bankruptcies are utilized and leveraged by people experiencing different types of debt situations. A chapter 7 bankruptcy is used to liquidate all (or nearly) of your assets in order to pay off the debts hounding you, it is usually best for dire situations or when the individual has little chance of raising the necessary funds or capital to overcome the debt situation. A chapter 13 bankruptcy is also known as a reorganization; if you have an adequate monthly income it allows you to reorganize your debt into monthly installments that you can pay over a 3-5 year period. Obviously these are two very different solutions that have important distinctions, it is vital that you have a firm of attorneys that have experience and understanding with both of these types of bankruptcies.
An experienced group of attorneys will be able to walk you through the advantages and disadvantages of both chapter 7 and chapter 13 bankruptcies. These pros and cons will change and fluctuate based on a case to case basis; just because someone you know really benefited from a chapter 13 bankruptcy case does not guarantee that the same outcome will take place for you. You may be just below the required monthly income, or you may be above it to begin with, but below when you go to file bankruptcy proceedings; it is a slippery slope and you need a firm that is willing to analyze your specific situation top to bottom to glean all possible information. Everything from financial information to background to financial history is incredibly important in determining which bankruptcy solution is the most optimal for your specific and unique situation.
How Communicative is the Law Firm?
This should be the first question out of any prospective bankruptcy client’s mouth, the only worthwhile attorney is one that is communicative with their clients. Law, especially bankruptcy law, is incredibly confusing and complex for those that have not done extensive studying. Therefore, it should be the goal of every law firm to do their utmost best in educating clients in order to absolve their worries on the bankruptcy process. If a lawyer is not communicative, they are not doing their best to be conducive to the process. At Bruner Wright P.A., we take pride in our ability to communicate, we love to answer questions and are always available for our clients when they need us. Contact us today if you need help navigating a bankruptcy!