10/22/2021 0 Comments Common Types Of Bankruptcy FilingThe first step in filing for bankruptcy is to choose a bankruptcy attorney who is competent, professional, experienced, and financially reliable. If you find this person, all other steps in the process can be easily accomplished by him or her. If you hire an unreliable or incompetent bankruptcy attorney, however, this not only can delay the process of your filing for bankruptcy, it can also cost you money. This is because the more you pay to your bankruptcy attorney, the more chances you have of losing your property and assets to your lawyer's mistakes. Thus, it is very important that you select your bankruptcy attorney carefully. There are two types of bankruptcy lawyers: personal bankruptcy attorneys, who are usually employed by individuals filing chapter 7 bankruptcy, and business bankruptcy attorneys, who are usually employed by companies filing chapter 13 bankruptcy. Personal bankruptcy attorneys deal with cases specifically related to personal bankruptcy, while business bankruptcy attorneys handle cases involving companies and corporations. Both types of bankruptcy attorney can help you in the process of filing chapter 7 bankruptcy. However, there are certain differences between these two types of attorneys, as well as similarities. Read on to know more about bankruptcy lawyers. When hiring a bankruptcy attorney, it is important to check if he or she is a member of the Lawyer Association of America (LAA) or the American Bar Association (ABA). These associations offer special certification to their members when they complete their certification programs, so that they will know that the attorney is knowledgeable about bankruptcy law. Furthermore, these associations only accept candidates who have passed the bar exam with flying colors in order to be a member of their organization. If you decide to hire a bankruptcy attorney on your own, it is highly important to remember that you should conduct a thorough research first about your debt and creditor problems. This way, the albuquerque bankruptcy lawyers can better explain to you what they will be doing if you ask them to represent you in filing chapter seven bankruptcy. You should also check if the attorney has a working knowledge about debt negotiation, especially if your creditor has been asking for years to pay back his or her debt. Your attorney should know how to deal with creditors, as well as how to deal with the courts. On the other hand, if you want the services of an attorney who has already represented clients in bankruptcy cases, it is essential to check his or her previous track record. Aside from learning about the different common types of bankruptcy cases, you should also learn more about the different strategies used by bankruptcy attorneys in dealing with different creditors. For instance, there are five common types of bankruptcy cases. One is liquidation where a bankruptcy attorney will end a client's obligation with creditors. The other common types are reorganization where the debtor will get aid in paying off his or her debts through repaying assets or by receiving lower interest rates, the extension type where the debt is extended to a specified period of time, and the other where the payments are made to creditors over an extended period of time. Before you file the paperwork for your own bankruptcy filing, be sure to spend time meeting with experienced bankruptcy attorney. Most of these lawyers can assess your financial condition and can give good advice whether your debts are manageable or not. Make sure to ask questions before you sign anything or agree to any terms. This will avoid further complications and make your filing process smooth and fast. Check out this site for more content related to this article: https://en.wikipedia.org/wiki/History_of_bankruptcy_law.
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