5 Questions to Ask a Bankruptcy Attorney
Financial times are difficult for many people in the current economy. The poor economy has forced many people to experience a large amount of debt due to many reasons. Layoffs, student loans, credit cards, poor business decisions, health issues, and a number of other unfortunate circumstances can easily lead one to financial troubles. When debts become overwhelming and the ability to pay them becomes more difficult and eventually impossible, filing bankruptcy may be the best solution.
There are different kinds of bankruptcy, but the most popular are Chapter 7 and Chapter 13. Here are 5 Questions to ask a Bankruptcy Attorney in order to understand how to begin the process.
What Chapter Should You File?
This is the most important question to ask. The bankruptcy attorney knows more about the types of bankruptcy than anyone else. They should be able to explain in detail each kind of bankruptcy and help you decide which one works best for you and your situation. Choosing the wrong kind of bankruptcy can do more harm than good. So make sure you get clear and concise direction from the attorney. Make sure they are knowledgeable in bankruptcy, if not, move on to the next attorney. In fact, you should have more than one bankruptcy attorney in mind during your initial search.
How Much Will It Cost?
After finding out what kind of bankruptcy is best for your situation, the next question should be how much it will cost me. If you can’t afford the fees, then ask the attorney do they have a payment plan or some way to pay you other than upfront. If not, don’t give up. Continue your search for one who does. There are some that provide payment arrangements. If you are coming across most attorneys who will not provide payment arrangements, you can do a couple of things. Save your money until you can afford the fees or contact a law school to see if they can offer assistance. Most are students and the service will be free of charge or greatly reduced.
What Assets Can You Keep?
This is important. Some think you will have to give up all your assets when filing bankruptcy but that’s not necessarily the case with some forms of bankruptcy. You’re able to keep many of your assets, if not all of them. Consulting with an attorney will help you determine what your options are in regards to your assets.
How Long Is The Process?
Find out how long the process will take. This is important if your financial situation is pretty dire and you owe certain creditors who are threatening legal action.
What Will Happen To Your Credit Report?
This is important to ask. Some people who file bankruptcy already have an undesirable credit report but they still need to know how this will affect their credit status. Others have a pretty good credit report and it’s essential to know how bankruptcy will negatively affect their credit report.
About the Author
Ashley Parker has written hundreds of articles on a variety of topics for more than seven years. For more information to finding additional questions you should ask and other valuable information concerning bankruptcy, she recommends visiting http://goodbankruptcyattorneys.com. Other topics that she writes on include alternative energy, healthy living, home design, career advancement, travel, SEO marketing and website content.
Category: Bankruptcy
