5 Things to Expect When Hiring a Bankruptcy Law Firm
When filing for bankruptcy, people usually hire a bankruptcy lawyer to help them figure out which chapter to file and if filing bankruptcy is even the best option to make. But for many who are looking to file bankruptcy for the first time, it can be difficult to figure out exactly what to expect when hiring a bankruptcy law firm. They have enough issues to deal with let alone depend on someone they’ve never met to handle such an important part of their credit life.
But contrary to what many believe, hiring a bankruptcy law firm is not such a scary thing. If you know what to expect going in, you’ll be much more at ease and be overwhelmed with stress. Just know that many law firms are in business to help those who are having difficulty with debt.
Just like what this family law attorney says, many law firms, “...aim to help you with your legal issues quickly, efficiently and with as little inconvenience to you as possible, so you can move forward with your life.”
Here are 5 things you can expect when hiring a bankruptcy law firm.
1. Sound Legal Advice for Bankruptcy
Lawyers are lawyers for a reason. It takes immense efforts of studying the law and the know-how to become a lawyer. Because lawyers have gone through the hurdles of becoming a lawyer, you can expect to hear sound legal advice from the bankruptcy lawyers.
Depending on the bankruptcy chapter you will be filing, your bankruptcy lawyer will be able to give you sound legal advice for that chapter. For example, if your situation calls for a chapter 13 bankruptcy, then your chapter 13 bankruptcy attorney will tell you what steps you would need to take to qualify for the chapter 13.
Note that while you may do some research prior to speaking with a bankruptcy lawyer, it is advised to always listen to the lawyer (it’s their job to know these things)!
2. Basic Financial Education During the Process
As part of the bankruptcy process and proceedings, the individual filing for bankruptcy will need to take courses on base level financial management through educational courses. These courses vary in terms of points of access and where to take it from. However, the basis of the material is the same.
This is one of the hidden gems and positive consequences in filing for bankruptcy. Budgeting and money management are key for every person to know so they are aware of how to keep track of their spending. This type of information is critical for learning how to save money and when your needs and wants become clear between the two.
Attorney Rodney Okano helps his clients with very specific things such as these items below.
- Life After Bankruptcy
- Credit Card Debts & Medical Bills
- Bankruptcy & Divorce
- The Bankruptcy Process
- Knowing the Timing of Filing for Bankruptcy
- Bankruptcy Options
- Bankruptcy Payment
- Bankruptcy Planning
- Bankruptcy Myths
- Bankruptcy Exemptions (“Keep After Bankruptcy”)
- What to Consider When Choosing a Bankruptcy Attorney
Okano and his firm engages with each prospect to ensure they are well informed on their rights, options, and opportunities.
3. Professional Process and Support
For most bankruptcy law firms, each of them have a different process, yet all systems and processes follow a very stringent course of action because the courts are quite particular on what they are looking for and what information needs to be in a filing form. It is fair to say that you can expect a thorough handling of your case when you visit a bankruptcy attorney to handle your matter.
Whether you want to file for chapter 7 or end up filing for chapter 13 or chapter 11, each type of bankruptcy will follow a particular workflow. From deadlines to information required, you will have very specific information to submit. There will be significant amount of work you will need to do as well. You will need to supply them with bank statements, work pay stubs, and other financial information, so please do not expect the attorney to do all the work. Once you submit what they require, then you can count on the attorneys to take care of the rest for you.
Just be prepared to do the work in finding all your financial information and have it handy to hand over to them so they can do what they do best.
4. Insight into Your Credit Score & History
Often times, leading up to being in a situation where you need to file for bankruptcy, most people are not aware of their financial situation, in particular, their credit score. By not being aware of your credit score and situation, you leave a lot of room for careless decisions.
When you file for bankruptcy and you meet with an attorney, you will need download your credit report and submit it to the attorney. At that point, the attorney we'll look over your past history along with identifying your overall credit score. it is very common for the late person to not know what is on their credit history nor be able to recite their own credit score. this is primarily due to a lack of financial education in their upbringing. In some sense a bankruptcy will bring a lot of insight because now what was once a known will be brought to light.
Interestingly enough, the same way this car accident attorney makes frequent attempts through social media and online marketing to educate his audience on what to do when someone is involved in a car accident, the bankruptcy lawyer and credit repair companies are active in promoting financial literacy ahead of time so people will avoid the trap of debt from bad decisions.
The more aware you are of your credit score and history, the more control you can have over your financial life.
5. Modern Tools to Help with Managing Your Credit
Good law firms or attorneys will equip you with the latest technology to help you manage and monitor your credit score. They will also point you to various resources online that can help give you perspective on ways to spend, budgeting practices, etc.
Although, google and youtube are actually some of the best resources, having an attorney on your side will be the best decision you can make for yourself during this process. When filing for bankruptcy, if you mess things up with the court, your case may have the potential to be tossed out. You will need to refile again after certain amount of time. So rather than run the risk of losing out on time by doing it yourself, it is highly encouraged that you seek an attorney near you and trust them to walk you through the process.
As long as you are confident and level headed and do not panic, you will be in good shape by finding a law firm you can trust.