Bankruptcy lawyers are attorneys who assist the financially devastated people to discharge their debts and keep away from bankruptcy. It is a serious issue for all of us as debtors and creditors. As a matter of fact, bankruptcy is nothing other than a legal procedure that can get our debtor or creditor to file a petition against all of our unsecured debts in court. In most cases, it involves huge assets that are used as collateral by lenders. When we file bankruptcy, it actually cancels all of our debts.
But there is still some situation when it becomes impractical. It’s like when our assets are insufficient to settle our debts. In such case, filing a petition filed under the bankruptcy code is very important. Before we proceed with the process, we should check and find out more about the bankruptcy code. That way, we can learn more about our debtor and how he can avoid bankruptcy.
Usually, lawyers are paid on a contingency fee basis. This means that they only charge their clients after winning the case and securing a discharge for their clients. Attorneys normally work on a “no win no fee” basis. In other words, they are not entitled to charge any fee until they are able to help their clients get a discharge. Most corporate debtors are very meticulous when it comes to hiring a bankruptcy lawyer.
To find a good bankruptcy lawyer, we should first look for an attorney who has a law school degree. We can determine if the attorney is qualified if he has passed the bar examination. A law school degree means that the attorney has passed the bar exam that is held by the state. If the attorney passed the examination, he will be considered a qualified attorney. If the attorney did not pass the examination, he may not be a qualified attorney.
Aside from law school, we should also consider the state bar associations. The state bar associations keep track of the accredited bankruptcy lawyers. These lawyers are supposed to be knowledgeable about the various laws that govern corporations, debtors and debt relief. We should also inquire about the success rate of the attorney’s previous clients.
Most bankruptcy lawyers must have a sound knowledge of the bankruptcy laws since they deal with the financial problems of their clients. They must know the important information regarding the bankruptcy laws so they will be able to handle their clients properly. The assets of debtors are safe with their lawyer’s assistance as long as they have made a payment plan with their creditors. The creditors are required by the law to honor their payment plan so their assets will not be taken away. If you want to know more about this you can click on the link Arizona bankruptcy attorney.