There are a number of different types of bankruptcy attorneys to choose from, so it is important that you know what to look for when you are looking to hire one. There are two distinct categories of bankruptcy attorneys to consider hiring: business bankruptcy attorneys who can help you personally to file for bankruptcy if necessary, and consumer bankruptcy attorneys that can help you or a loved one file for bankruptcy if you are financially ruined and have no way to repay your debts. These two types of bankruptcy attorneys have their own advantages and disadvantages, which you should carefully consider before making a final decision.If you are working on your own or have a small business, most personal bankruptcy attorneys will be more than happy to assist you with your needs. Their primary concern is to ensure that you follow the law and are not able to avoid paying back the money you owe to your creditors.
They also try to work with the creditors to reduce your debt and interest rates, sometimes waiving fees or interest altogether. For this reason, it is not uncommon for them to bill their clients up to 15% of the money they collect from their clients, as a way of ensuring their success.On the other hand, there are a number of disadvantages associated with personal bankruptcy attorneys. First, many of these lawyers are specialized, meaning that they specialize in only a specific type of bankruptcy cases. This means that they are rarely familiar with the issues that surround various forms of debt, bankruptcy, and the bankruptcy code itself, which means that they may choose to represent clients who have an unclear understanding of these matters. Additionally, many personal bankruptcy attorneys do not offer any guarantees, so they are unable to make any type of realistic guarantee as to how their work will work for your particular case.Business bankruptcy attorneys are more experienced in dealing with financial matters than are personal bankruptcy attorneys. They may have more extensive experience, be better educated in bankruptcy matters, have a more detailed understanding of the various options available to debtors, have access to more complex law firms and a more extensive history with creditors. While it is true that they may not have the same experience that personal bankruptcy attorneys have had in the past, it is also true that business bankruptcy attorneys have more extensive experience dealing with a wider range of issues than personal bankruptcy attorneys.In addition to their extensive experience, business bankruptcy attorneys may also have access to more attractive law firms.
Because most people file Chapter 11 protection with a law firm, business bankruptcy attorneys can often gain access to the best law firms in the country. The same is true for their potential clients. If a business client chooses a law firm that has access to the best law firms in the country, this means that they will probably get the best representation possible. Moreover, they may be able to skip the costly out-of-court settlement process, since they will have a higher chance of securing a successful deal through a reputable firm.Business bankruptcy attorneys are typically paid on a contingency basis, which means that they only receive a percentage of the total recovery when their client's case is successfully resolved. They are entitled to pursue an additional percentage based on the compensation they receive, but they are not required to do so. For most attorneys, receiving any extra money above and beyond the normal amount that their clients earn is personally satisfying. If you are considering filing a personal bankruptcy case, you should definitely contact a qualified bankruptcy attorney as soon as possible. They will be able to assess your situation and determine whether you are eligible for the various types of chapter 11 protection.