Bankruptcy can be very difficult to cope with. Coming to terms with the realization that you have no money is not an easy undertaking. As an individual, this is a damning truth that means you need to change your life radically. Basically, going bankrupt simply means that you have more debts than financial assets. If the law declares you as unable to pay your debts, you will be forced to declare bankruptcy. In this case, the court will begin to reorganize your remaining assets. If you are currently working a job, the court will decide how much money can be used and how much needs to be allocated for debt repayments. To get through this ordeal, you will need a bankruptcy lawyer by your side. Here are some factors that you should consider before hiring a bankruptcy attorney.
Life after bankruptcy can be difficult to settle into, especially if you have a family to take care of. However, a good bankruptcy lawyer in Portsmouth, VA can make this change much easier to stomach. The first thing that you need to look for in a bankruptcy attorney is whether they are experienced enough to handle bankruptcy cases. An experienced attorney will be well versed in different precedents and various court agreements, especially if they are similar to your situation. They will also be able to give you better guidance about the difference between Chapter 7 and Chapter 13 bankruptcy, and they’ll recommend the best option available.
The bankruptcy lawyer will obviously charge a fee for his/her services. Before you hire any lawyer, you should confirm the fee agreement. Paying over-the-top to a bankruptcy attorney is actually counterintuitive to your case. Most attorneys don’t take an upfront fee from their clients. Instead, they will take a percentage from the bankruptcy settlement that you receive after your case comes to a close.