Meeting A Bankruptcy Attorney? Things That You Must Discuss!


You are in a financial crisis and probably are thinking of filing for bankruptcy. Bankruptcy can be more complicated than most individuals imagine, and sometimes, there might be better alternatives based on the circumstances. Your first obvious step should be  finding an experienced bankruptcy attorney. The initial meeting with the attorney is critical, because you will be there to figure out the possible solutions and the best path ahead. Here are some things to discuss.

  • ‘What type of bankruptcy should I file?’

That’s usually the first question you need to ask. There are two types – Chapter 7 and Chapter 13. In case of Chapter 13, you don’t have to give up your assets, but create a repayment plan for the next 3/5 years, which must be acceptable to the creditors. Under Chapter 7, the court will appoint a trustee, who will take over your assets, excluding those that are exempt under state/federal law, and sell them to pay the debts. Your attorney will explain what may work best for you. For many cases, Chapter 7 is the best way forward, but if you have a stable source of income, you can file for Chapter 13 to retain your assets.

  • Talk about legal fees

One of the prime reasons why many people don’t hire an attorney for their bankruptcy case is the legal fees involved. In additional to that, filing fees must be paid. It is best to have a clear understanding of how much is to be paid to the lawyer, because you are already in a financial bind and should be able to afford their services.

  • Discuss other options

In some cases, attorneys may recommend other options, such as debt consolidation or discussing a payment plan with the creditors separately. These are things for which you have to rely on the legal team, because they are most likely to handle the negotiation and take care of the paperwork, proceedings. You may also want to know if the attorney can handle creditors directly, which they should, so that you are not harassed for payments time and again as the bankruptcy proceedings start.

Final word

Hire the best Williamsburg Virginia bankruptcy attorney that you can find because experience and expertise in this field is extremely critical for success. At the end of the day, you would want to reduce your hassles and start your financial journey afresh. An experienced bankruptcy attorney can help with that.

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