The difficulties of financial crisis might direct to the need to declare bankruptcy. The procedure is hard. Also, in order to ensure you’re filing for the correct bankruptcy category, you might require a bankruptcy attorney San Diego to help you through the process.
What does a bankruptcy lawyer do?
There are 2 kinds of bankruptcy lawyers – consumer bankruptcy lawyers who would guide you file for bankruptcy with your wife/husband, and commercial bankruptcy lawyers who would help you file for bankruptcy for your business.
When to Hire a Bankruptcy Lawyer
Here are several signs for you to hire a commercial or consumer bankruptcy lawyers:
- Need Representation in court
- No flow of cash
- Bounced checks
- Not sure how to approach piling up of debt
- Constant calls from debt collectors and creditors
- Not able to pay the bills.
Do you need a lawyer to file bankruptcy?
People are not required to hire a lawyer to file bankruptcy (partnerships and corporations do). You will likely be better off with a bankruptcy attorney who could protect your rights, given the hard process surrounding filings of bankruptcy.
How much will it cost?
Usually, bankruptcy lawyers have an hourly rate. And they would also ask for a retainer. This is an upfront paid fee that would then be put toward the owes to the attorney. The rates would depend on the bankruptcy category you choose to file and where you live. Make sure that you ask your attorney upfront how much he/she would charge.
Your debt would either be reorganized, erased, or lowered depending on the bankruptcy type you file. This will help you pay the bills whenever you are able to. Debt collectors would rather obtain lower amount of cash than 0. thus, they are willing to provide discount.