Bankruptcy is a legal proceeding in which a person or business can seek protection from creditors. When a business cannot pay its debts, it may file for bankruptcy. Bankruptcy proceedings can be complex, and it is important to have an experienced lawyer represent you.
If you are considering filing for bankruptcy with New Jersey lawyers, you will need to find a lawyer. Many lawyers are available, but not all are qualified to help you with your case. Here are some tips on how to find the right lawyer for your case.
- How do I find a lawyer for Bankruptcy?
There are several ways to find a lawyer who specializes in bankruptcy. The American Bar Association (ABA) website has a directory of lawyers who are members of the ABA Section of Business Law, which includes a specialization in bankruptcy law. You can also search for lawyers on the internet or through local referrals.
When interviewing potential lawyers, ask about their experience with bankruptcy cases and what type of representation they will provide. Be sure to get a written fee agreement before hiring any lawyer.
- Bankruptcy and the Courts
A person or entity that cannot pay its debts to creditors is deemed bankrupt in the United States. Federal law, which outlines several chapters outlining various sorts of bankruptcy, governs bankruptcy. Individuals most frequently file for bankruptcy under Chapter 7, which necessitates the liquidation (sale) of the debtor’s assets to satisfy creditors.
Bankruptcy filings peaked in 2005 and have been declining since then. In 2017, there were 731,000 bankruptcies filed in the United States, down 11% from 2016. The decline in bankruptcies is partly due to an improving economy and low unemployment rates. However, there has been an increase in the number of people unable to pay their student loans, which has led to a rise in student loan bankruptcy filings.
Conclusion:
In any profession, there will always be a select few that do not meet the standard of the rest. The legal profession is no different. There are bad lawyers, just as there are bad doctors, bad accountants, and bad journalists. Unfortunately, when something goes wrong, and you need a lawyer, it is usually too late to do anything about it.
That is why it is important to do your homework before you hire a lawyer. Get references from friends and family members, and check with the Better Business Bureau to see if any complaints have been filed against the attorney. Most importantly, ask the attorney how they plan to handle your case. If you live in New Jersey, always consider New Jersey lawyers.
