Bankruptcy is one of the few things in life which we do not ever want or hope to experience. However for some, bankruptcy is not so farfetched. It is of utmost importance that a person knows or learns about things like how to handle money effectively and how to invest mindfully. This is the key to financial stability.
According to a 2005 study, almost 46% of reported bankruptcies were directly or indirectly caused by expensive medical conditions. Medical illnesses are one of the most common reasons of the financial downfall of people who file for personal bankruptcy. The expensive upkeep and maintenance in the health care sector make it hard for people, especially low-income earners, to maintain a healthy financial condition.
Moreover, according to a recent 2019 study published by Bankrate, only 40 percent of Americans could pay for an unexpected $1,000 expense, such as a car repair or emergency room visit, from savings. They added that this figure has been fairly consistent since the year 2014. This just goes to show that having enough savings is necessary not just for businessmen but also for every individual.
Knowing what to do and how to deal with a sudden downturn in your personal finances will help you address the situation better. In this article, we have gathered some of the best tips in choosing the right bankruptcy lawyer for you. Continue reading below to learn more about these helpful tips and be sure to take down notes!
1) Consider Law Expertise
Like physicians, lawyers also have their own areas of specialization. The lawyer you would want to represent you in court is one who is knowledgeable in corporation law, bankruptcy law or both. A prime example of this are the McQuarrie’s bankruptcy lawyers. The lawyer you choose must be up-to-date with the latest amendments and developments in bankruptcy and corporation law.
Make sure to also ask your lawyer questions about these fields of law in order for you to gauge his or her knowledge about the topic. Moreover, be very upfront and honest about your situation. Your lawyer can only help you once he or she knows all the relevant circumstances surrounding your case.
2) Take Into Account Relevant Litigation Experience
After taking into consideration the field of law where the prospective lawyer is focusing, the next step is to consider relevant litigation experience. Ideally, the lawyer who is good for the job is someone who has stayed long enough in the legal profession. Experienced lawyers have been exposed to many legal scenarios, making it relatively easier for them to solve and approach both novel and landmark cases in bankruptcy.
3) Always Choose Quality Service Over Any Other Considerations
Since you are going bankrupt, it may be an enticing choice to decide on a lawyer based solely on the rate of their lawyer fees. However, avoid this mistake of compromising quality service over cost-cutting considerations. The most important factor is how well the lawyer can defend as well as assert your rights in court. Not all good lawyers charge high rates. You do not need to spend a fortune just to have good legal representation. Some lawyers are very reasonable and fair in charging legal fees considering their skills and background.