A bankruptcy attorney is a legal professional who focuses mainly on counseling and guiding his clients regarding their financial states. He basically plays an important part in giving advice to the person in a financial crisis. The advice and counsel revolves around what type of bankrupt state the person can claim as well as what properties are exempt in this state. The filing of the claim can also be quite confusing for many of those who are not familiar with the terms and the systems that are necessary in doing so in the courts. The lawyer can step in and extend help for those who have some difficulty understanding the system and organizing their thoughts about their financial status. Despite being very good help to those who are in financial crises, there is also a downside to hiring one.
Pros and Cons
The pros and cons of hiring a bankruptcy attorney are various. It should be mentioned, though, that the downside to hiring one is not as heavy as the upside of doing so. One of the good things about getting this type of legal representative is that they actually focus on the different aspects of the state of being bankrupt. They know all about the different other fields of laws that are related to this state and they can advise the client regarding which state is better to claim. In other words, they are experts of this in the financial law concept. In this regard, they know what can be expected if their client pursues an avenue of law that is connected to this. Yet another good thing about hiring these lawyers is that they can actually assess the individual’s status and counsel the person whether it is a good idea to declare oneself as bankrupt or to pursue another avenue related to this. The bankruptcy attorney can recommend some actions and alternatives which may prevent the individual from actually declaring this state of financial crisis. There are some ways to actually ask the people who hold the debt to extend the loan or give some kind of consideration to the person who owes money. Some credit card companies allow for arrangements to be set in order for the debtor to pay off the debt slowly but surely.
The downside to hiring a lawyer of this caliber is that they can be an additional cost to the already broke individual. Legal representation and counsel do not come cheap and some of these professionals can ask for top dollar for their services. There are some who allow payment for their services to be broken down but this just means that the person who is in a financial crisis has another additional debt to pay. The bankruptcy attorney might also be in a hurry to file the claim and not assess the case well enough to consider other options. Some of these professionals might take the case at face value and just go through the easiest course even though there are other alternatives.