According to the Eviction Lab project by Princeton University, over 6,300 people are evicted from their homes daily in the United States. Bankruptcy acts as a measure of the last result for consumers and businesses in financial distress to liquidate their debts and start afresh. Statistics from the Administrative Office of the U.S. Courts show that there were 774,940 bankruptcy filings in 2019.
Do You Need Bankruptcy Attorneys?
Bankruptcy laws are quite complex. Every year, hundreds of thousands file for Chapter 7 straight bankruptcies or chapter 13 for repayment plans. Approximately 9% of these cases are filed without the help of a bankruptcy lawyer.
To file for bankruptcy on your own, you have to be thoroughly familiar with your income, expenses, financial transactions, creditors, and properties. That’s why most individuals prefer to hire the services of bankruptcy attorneys.
A bankruptcy lawyer in Knoxville, TN, can help you determine whether to file for chapter 7 or chapter 13. They can also analyze your financial situation and advice on other debt-relief alternatives that you may have. If you choose to move ahead with the bankruptcy proceedings the attorney can act as a guide in an occasionally confusing process.
Here are four tips for picking the right bankruptcy attorneys
1. Specialization
The lawyers should be well-versed in bankruptcy laws within your state. Misfiled forms or missed deadlines could have your case tossed out. Find bankruptcy attorneys that specialize in that area of the law. Check out their website and read through their filing process. What’s their educational background? How many bankruptcy cases have they handled in the past? You may have to avoid lawyers that have little or no bankruptcy experience.
2. Attorney Fees
The legal quotes that you receive from the different law firms that you meet should not be the defining factor. The attorney fees vary on a case to case basis and from one state to the other. The figure may also depend on the complexity of your financial situation. Ask your preferred bankruptcy law firm sets its legal fees. Understanding your financial predicament, most bankruptcy attorneys will set up payment plans for their clients.
3. Attorney-Client Relationship
Filing for bankruptcy is a painful process for most people. You may have to be open with them, revealing intricate details about your financial transactions. You need to find a bankruptcy attorney that you feel comfortable sharing this information. You may need to have tough conversations about your case to find a solution for your situation. It eventually comes down to the open communication and compatible personality that you have with your bankruptcy lawyers.
4. Referrals
To find a bankruptcy attorney in TN, you can seek referrals from your friends and family. You may also decide to check with the National Association of Consumer Bankruptcy Attorneys or the American Bar Association. ABA’s website lists practicing lawyers and firms in the nation while the NACBA’s directory is exclusive for bankruptcy attorneys. Contact recommended law firms and schedule consultations with their lawyers.
Declaring bankruptcy can be a stressful process. Finding the right lawyer can help you find the right debt relief option for your situation. Kindly reach out to us if you are searching for bankruptcy attorneys in Knoxville, TN.
