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The Debt Conversation: When To Talk To A Lawyer About Bankruptcy

The Debt Conversation: When To Talk To A Lawyer About BankruptcySometimes, talking to someone makes a problem seem more real, and no one really wants to consider or endure bankruptcy. But talking is also the only way to work out solutions and discover your options. So, if you do find yourself struggling with debt, this article will help you understand when to talk to a lawyer and what to expect from the conversation, including:

  • When exactly to reach out to a bankruptcy attorney (Hint: it is earlier than you think).
  • How to find a good bankruptcy attorney – and how to avoid a bad one.
  • Why you should choose the Law Office Of Kent P. Woods for all your bankruptcy needs.

When Someone Is Struggling With A Lot Of Debt And Facing Bankruptcy, When Is The Right Time To Talk To An Attorney?

The best time to talk to an attorney about any problem is usually yesterday. It is always better to meet with an attorney before a situation becomes a crisis. When it comes to bankruptcy, there are certainly techniques and planning opportunities that are available to a debtor, as long as there is enough time between the planning activity and the filing.

As soon as you think you are going to be subject to serious financial distress, you ought to be working with an attorney. Many of our clients are businesses, and the ongoing relationship with an attorney who is aware of any financial or non-financial stressors affecting the business is invaluable. Together, we can seize planning opportunities early and deal with them before they become existential.

What Kind Of Attorney Do I Need To Handle A Bankruptcy?

Sometimes, it feels like every lawyer says that they can handle bankruptcies. Bankruptcies tend to be high volume, low margin work, and for most people, that is just fine. If you are a routine commercial filer or routine commercial debtor, all you might need is a quick interaction with an attorney to get your bankruptcy discharge.

Many firms are well-positioned to help people with bankruptcies. They have paralegals who run through the paperwork quickly and efficiently, and do so in an expensive way.

For most people, finding a qualified bankruptcy attorney becomes similar to finding a hamburger. You think to yourself, “I need a hamburger,” and so you find somebody nearby who offers to sell you a hamburger.

Nevertheless, it is probably unwise to undertake a major legal event in your life with a cavalier attitude. You should be looking for someone who is experienced in the planning of bankruptcies and the complex commercial and financial affairs leading up to one.

What Questions Should I Be Asking To Find The Right Bankruptcy Lawyer?

The first question you should ask is how many bankruptcy filings their firm handles per year. If the answer is thousands per year, then that can be fine if you are a routine commercial filer. But if there is any sort of sophisticated or complicated aspect to your bankruptcy, such a high number should be a warning sign for you.

Anyone who is filing thousands of bankruptcies a year will treat them as a commodity and will not be paying attention to any complex or nuanced aspects of your case and filing. If there is anything fearful about your case, it is especially important that you speak to a more strategic bankruptcy attorney.

Another question you may want to ask is if the bankruptcy attorney has been involved in a contest of discharge actions. This is particularly important if there are any interesting aspects of your particular case that may put your discharge at risk. If that is the case, you definitely do not want the routine commercial bankruptcy attorney.

Finally, you should certainly ask what the fee structure looks like and use that to determine how the practice is likely to operate. If you are trading one creditor for another in the form of a lawyer who will take only $200 upfront and then have you pay the rest “down the road,” you are just making the same mistake over and over again.

Hopefully, that has given you enough information to find the right bankruptcy attorney. But if you are looking for one in Nevada, you can stop looking now.

What Sets The Law Office Of Kent P. Woods Apart In Guiding Clients Through Bankruptcy?

Unlike many larger bulk bankruptcy firms, our practice is focused on planning and prevention. We represent a lot of commercial clients and sophisticated business owners. People may find themselves needing to use bankruptcy as a strategic tool for their business, as opposed to just getting a fresh start for someone with some credit card obligations.

We take a very strategic, planning-focused approach to preparing for and processing bankruptcy filings. Over the years, we have done a significant number of Chapter 11 bankruptcies, both larger commercial filings and smaller individual filings for people whose situations demanded it.

Our experience with sophisticated situations is evidence that we are not a commoditized bankruptcy practice. We select our bankruptcy clients very carefully and try to use the bankruptcy process strategically to help them, their assets, and their businesses.

For more information on Hiring The Right Attorney For My Bankruptcy Case, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (702) 703-1540 today.

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