Posts Tagged ‘bankruptcy attorney’

Many individuals, married couples, families, and corporations are looking for assistance from bankruptcy attorneys. Selecting the right bankruptcy attorney is an important decision, as that individual is your bankruptcy case administrator and your first line of communication between the United States Bankruptcy Court, the Bankruptcy Trustee and your creditors. Bankruptcy is a complex area of law with many pitfalls and it is important to choose the right attorney who has a track-record of successfully navigating around the many landmines inherent in bankruptcy practice.

In order to assist you in selecting the right bankruptcy attorney, you should strongly consider the following evaluation factors when interviewing or consulting with any attorney:

Experience – The knowledge and ability to successfully handle the variety of issues that may arise before or after the filing of a bankruptcy petition is the most important factor for the evaluation of a bankruptcy attorney. Each bankruptcy case in unique and your case is unique within itself. The great number and more extensive of the diversity of bankruptcy cases that your attorney has worked on, means that is more likely that your bankruptcy attorney will be able to obtain your bankruptcy discharge or have your repayment plan approved.

Your bankruptcy attorney should not have filed less than 20 bankruptcy petitions within the last six months. Beware of firms that do not specialize in bankruptcy law, or firms that have just started to practice bankruptcy within the past 12 months. Make sure that the bankruptcy attorney or Massachusetts law firm that you chose to work with has a longstanding track record of success in the bankruptcy court, and makes you feel confident that they have expertise in bankruptcy law.

Multi-disciplinary expertise – Your bankruptcy attorney should have significant expertise in real estate, tax and corporation’s law, as well as civil litigation experience. Typically, with most bankruptcy cases, issues may arise in the areas of real estate, corporations, or tax law, or sometimes lawsuits result in a bankruptcy case. A bankruptcy attorney who has experience and the resources to advise you on different areas of law and resolve potential issues that may arise in a bankruptcy case will greatly ease the progression and success of your bankruptcy case.

Communication – Effective communication from the beginning of any client- bankruptcy attorney relationship, and is essential for the success of your bankruptcy case. An experienced bankruptcy attorney will provide his/her clients with many methods of communication (phone, e-mail, web, fax), as well as a bankruptcy support staff that can quickly assist any bankruptcy client with their needs. It is important that your bankruptcy attorney not “leave you in the dark,” as the bankruptcy process can sometimes become daunting and intimidating. It is also important for any bankruptcy attorney to keep any bankruptcy client updated on the status and progress of their case, and advised if any issues with the bankruptcy trustee or creditors should arise during the process.

Professionalism - Your bankruptcy attorney should come across as professional. Does the attorney have a physical office that you can visit? What type of impression do you get from the attorney’s website, is it informative, professional looking, current? A first impression can say a lot about an attorney. Did the attorney present you with a fee agreement before he asked for money? All these things show how professional your attorney is, if you answer no to any of these questions, then you should look for someone else.

FACTORS THAT YOU SHOULD NOT USE WHEN CHOOSING THE RIGHT BANKRUPTCY ATTORNEY

Cost – The legal fees charges by your bankruptcy attorney should not be your primary decision factor when selecting the right bankruptcy attorney for you. Many attorneys who charge their clients lower attorney’s fees than the industry average have less experience and a short track record of success in the District of Massachusetts Bankruptcy Court. Naturally, the more qualified, diverse, and well experienced attorneys charge greater legal fees than inexperienced attorneys new to the bankruptcy practice in Massachusetts. The old adage applies here:”You get what you pay for.”

Location – Selecting a bankruptcy attorney in your town or city, or a bankruptcy attorney who is within short distance to you place of employment is not always the best decision factor. Many bankruptcy clients who look for a bankruptcy attorney within the Boston-metro area of Massachusetts or outside of their immediate location are likely to find bankruptcy attorneys who meet the important criteria discussed above.

Any prospective client considering bankruptcy should interview several attorneys before making a final decision on who will assist them in putting in place their financial future. Asking questions about experience, multi-disciplinary expertise, and capabilities to communicate will help you determine the right attorney for you. Also you may want to ask yourself during the initial consultation whether you have developed a comfort level with your bankruptcy attorney and feel confident in hiring that individual to assist you in your bankruptcy needs. Selecting the right Massachusetts bankruptcy attorney is an important life decision, and we hope that these important factors assist you in your search for legal representation.

I had something interesting happen today. I have a client who is in a Chapter 13 Bankruptcy and had told me that he was only behind on his mortgage payments by 3 months. This was not a big problem. However, when the mortgage company filed a proof of claim (a document that a creditor files with the Bankruptcy Court to inform the court how much is owed on a debt) the mortgage company claimed that my client was 15 months behind on their mortgage payments.

After talking to my client, he disclosed that he fell behind on his mortgage payments he contacted his mortgage company when he fell behind 3 payments and asked for a loan modification. His lender told him not to make any payments, because they would not accept them. This went on for 12 months. So, in our clients mind, he was only 3 months behind on his mortgage payments, although he did not make a payment for 15 months….ouch. So, now it looks like the amount of the arrears is so large that it cannot be repaid through a Chapter 13 Bankruptcy plan. This means that I may not be able to save his house.

So, this leads me to my point. If you are having problems with your mortgage, don’t delay; talk to a bankruptcy attorney as soon as possible. Keep making your mortgage payments, even if you are behind. If your lender returns the payment, deposit it into a savings account…do not spend it. Then, pick up the telephone and call a bankruptcy lawyer. A good lawyer will tell you if you are a good candidate for bankruptcy or if there are other options available to you.

Next, do not think that your mortgage lender will look out for your best interest. Remember, your mortgage company is in business for one purpose; to make money for its shareholders. No matter how bad your situation, (family death, illness, etc.) your creditors are only concerned about making money. Maybe the government will come through and bail you out; but don’t count on it. Ultimately, you are the only person who has to power to control your future. Don’t be afraid to use all the tools you have available.