In this economy the number of businesses and individuals filing for bankruptcy is high. With the pessimistic economic outlook, depressed job market and low consumer confidence, businesses and individuals are suffering nationwide. Sometimes the individual is faced with a mountain of debts and no means to pay them off. Mortgages, car payments, student loans and credit card debt have accumulated over the years into a towering mass of unpaid loans. A sudden major illness, unplanned necessary expenditure, divorce, job loss or transfer can cause you to cave to the financial pressures of debt repayment. If you fear that you may have to file for insolvency in the near future, you have to consult a bankruptcy lawyer right away. Although you can file yourself, the proceedings are usually too complicated for individuals without legal advice to conduct single-handedly. Do not procrastinate in consultation as the delay may cost you money or loss in your assets. However you should take care to consult only competent dedicated attorneys.
If you have friends belonging to the legal community they can guide you in finding a competent bankruptcy lawyer. Those attorneys who are certified by the American Bankruptcy Institute might be more adequately trained. Those law firms who dedicate only to bankruptcy law will be better equipped to address your case. When you engage a bankruptcy lawyer, make sure that the practice is dedicated to this field of law and the firm has wide exposure to such cases. Clients who engage firms who devote their entire practice to bankruptcy would expect better representation. Make sure you can have regular access to the bankruptcy lawyer you are hiring during the filing process. If you do not speak English well you would be wise to consult a law firm where you can deal with a lawyer fluent in your language, so you can communicate effectively while filing for bankruptcy. Do not be tempted by cheap legal fees. Often the expertise of your bankruptcy lawyer may help you save your home, your business and your financial future.
Most filings for bankruptcy are done under chapter 7 and chapter 13. The filings for Chapter 7 have become quite difficult and complicated as the enforcement of the 2005 BAPCPA ( i.e. Bankruptcy Abuse Prevention and Consumer Protection Act) has made it very difficult for an individual to file under Chapter 7. Individuals need experienced advice from a bankruptcy lawyer . Fairfax, VA residents can consult local firms dedicated to bankruptcy cases, when they seek legal counsel when filing for liquidation.
