A bankruptcy attorney is a lawyer that specializes in handling bankruptcy cases. This kind of attorney has extensive training and experience in filing bankruptcy cases as well as advising the client and implementing the plans and processes involved in bankruptcy. When a person is considering filing for bankruptcy, the best course of action is to take on the services of a bankruptcy attorney.
When an individual or a corporation is legally unable to meet financial obligations, especially paying off debts, bankruptcy can be declared. Bankruptcy can be voluntary or involuntary. Involuntary bankruptcy is when creditors take the initiative and file a petition for bankruptcy against an individual or business. Voluntary bankruptcy, which is much more common, is when an individual or business files for bankruptcy due to the inability to pay debts.
A bankruptcy attorney is best consulted at the outset. There are many attorneys who will offer the initial consultation for free, in order to determine the exact circumstances and what the potential courses of action are. After the initial consultation, however, they will charge the client. Consulting bankruptcy attorneys is a good option as these professionals know the ins and outs of the law regarding the matter. They can advise you on certain things such as whether or not to file for bankruptcy, the best time to file for bankruptcy, which type of bankruptcy to file (Chapter 7 or Chapter 13 in the US), and so on.
As with most other legal cases, it is best to take a look around before hiring a bankruptcy attorney. There may be an abundance of bankruptcy attorneys, but you ought to pick a reputable one, preferably someone that has been referred by a trusted entity.