Filing For Bankruptcy In NYC: The Law

There is nothing scarier than having to file for bankruptcy. Bankruptcy in itself is an extremely serious matter which has been known to destroy people’s lives and leave them at the mercy of others. That is why in this article you will learn a few good tips on how to look for a lawyer and receive a basic understanding of what bankruptcy is and how to deal with the issue.

So what exactly is bankruptcy, also known as insolvency? In legal terms it is the inability to repay a debt or debts that are owed to one or more creditors. Now bankruptcy is not just limited to an individual, even business both large and small are susceptible to it. When bankruptcy happens to an organization, multiple creditors will usually file a petition to recover at least a portion, if not all, of the money that was owed to them by the company. When this happens that individual or organization will seek out a bankruptcy lawyer.

What exactly is a bankruptcy lawyer? Someone who is well versed in bankruptcy laws and capable of defending the individual against the petitions filed by the the creditor. Now one thing to consider, a bankruptcy lawyer’s services can be quite expensive and will usually require payment up front for their service-- so here are some tips on how to find a good one.

The nice part is there are numerous bankruptcy lawyers out there due to an uptrend in bankruptcy filings, though many of those lawyers are just looking to make a quick buck and don't really care if they win or lose the case. They also won't offer sound legal advice in most cases. So here is what you should do...

First, and foremost go by word of mouth.  A good bankruptcy lawyer is going to be discussed among peers that are in similar situations such as yourself. They can also tell you how their court proceeding are going and whether or not the lawyer has been helpful throughout the entire process.

Another good practice is to investigate. Don't panic! Don't rush to the phone book and grab the first bankruptcy lawyer listed. That is not going to be a wise decision on your part. Instead, you should call around and meet with multiple bankruptcy lawyers. It is recommended to run a background check on a lawyer if you consider using their services.

Another good thing to do is to check with the NY courts system. They are usually a good source of information and can provide a list of accredited bankruptcy lawyers who have good track records. Definitely set aside some time to visit a bankruptcy court. You can usually sit in on a preceding and this will help you gain a good understanding of the process and also what sort of conduct to expect from a good lawyer while defending someone during the trial.

Always remember, free consultations are just that "FREE". Use it as a way to get a good understanding of the attorney and as a basis to create a relationship with the lawyer. Just remember, the debt law specialist or bankruptcy lawyer will play the biggest factor in the outcome of your case so choose wisely.

Mishiyeva Law- Bankruptcy Lawyer NYC 80 Wall Street New York, NY 10005 (646) 736-6328

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