If you are someone who is in a financially difficult situation, and needs some assistance declaring bankruptcy then you are in the right place. There are some important things to know in relation to getting a lawyer and filing for bankruptcy. That said, the most important thing you can do is make sure to stay informed and be aware of the services you retain. For more advice on how to make the right financial decisions, keep reading.

What You Need to Know About Bankruptcy Lawyers

1. Bankruptcy Lawyers: Do You Need One?

The most important thing you need to determine, is whether or not you need a lawyer. If you are in a difficult financial situation and are considering bankruptcy, then you should reach out to a bankruptcy lawyer. Their services will help you get in control of your finances, and find the best way to deal with your unique situation. Further, past cases have demonstrated that the success rate of Chapter 7 bankruptcy claims is 95%. This demonstrates that lawyers dealing with Chapter 9 bankruptcy claims have a lot of knowledge and success in helping out clients.

2. Know what you can afford.

Unfortunately, bankruptcy claims can be expensive. It is important to consider this prior to taking any legal action, as you don’t want to make your situation worse. Rather, you want to make sure that your compensation will surpass the money you spend on the case, as a typical chapter 7 case can range in cost from $1,500 to $3,000. That said, as mentioned above, Chapter 7 bankruptcy claims tend to be successful, so if you can accept the initial financial burden upon filing bankruptcy, then it might be worth the risk.

3. Make sure you NEED to declare bankruptcy (as opposed to taking other legal actions).

In recent years, the number of bankruptcies has steadily declined. In 1980, nearly 13% of businesses filed for bankruptcy as opposed to only 3% of companies filing today. This could be do to the fact that there are other legal actions to take prior to filing for bankruptcy, or that lawyers have the ability to negotiate other actions. Thus, you want to make sure that your case meets the needs of a bankruptcy case prior to making a drastic decision.

If you found these tips helpful, then be sure to consider them prior to making a decision to file for bankruptcy. Whatever you do, make sure you do what you can to stay on top of your finances and monopolize on the plethora of resources available to you!