Bankruptcy Lawyer – A lawyer who specializes in bankruptcies is often called a bankruptcy lawyer. Bankruptcy is a legal proceeding in which a person declaring themselves insolvent is granted by a court order to pay off all debts. In the US bankruptcy laws there is a seven-year limitation (in case of a minor child) for filing bankruptcy. Bankruptcy Lawyer can help you with your bankruptcy or represent you in court.You can get additional information at Ascent Law LLC-Bankruptcy Lawyer
Most bankruptcy lawyers work on a contingency fee basis; they charge their clients only after winning a bankruptcy case for their client. Some lawyers are known to charge up to 80% of the total amount of debts. When you pay lawyers fees you will be partially paid from what your creditors get back from your debts, and the balance is kept by the lawyer. When you pay lawyers fees based on the percentage of debts won, you will be able to cut down on the cost.
Typically bankruptcy lawyers will charge you a fixed or flat fee based on the number of cases they represent. The actual attorney’s hourly rate will depend on the number of hours they spend working on a case and the complexity of it. Bankruptcy lawyers who represent businesses or individuals who are considered uncooperative with their debt restructuring efforts may work on a retainer basis, which means that they only receive a percentage of the overall compensation if they win the case. Many bankruptcy lawyers will recommend to their clients to seek the services of an experienced attorney who has experience in dealing with similar cases and who can present a viable plan to repaying debts. In most cases, it is better to hire a bankruptcy lawyer with extensive experience rather than an attorney who has represented just one small business.