Richard Weaver Bankruptcy Attorney in Dallas-A Brief Preview
There are two types of bankruptcy lawyers: commercial bankruptcy lawyers who can help you apply for federal bankruptcy protection for your business; and personal bankruptcy lawyers who can help you apply for bankruptcy protection for yourself or with a spouse or other family member. If you have assets that are worth less than the amount of debt you have on your business loans and credit card accounts, you may qualify for protection from creditors through filing for bankruptcy protection. This means that you will negotiate with creditors to settle for a lower total amount due to you if you cannot pay them in full. You will also be required to liquidate some of your assets in order to pay off any outstanding loans or debt, but this will still be less than the total amount owed. Get the facts about Richard Weaver Bankruptcy Attorney in Dallas, TX
Before you start working on the bankruptcy petition, it is important that you find out whether or not your state has any mandatory licensing fees for representation. Federal law requires all attorneys to get pre-filing education and submit to continuing education courses as required by the ABA. These courses and education seminars will teach you how to properly fill out the forms needed for bankruptcy petitions and keep up to date on changes to the bankruptcy code and laws. While there are no state mandated fees for a bankruptcy attorney, most state rules do require an upfront fee for filing the petition and paying a per-minute fee for their services during the actual bankruptcy case.
Hiring a bankruptcy lawyer instead of submitting the matter to a paralegal could result in significantly reduced fees, as well as a faster and more efficient filing process. Paralegals are lawyers who, rather than filling out documents as they are written down, make verbal interpretations on their own based on their past experience in the same situation. They typically deal with minor claims and are rarely involved in negotiating larger legal matters like bankruptcy. They generally charge only a flat fee for their services and will receive a percentage of any money recovered from a debtor’s estate. This means that they will be able to recover much more money from the debtor than a bankruptcy lawyer could, and it means that their hourly rates will be much lower.