Legal matters can only be best understood by a lawyer. Every organization has a dedicated team of legal advisors who can guide them with the right advice. There can be times when the company might not able to meet the expenses or is undergoing financial turmoil; in such a situation, it becomes important to hire a bankruptcy advisor.
Choosing a bankruptcy advisor involves some basic research that can give you an insight into the bankruptcy advisor work duties and how they work. This will eventually help you find the best bankruptcy advisor. The internet is flooded with information about bankruptcy advisors and legal firms handling bankruptcy, but not everyone will be able to help you. Hence, you need to choose the right bankruptcy advisor. In this blog, we are going to discuss some of the basic tips that will help you make the right decision.
4 Tips to follow for Bankruptcy Advisor
1. Experience is a must
If you are actively searching for a bankruptcy advisor, then your first spot of search would be the internet. And it abounds with websites and names that are going to leave you perplexed. Hence, you must have certain key parameters as your prima fascia, and one such parameter is the experience of the advisory. Even while shortlisting a few names, your key parameter should be to choose the one who is experienced. It shows that the person has been in the business for years and knows about the law.
2. Seek recommendation
Many of you might find searching the name on the internet troublesome, so we have an easy way out; you can seek references from your circle. Your business community will surely be able to help you with a good suggestion. Moreover, they have a first-hand experience and having that suggested will give you a guarantee about the credibility of the bankruptcy advisor.
3. Check their presence in the local association
You can certainly not miss checking the license and certification of the bankruptcy advisor. They must be a member of the local bar association or legal committee that is present in your city. Only qualified and experienced people can be a part of such communities. Hence, you must not skip checking this factor.
4. Speak to them
The most important factor that you must not miss is to speak to the bankruptcy advisor. Meeting them in person is going to tell you whether or not the bankruptcy advisor is efficient enough to handle your case.
Here are a few questions that you must not miss to ask a bankruptcy advisor
How many such cases have you handled before?
This should be the first question on your list. The advisors whom you are entrusting with your case should have handled such cases previously. It will give you an estimate whether or not the bankruptcy advisor is qualified to handle your case. This will also give you insight about what was the result of previous cases. Were they able to bring out the positive results or not? Getting all this information will give you confidence to trust in potential bankruptcy advisor.
How much will you charge?
You must ask the bankruptcy advisor about their fee. Many of them have a payment plan, and you can discuss it with them in advance to know about it. Also, ask them what all will be included in the fee like assessing whether you qualify for bankruptcy or not, reviewing the bankruptcy petition, representing your case in front of the creditors and filing of the necessary documents.
The Bottom Line
These are a few of the tips that should be on your radar while looking for a bankruptcy advisor. Good bankruptcy advisors will ensure that there are no flaws while you are filing for bankruptcy and ensure seamless processing of the petition. So, keep these points in mind while you choose a bankruptcy advisor.
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