Watch Out for Bankruptcy Mills
- Author Cary Bergeron
- Published January 2, 2010
- Word count 446
In tough economic times, attorneys who are looking for a sure way to make money often turn to bankruptcy law. If you are getting ready to file bankruptcy, make sure you avoid signing on with a "bankruptcy mill." These are places that turn bankruptcy after bankruptcy in order to make a quick buck, with no concern for the people they are representing.
How can you identify these bankruptcy mills? They typically exhibit one of two characteristics. Some are storefront offices that offer you the chance to file bankruptcy for next to nothing. Often these groups will not even have an attorney they work with. They simply offer to file the necessary paperwork for you in return for a small fee. Of course, because they do not have a lawyer with them, they may, and likely will, make a mistake.
The other type of bankruptcy mill is run by an attorney. This company deals with a huge volume of bankruptcies, but seems more legitimate because they have the face of a well-known attorney. However, the attorneys do not take an active role in the bankruptcy proceedings, rarely come to court, and do not care if a mistake is made that costs a client a crucial asset, such as her home.
You can spot a bankruptcy mill by its advertising techniques. These are the companies that will send you fliers after your bank files foreclosure proceedings against your home. They are the attorneys that will advertise on the radio or television, making it sound like filing bankruptcy is the easiest, most affordable thing you will ever do. Some promise rock bottom fees, often pushing these fees up once you sign a contract. Some will promise you a way out of bankruptcy, only to push you into it after you have paid the bill.
These companies are dangerous because they often make mistakes. They do not take the time to thoroughly understand your needs and the way they relate to the law. Rather, they plow full speed ahead with typical bankruptcy paperwork, even if your case is anything but typical. This could cause the court to have valid cause to seize assets that should be protected under the law. It could also cause your case to be dismissed due to incomplete or incorrectly completed paperwork.
Avoid these companies by hiring a bankruptcy attorney that you know will work with you to properly file the bankruptcy paperwork, assist you with your court appearance, and work to protect your assets. Do an interview before you hire the lawyer, and find out what his course of action will be. This will give you a better sense of the quality of his work.
Get more Bankruptcy Information as well as learn When To Declare Bankruptcy and how the new Bankruptcy Laws can effect you.
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