Before we kick off a discussion on the qualities to be exhibited by a good bankruptcy lawyer Charleston WV, let us establish a foundational setting on the same.
When your assets are grossly insufficient to satisfy all your debts, filing for bankruptcy might at times although not always, be the best solution. This is because it places your property in the hands of a trustee who will manage the assets and distribute them ‘pari passu’ to the creditors generally. Bankruptcy however is no easy course. It is a highly technical procedure.
First, what is the legal basis of bankruptcy?
The concept of Bankruptcy is enshrined in the United States Constitution. Article 1, Section 8 Clause 4 authorises congress to enact uniform laws applicable to all States. Based on the Constitution, two main Acts have been enacted to govern bankruptcy proceedings – one dealing with substantive law, and the other dealing with the procedural aspects. The first is the United States Bankruptcy Code which is a codification of the Bankruptcy Reform Act of 1978. Concerning procedure, the Federal Rules of Bankruptcy Procedure comes in handy. Also, bankruptcy is largely regulated by case law.
From the foregoing therefore, any good bankruptcy lawyer must meet a certain threshold. The following are some of the qualities to be exhibited by bankruptcy lawyers.
* Knowledge of the law
As alluded hereinbefore, bankruptcy proceedings are highly technical. Besides that, they have very serious implications. The laws relating to bankruptcy are expressed in convoluted legal language. As such, it is important for a bankruptcy lawyer to acquaint himself with the law – both written and case law. Many precedents have been set in recent times and hence any good lawyer must bring himself up to speed with the current developments in the law.
* Good negotiation and advocacy skills
“Give-and-take” is a common phenomenon in bankruptcy proceedings. Compromises are always reached and amicable settlements define the order of the day. One trait therefore, that must be exhibited by a bankruptcy lawyer is the ability to negotiate with opposing counsel and reach to a settlement. As a matter of fact, a bankruptcy petition under Chapter 13 mainly deals with a court sanctioned arrangement to meet the financial obligations of the debtor. This ‘financial plan’ so to speak, is largely a product of good negotiation. You need a bankruptcy lawyer Charleston WV who can advance your interests with zeal, yet with the gentleness and firmness that defines good advocacy.
* Zeal and meticulousness
Now, in bankruptcy, the stakes are usually very high. The subject matter usually involves huge sums of money. This calls for a very high duty of care on any bankruptcy lawyer. A lawyer generally not meticulous in legal operations should probably consider practicing another branch of law – but certainly not bankruptcy.