Bankruptcy lawyer, estate attorneys, probate lawyers…what exactly do they do and how do you know when you need to contact one?
Sometimes, finances can get complex. There are a wide range of problems that may lead you to a lawyer specializing in one area of finance. But it’s better to understand how these lawyers work before you run into such a problem.
In this article, we will cover:
- The seven types of lawyers for financial problems
- What those lawyers do
- When you need one
- How to find the right lawyer for you
7 Types of Lawyers You Can Consult For Financial Problems
Bankruptcy Lawyer
“What does a bankruptcy lawyer do?”
Bankruptcy lawyers specialize in advising clients going through the bankruptcy process. They also regularly consult with people considering declaring bankruptcy. They then represent their clients in court as needed.
Typical issues bankruptcy lawyers deal with include:
- Helping clients decide whether to declare bankruptcy
- Assessing which type of bankruptcy to file
- Guiding clients through the process
- Pulling the paperwork that needs to be completed
- Helping clients maintain ownership of as many of their assets as possible
When to Contact a Bankruptcy Lawyer
If you are seriously contemplating declaring bankruptcy for any reason, it’s time to contact a bankruptcy lawyer. Declaring bankruptcy is a significant decision that requires legal assistance and should not be conducted haphazardly.
Probate Lawyer
“What does a probate lawyer do?”
Probate lawyers handle estate administration when a person dies. They are often confused with estate lawyers. The difference between the two is purely an issue of timing.
When to Contact a Probate Lawyer
Of course, it’s best to contact the right probate lawyer before you die. You need to decide whether you need one, and then compare your options and find the right one.
Estate Lawyer
“What does an estate lawyer do?”
Estate lawyers work with living clients to establish a plan for their estate after they die. Estate lawyers set up a legal framework for your estate’s administration.
Their tasks typically include preparing trusts, wills, and several other legal documents. These preparations typically rely on consultations, when estate lawyers translate your wishes into legally binding documentation.
When to Contact an Estate Lawyer
If you haven’t established an estate plan, anytime is the right time to contact an estate lawyer. Without a well-formulated estate plan, your estate’s future is at the mercy of various laws and may end up being administered in a way you wouldn’t agree with.
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Real Estate Lawyer
“What does a real estate lawyer do?”
Real estate lawyers fulfill several consultative and closing responsibilities. For example, many states require a lawyer to be present during closing. Even where they are not legally required, real estate lawyers can help in several ways:
- Representing your interests during and before closing
- Reviewing documents for mistakes and omissions
- Preparing documents on your behalf
These tasks are important, as certain mistakes surrounding closing can lead to civil or criminal lawsuits.
When to Contact a Real Estate Lawyer
There are two times when contacting a real estate lawyer is necessary or highly recommended:
- When their presence is a legal requirement
- When you have any questions surrounding real estate laws, especially during real estate transactions
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Tax Lawyer
“What does a tax lawyer do?”
Tax attorneys help clients navigate the complex legal framework surrounding taxation of all kinds. They represent their clients’ interests while ensuring all solutions are legally compliant with IRS or other regulations.
When to Contact a Tax Lawyer
People who have typical full-time employment will normally have very simple tax responsibilities. Oftentimes, simple tax software will suffice to handle any unique needs the individual may have.
However, as the nature of an individual’s or business’s income and/or expenses become more complex and diverse, being compliant while representing yourself as best you can become more difficult.
When you’re sure you can’t ideally represent yourself, or especially when you’re unsure whether your tax returns will be completely compliant, it’s time to find a tax lawyer.
Financial Lawyer
“What does a financial lawyer do?”
Financial/finance lawyers are also often classified as “banking and finance lawyers”. Regardless, these lawyers assist clients with the legal aspect of a wide range of financial matters. They often tackle problems surrounding matters like:
- Banking
- Real estate finance
- Project financing
- Private equity finance
Finance lawyers help their clients understand these matters and their options.
When to Contact a Financial Lawyer
If you’re starting a business or have any legal concerns surrounding financial matters, you may want to contact a financial lawyer. The scope of their responsibilities is very wide, so a number of challenges may lead you to one.
Employment Lawyer
“What does an employment lawyer do?”
Employment as an institution is very heavily regulated. Employment lawyers specialize in this area of law and handle the many problems that can arise within it.
The common tasks employment lawyers fulfill include:
- Interpreting issues surrounding work
- Advising clients on work-related legal conflicts
- Litigation
Employment lawyers can represent both employees and employers. Normally, they specialize in working with just one of the two parties.
When to Contact an Employment Lawyer
If you enter a conflict with an employer or employee, you may want to contact an employment lawyer. If you feel you are being treated unfairly or as if the other party is breaking a contract, employment lawyers may be able to help you reach a definitive conclusion.
Bankruptcy Lawyer, Tax Attorney, Employment Lawyer…
The law is complicated, and much of it surrounds financial matters.
Whether it’s a bankruptcy lawyer, a financial lawyer or a tax lawyer, you will probably need at least one of these kinds of advisors at some point during your lifetime. Understanding the scope of their work can be helpful when that time comes!
Editor’s note: This article was originally published Jan 13, 2024 and has been updated to improve reader experience.
