How Can a Lawyer Help You with Your Bankruptcy Proceedings?
Full Answer
May 18, 2020 · An attorney can help you ensure that your bankruptcy goes smoothly and save you money—as well as stress—in the long run. Here are some things a bankruptcy attorney can offer: A bankruptcy attorney can provide you with information. Bankruptcy law can be complex and a bankruptcy case can take several months to complete.
When You May Need to Contact a Lawyer to Protect Your Creditor Rights. Creditors lend funds to various persons and businesses through contractual agreements with payment terms and other conditions outlined specifically. However, when these deals are broken, it is important to contact a lawyer so that the rights of the creditor may be protected against bankruptcy, when the …
Jul 24, 2020 · A bankruptcy attorney gives legal advice and helps with legal issues related to your debt. They can help you file a bankruptcy petition with the court. At the end of a successful bankruptcy case, certain debts are erased, and you never have to pay them back. Bankruptcy attorneys can work as sole practitioners or they may be part of a law firm.
Apr 09, 2021 · A bankruptcy attorney is an expert on the legal process. He knows exactly what needs to be done, and will make sure everything is done correctly. From filing on time to obtaining documents, everything will be taken care of for you. As long as you are cooperative and honest, the process can be easier than you think. Your attorney will inform you of your legal rights and …
A bankruptcy attorney gives legal advice and helps with legal issues related to your debt. They can help you file a bankruptcy petition with the court. At the end of a successful bankruptcy case, certain debts are erased, and you never have to pay them back.
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Bankruptcy cases are filed in federal district courts and not in state courts. You must complete what is known as a bankruptcy petition or paperwork listing all your creditors who will receive a notice from the bankruptcy court and have a specific amount of time to raise any objections they may have, though that is rare. Once you file your petition, there is a hearing known as the meeting of the creditors, where they can appear and ask questions about your financial situation and your paperwork.
Filing bankruptcy is not as easy as it may look. In almost all the states, the rules, regulations, and requirements for filing bankruptcy are very complicated and a rookie will find himself dangling between researching exemption laws, extensive forms, local court rules, and all the other complications that come along with bankruptcy. And if you will make a mistake in filing bankruptcy then it can lead to denial of discharge of debts or even loss of nonexempt assets.
Although the whole process of filing bankruptcy is complicated, dealing with the paperwork is the most cumbersome task. There are many types of paperwork involved in a bankruptcy, and it doesn’t matter how many YouTube videos you watch or how many articles you read, you will never be able to deal with all the paperwork and understand them clearly.
Your bankruptcy attorney should be there to counsel you on the bankruptcy process and help you decide what is right for you. This involves several activities that are necessary for your filing.
Chapter 11 bankruptcy is predominantly for businesses that are struggling to meet their expenses like taxes and payroll. It allows businesses to reorganize their debts and continue operating with legal protection against creditors.
Chapter 7 generally takes about four to six months to complete and usually use liquidation as its main procedure. When you file a chapter 7, it means that a trustee will sell your non-exempt assets to repay your creditors. In California, debtors have to choose two types of filers: System 1 and System 2. Your attorney should help you evaluate both systems and help one that protects your property.
Almost all bankruptcy attorneys have specialized software that prepares and files your required bankruptcy paperwork with the court. You'll provide your attorney with all of your financial information, such as income, expense, asset, and debt information.
Expect Competence From Your Bankruptcy Lawyer. Not all bankruptcy cases are complicated, but they aren't all easy, either. Either way, your bankruptcy lawyer should have the skill level necessary to handle your case. In general, the difficulty of your bankruptcy will depend on: the involvement of bankruptcy litigation.
You might have to provide additional forms or documents with the court or the trustee, too. Your attorney will make sure to do so promptly because missing a bankruptcy deadline can cause: 1 delays in the process 2 dismissal of your case, or 3 other adverse consequences.
First, you can expect your attorney to tell you whether filing for bankruptcy would be in your best interest. If it is, you should also learn: 1 whether Chapter 7, Chapter 13, or another type will help you achieve your financial goals 2 what you can expect during the bankruptcy process, and 3 whether your case involves any particular difficulties or risks.
Most importantly, if you have any questions, you can expect your attorney to respond to your calls or emails promptly.
Filing for bankruptcy is a great way to get out from under burdensome debt, and most people feel a tremendous sense of relief when their bankruptcy case is over. But understanding the process and filling out the bankruptcy forms can be daunting. That's where a bankruptcy lawyer comes in. Not only will you receive legal advice, ...
After filing for bankruptcy, all debtors must attend a mandatory hearing called the 341 meeting of creditors. But, depending on your case, you (or your attorney) might need to go to additional hearings. Some common types of hearings you can expect your attorney to represent you at: Chapter 13 confirmation hearings.
Bankruptcy Preparation: Apply the means test. The means test calculation indicates whether you qualify for a Chapter 7 bankruptcy or whether you can afford to make payments in a Chapter 13 case. An attorney will understand how to use any special circumstances you present. Value your property.
All in all, attorneys are good at making sure that your case gets through the process smoothly, thereby allowing you to take full advantage of your fresh start. Even so, sometimes things occur afterward that need attention (although this is rare).
The means test calculation indicates whether you qualify for a Chapter 7 bankruptcy or whether you can afford to make payments in a Chapter 13 case. An attorney will understand how to use any special circumstances you present.
In Chapter 13 bankruptcy, your attorney will negotiate with your creditors on payment terms, the value of collateral (property that secures payment of a debt), and interest rates to make your repayment plan affordable. Modify a Chapter 13 repayment plan.
If a creditor violates the automatic stay (the injunctive order that prohibits collection activity after the filing of the case), your attorney can demand compliance or ask the court to hold the creditor in contempt. Negotiate with your creditors.
Modify a Chapter 13 repayment plan. If circumstances change during your Chapter 13 case, your attorney can help you ask the court to make a temporary or permanent adjustment to the terms of your Chapter 13 plan or request an early discharge due to hardship.