Mar 06, 2014 · 7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-09-01_13-27-00. If you're unhappy with the service provided by your bankruptcy attorney, you can replace your lawyer at any time. Read on to learn more about why you might need to replace your lawyer and what to look for when hiring a new one.
Bankruptcy representation is a partnership between client and lawyer. Commit to holding up your end of the deal. What separates good lawyers from great lawyers. The problem your lawyer can’t fix. When your Chapter 13 case goes off the rails. Image courtesy of …
Bankruptcy law presents endless intellectual challenges. Preference payments that are expressly permitted by state law (in California) have far different consequences in bankruptcy law. State law decisions about what the client owns are reflected in federal law. The complexity of this law, laid over the lives of real people, is fascinating and ...
7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2021-10-20_10-59-58. If you don't make your Chapter 13 bankruptcy monthly plan payments, the bankruptcy trustee will ask the court to dismiss your case. If the court does dismisses your Chapter 13 bankruptcy for nonpayment, you may be able to appeal the dismissal to a higher court.
There is no limit to how many times you can file, but there are time limits between filing dates. You could file but not receive any debt discharge in some cases, so you need to be careful. The U.S. Bankruptcy Code determines the time limits based on what Chapter you file under.Jun 30, 2021
The automatic stay stops your creditors immediately and prohibits them from initiating or continuing any collection activities against you. ... The automatic stay means that a creditor cannot call you, send you collection letters, file a lawsuit, or otherwise attempt to collect its debt from you.Feb 7, 2019
Most trustees will compare the information provided in the bankruptcy petition and schedules (the paperwork you file with the court) to other financial documents you turn over, such as paycheck stubs, tax returns, and bank statements.
Credit Card Charges Made Before Filing Bankruptcy That could be considered bankruptcy fraud. Debts incurred with the intent to discharge them in bankruptcy are non-dischargeable. Charges made to credit cards in the months before filing bankruptcy can be scrutinized. There's a 90 day look-back period on certain charges.Nov 5, 2020
about four to six monthsFor most filers, a Chapter 7 case will end when you receive your discharge—the order that forgives qualified debt—about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can't protect (nonexempt assets).
Discharging Debt Through Bankruptcy When you file for bankruptcy protection, a discharge from the court will relieve you of your obligation to repay your creditors for certain debts. Once your debt is discharged, your creditors cannot contact you or attempt to collect the debt in any way.
Questions the Trustee Can (and Will) AskDid you read and review your bankruptcy petition, including all of the schedules, before signing it?Was the information contained in the petition accurate when you signed it?Has anything changed since you signed the petition?Have you filed for bankruptcy before?More items...•Dec 31, 2020
The trustee is entitled to audit your bank accounts. It may happen randomly, or it may happen because you've tipped off the trustee's suspicions. If they think you're committing any kind of fraud, you may expect them to take a closer look at your assets.Dec 8, 2018
9. A Trustee Might Ask Other Questions.How did you value your home?How did you value your car?Do you have any claims against anyone? ... Are you expecting an inheritance?Did you recently sell any property.Have you transferred any of your assets?Is the Tax Return that you have supplied a correct copy of your tax return?More items...•Jul 8, 2019
Five Dischargeable Debts in a Chapter 7 BankruptcyCredit Card Debt. ... Personal Loans. ... Medical Bills. ... Vehicle Repossessions and Deficiency Balances. ... Mortgages and Foreclosure Balances. ... Seek Bankruptcy Debt Relief with a Qualified North Carolina Bankruptcy Lawyer.
Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony.
Bankruptcy can usually dismiss:Credit card debt.Medical bills (Studies show about 62% of bankruptcies are linked to medical debt)Overdue bills turned over to collection agencies.Personal loans.Utility bills.Business debts.Unpaid/overdue taxes.Mar 22, 2017
You can fire and replace your bankruptcy lawyer at any time. Learn when you might want to do so, and how to find a new attorney.
Debtors hire bankruptcy lawyers to advise and guide them through the bankruptcy system. Just like other types of professionals, bankruptcy attorneys provide a service in exchange for a fee. If you are unhappy with the service, you can fire your attorney.
Typically, replacing your bankruptcy attorney should be a last resort because doing so could cause problems with your case. Switching lawyers during bankruptcy might:
Bankruptcy is a specialized area of the law. Not all attorneys have the skill and expertise necessary to guide you through the bankruptcy process. If you want to replace your current lawyer, it's important to hire a knowledgeable and competent bankruptcy attorney who can handle your case.
When you hired your bankruptcy attorney, you probably paid a set amount of fees. If you replace your attorney, what happens to the fees already paid?
My bottom line for deciding to change lawyers focuses on whether you’ve lost confidence that your current lawyer can right the ship.
Mechanically, you change attorneys by filing a pleading called a substitution of attorney. Typically, the substitution is signed by the client, the old attorney and the new attorney. Then it is filed with the court.
If you can't afford to make your monthly Chapter 13 plan payments, you may have other options available to you including: 1 modifying your plan to reduce your payment amount 2 requesting a hardship discharge, or 3 converting to Chapter 7 bankruptcy.
If you wish to appeal your dismissal, you must file a notice of appeal within 14 days after your case is dismissed (but you can also file a motion for an extension of time). In addition, you will need to file other formal paperwork (such as a legal brief) ...
If the court dismisses your Chapter 13 bankruptcy, it can do so with or without prejudice. Most cases are dismissed without prejudice – meaning that you can file another bankruptcy case right away.
If you don't make your Chapter 13 bankruptcy monthly plan payments, the bankruptcy trustee will ask the court to dismiss your case. If the court does dismisses your Chapter 13 bankruptcy for nonpayment, you may be able to appeal the dismissal to a higher court.
If you can't afford to make your monthly Chapter 13 plan payments, you may have other options available to you including: modifying your plan to reduce your payment amount. requesting a hardship discharge, or. converting to Chapter 7 bankruptcy.
There’s a heck of a lot of paperwork and forms and documents involved in bankruptcy, but let’s talk about what you need to gather up at the start: 1 Tax returns for the past two years (for Chapter 7) or four years (for Chapter 13) 2 Income documents (such as pay stubs from the past six months, your past two W-2s, and proof of any extra income sources like rental properties or Social Security) 3 Mortgage information (like an appraisal, mortgage payment statements, and maybe the deed of trust and proof of home insurance) 4 Vehicle information (such as proof of your vehicle’s value, any car loan statements, and maybe a copy of your registration and proof of car insurance) 5 Retirement information 6 Bank account statements 7 Identification (meaning your valid photo ID and proof of your Social Security number) 8 Other documentation showing any other debts or expenses, like alimony or child support
But what’s the truth about bankruptcy? In simple terms, bankruptcy is a legal process a person can go through to clear some of the debts they’re unable to pay. If you’re so overwhelmed by debt that bankruptcy feels like your only option, know these three things: 1) There is hope —and you will be okay.
Chapter 13 means the court approves a plan for you to repay some or all of your debts over three to five years. You get to keep your assets (stuff you own) and you’re given time to bring your mortgage up to date. You agree to a monthly payment plan and must follow a strict budget monitored by the court. This kind of bankruptcy stays on your credit report for seven years.
A Quick History of Bankruptcy. The term bankruptcy probably came from the Italian phrase banca rotta —which literally means broken bench —because in medieval days, if a merchant couldn’t pay their creditors, they could come break the merchant’s market stall (or bench). 1. Get help with your money questions.
If you’ve done everything you can and still can’t get your head above water, bankruptcy may be your only option. Filing is complicated and involves lots of paperwork and the potential for mistakes. Working with a pro is your best option for walking through the process.
If the court finds that you really have no means to pay back your debt, you’ll go through the official process of declaring bankruptcy.
Fill out your bankruptcy paper work. Make sure you have your fees (for an attorney and filing). Print your bankruptcy paperwork. File your bankruptcy paperwork. Send all the necessary documents to your bankruptcy trustee (the person appointed by the court to handle your case).
Types of Business Bankruptcies. Business bankruptcies typically fall into one of three categories. Two — Chapter 7 and Chapter 13 — are variations on the personal bankruptcy theme. Chapter 11 bankruptcy is generally for businesses that have hit a bad patch and might be able to survive if their operations, along with their debt, can be reorganized.
For instance, when Detroit filed for bankruptcy in 2013, city pensioners took a slight hit but a major bondholder got a small fraction of the $333 million it was owed. The storied Joe Louis Arena was demolished, and the site surrendered to a bondholder for construction of a hotel.
But it’s only the first choice. Picking the chapter of bankruptcy that best suits your situation is crucial.
Chapter 13: Small Business Repayment Plan. Customarily reserved for individuals, Chapter 13 can be used for small business bankruptcy by sole proprietorships because the sole proprietor and the individual are indistinguishable; in the eyes of the law, they exist as one.
Worth noting: Chapter 11 bankruptcy, once only for businesses (see below), is available to individuals with debts above the Chapter 13 limits. Most often, Chapter 11 is the refuge of celebrities, pro athletes, and real estate investors.
A business that lacks a viable future and is overwhelmed by obligations is a good candidate for a Chapter 7 business bankruptcy. The owners surrender their business to a court-appointed trustee for an orderly liquidation. Nothing is exempt; everything goes.
However, anticipating the seasonal nature of many small farming and fishing operations, Chapter 12 allows more flexibility in structuring periodic payments. Chapter 12 helps multigenerational families involved in the business in which the parents have guaranteed debt.