questions you should ask a attorney when filing bankrupt

8 Questions To Ask A Bankruptcy Attorney At Your Consultation

1. Is filing for bankruptcy a good idea for me? A skilled attorney should be able to recommend one or more specific...
2. What are the pros and cons of filing for bankruptcy? You should hire an attorney who’s able to provide you with a...
3. What percentage of your practice is dedicated to bankruptcy cases,...

Full Answer

What are good questions to ask an attorney?

7031 Koll Center Pkwy, Pleasanton, CA 94566. master:2022-04-05_10-14-50. An excellent way to start a meeting with a bankruptcy attorney is by explaining why you're there. It might be that you're facing foreclosure, repossession, wage garnishment, or a creditor lawsuit—or it could be that you can't continue juggling the bills.

How do I find a good bankruptcy attorney?

8 Questions To Ask A Bankruptcy Attorney At Your Consultation 1. Is filing for bankruptcy a good idea for me? A skilled attorney should be able to recommend one or more specific... 2. What are the pros and cons of filing for bankruptcy? You should …

Why should you hire a bankruptcy attorney?

Ten critical questions to ask your bankruptcy attorney before you hire him or her Do I have any non-exempt assets? Each state has created a list of assets considered to be protected or "exempt" from... If I have non-exempt assets, what options do I have? Your attorney must advise you that these ...

How does someone get the best bankruptcy attorney?

Jul 24, 2020 · To better prepare you for the initial meeting with your bankruptcy attorney, this article reviews some critical questions you should ask before filing for bankruptcy. Do You Have Any Non-Exempt Assets? Florida, like every other state, has established a list of assets that are considered exempt from being attacked or seized by creditors. A bankruptcy attorney can help …

What questions should I ask about bankruptcy?

5 Important Bankruptcy Questions (and Answers!)Can Anyone File Bankruptcy?What Kind of Personal Bankruptcy Should I File?How Much Does It Cost to File Bankruptcy?Will I Lose My Property If I File Bankruptcy?Does Filing Bankruptcy Eliminate All Debts?Nov 30, 2020

What kind of questions do they ask in bankruptcy court?

Common Bankruptcy Trustee QuestionsDid you review your bankruptcy petition and schedules before you filed them with the court?Is all of the information contained in your bankruptcy papers true and correct to the best of your knowledge?Did you disclose all of your assets?

What questions should you ask your attorney?

Questions to Ask Your Lawyer During a Consultation1) What kind of experience do you have with similar cases?2) What would be your strategy for my case?3) Are there any alternatives to going to court?4) What are my possible outcomes?5) Who will actually handle my case?6) What is my role in my case?More items...•Jan 29, 2017

How do I prepare to file for bankruptcy?

The first step to prepare for bankruptcy is to gather proof of your income. Copies of your tax returns and copies of proof of income for the past six months are required when you file a Chapter 7 case. To prepare for bankruptcy under Chapter 7, you must complete the Chapter 7 Means Test.Sep 3, 2020

How does a bankruptcy trustee find hidden assets?

The bankruptcy trustees go about finding hidden assets by taking a close look at your debts, as well as doing public record searches, online analysis, tax returns, review reports from former spouses or friends, as well as payroll slips that may show deposits into banks or accounts that you have not listed in your ...Jan 29, 2020

Do bankruptcy trustees check bank accounts?

Your Chapter 7 bankruptcy trustee will likely check your bank accounts at least once during the process of overseeing your filing. They have a right to perform a full audit of your accounts or check them any time it is necessary.

How do I prepare for an attorney interview?

If you are interviewing virtually, all of these tips apply.Do your research. Lawyers are known for being good researchers. ... Be presentable and dress your best. ... Come prepared to ask questions. ... Be personable and show enthusiasm. ... Be genuine. ... Promptly send a thank-you note.Oct 28, 2020

Do lawyers only ask questions?

On direct examination, lawyers generally can't ask leading questions. A question is leading if it suggests the answer. For example, "You couldn't see very well, could you?" or, "Did you get to the scene at 8 p.m.?"

What you should know before you talk to a lawyer?

10 Things You Should Know Before Contacting a LawyerHave Your Documents Ready. ... Research the Elements of Your Case. ... Don't Call if You Just Have a Question. ... You May Not Speak to a Lawyer Right Away. ... Do Not Ask the Legal Support Staff for Advice. ... Don't Provide Too Much Information. ... Answer the Lawyer's Specific Questions.More items...•Feb 6, 2020

What will I lose if I file bankruptcy?

Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. Your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.Dec 12, 2021

What are the negative effects of filing bankruptcy?

Bankruptcies are considered negative information on your credit report, and can affect how future lenders view you. Seeing a bankruptcy on your credit file may prompt creditors to decline extending you credit or to offer you higher interest rates and less favorable terms if they do decide to give you credit.

What is the downside of filing for bankruptcy?

Disadvantages of Bankruptcy: A bankruptcy may impede your chances of getting a mortgage or car loan for some time. Not all debt will be discharged. Examples of debt that cannot be discharged include child support, alimony, some student loans, divorce settlements and some income taxes.

What to do if you are filing for bankruptcy?

If you’re filing for bankruptcy, the right bankruptcy attorney can make all the difference. Attorneys are often willing to provide a free initial consultation to help you determine whether the services they offer are a good fit for your needs. Take advantage of these opportunities by asking the right questions.

Why do you need an attorney for bankruptcy?

When you have to go to court, it’s likely you’ll want your attorney, as opposed to a paralegal or associate, to accompany you, since your attorney will be more familiar with you and your case.# N#Ask prospective attorneys if they plan to be present for any court appearances you make and what will happen if they can’t attend a particular hearing. Some firms send a different attorney to court when there’s a scheduling issue. If so, get reassurance that you’ll be notified in advance and that the substitute attorney will be well-briefed on your case and able to represent your interests well.

How to communicate with bankruptcy attorney?

Some attorneys communicate with clients primarily by email, while others prefer to use the phone . Some like to be accessible after hours, in case a last-minute issue comes up, ...

What does a good attorney do?

A good attorney will put you at ease during a consultation and help you feel comfortable communicating openly and directly. Armed with the right questions, you shouldn’t have trouble finding an attorney who will treat you with respect and put their expertise to work for you in and out of bankruptcy court.

What should attorney fees include?

While attorney fees can vary dramatically depending on where you live and how experienced your lawyer is, the attorney fee should generally should include the cost of filing your case in court. Keep in mind that paying less in attorney fees does not mean you will be paying less overall; if you decide to save a few bucks by hiring an inexperienced attorney, you risk having your case delayed or rejected, and you may end up owing more to your creditors.#N#Your attorney should tell you how much you’ll be paying in attorney’s fees and how much in federal filing fees, as well as describe any additional costs you’ll be responsible for. You should know exactly what’s covered by your attorney’s fees, how your attorney will handle it if unforeseen expenses arise, and whether your attorney is open to working out payment arrangements with you if needed.

1. Should I be filing for bankruptcy?

We know that whilst cases may appear similar, each person’s situation is unique, and so we’ll listen to everything you’ve got to say, and then give you our honest opinion and recommendation as to whether you should file for bankruptcy.

3. Is there anything worrying you about my case?

As previously mentioned, many cases are similar, and since 1977 we have helped over 40,000 families become free from debt.

5. How long will the process take?

Chapter 7 Bankruptcy typically takes around 3 months, whilst Chapter 13 Bankruptcy usually lasts for 3-5 years as it is a debt repayment plan.

7. How will you keep me updated?

We’ll let you know the process, what to expect, and what you need to do next.

8. What are your fees?

Whilst we try and remain competitive, because we know that many people want to utilize our skills and experience in successfully filing for bankruptcy.

10. Do you offer payment plans?

Yes. We fully understand that you’re struggling to pay your bills, and so spreading our costs makes sense to us as well as you.

Conclusion

Now you know what questions to ask a bankruptcy attorney before you choose them, you’ll feel confident that you’re getting the help and advice you need for your financial situation.

What is the importance of filing through an attorney?

A crucial factor is a clarity about the money required to file through an attorney as it depends on the type and complexity of the case. According to your case, the lawyer should tell you what situations might lead to higher fees.

What are the different types of bankruptcy?

There are two types of bankruptcies for individuals, Chapter 7 and Chapter 13. The attorney should be able to tell you the differences between them and suggesting to you which one is most suitable for your case.

What does a lawyer recommend?

A professional lawyer will recommend other options too, different courses of options you can opt according to your cases’ situation. The attorney will tell you about your situation and the consequences you might face during the process. They should be more understandable and rational with the consultation they provide and have to be convincing.

Do I have any non-exempt assets?

Do I have any non-exempt assets?#N#Each state has created a list of assets considered to be protected or "exempt" from creditor attachment or seizure, and thus, from your trustee in bankruptcy.

If I have non-exempt assets, what options do I have?

If I have non-exempt assets, what options do I have?#N#Your attorney must advise you that these items are non-exempt and guide you through the five possible strategies for handling the non-exempt asset, such as making an offer to the Chapter 7 trustee or liquidating the asset under legally permissible conditions prior to filing.

Do I have any preferential payment issues?

Do I have any preferential payment issues?#N#A preferential payment is a payment to one creditor at the expense of or in absence of payments to other creditors.

Are any of my transfers in the past two years possible fraudulent transfers?

Are any of my transfers in the past two years possible fraudulent transfers?#N#You probably have tried to avoid bankruptcy and in doing so may have had some yard sales or sold assets to raise money to pay bills or even to get by.

Do I pass the means test? In other words, do I qualify for chapter 7?

Do I pass the means test? In other words, do I qualify for chapter 7?#N#Your attorney should review your income and review your paystubs at the Initial Consultation to determine whether you qualify for Chapter 7 bankruptcy. If your circumstances may change prior to filing, then timing could be an issue to be considered.

How many 707b objections have you handled? What were the circumstances and who prevailed?

How many 707b objections have you handled? What were the circumstances and who prevailed?#N#Most lawyers will encounter an objection to a Chapter 7 case over the course of representing clients in bankruptcy.

If a chapter 13 is recommended, what is the estimated monthly Plan payment?

If a chapter 13 is recommended, what is the estimated monthly Plan payment?#N#I am astounded that some attorneys fail to provide an estimated Chapter 13 payment at the Initial Consultation.

How long do you have to pay off your debts before filing bankruptcy?

You might remember when tackling the first few questions to ask before filing bankruptcy that filing for chapter 13 means that, instead of liquidating your assets, you are allowed the opportunity to work with a judge to establish a payment plan over three to five years. During that time period, your creditors will not be allowed to continue their collection efforts. If all of your payments are made successfully throughout the amount of time determined by you and the judge, the remainder of your debts will be discharged. While this is an excellent option for individuals who have a mortgaged car or home or other assets that they don’t want to lose to chapter 7 liquidation, planning ahead is essential. You will want to ensure that you fully understand the number of months in your payment plan, as well as the amount you must pay each month.

How do I qualify for Chapter 7 bankruptcy?

In order to qualify for chapter 7, you will need to pass a means test, which is how courts determine whether or not you will be able to pay your debts. The main factor that plays into the results of your means test is the amount of disposable income you earn per month. (To calculate your disposable income, subtract your specific, monthly expenses from your total income per month.) Even if you earn a significant monthly income, you may still be eligible to file chapter 7 bankruptcy if you have a large number of monthly expenses. Your attorney can help you review your paystubs and expenses during your initial consultation.

What happens if you file Chapter 7 bankruptcy?

An asset that is exempt in one state may not be exempt in another, but any asset that you own which is not exempt from seizure will be liquidated if you choose to file chapter 7 bankruptcy. If you are filing for chapter 13 bankruptcy, ownership of non-exempt assets may result in a higher monthly payment plan. Knowing which assets you are eligible to keep in your possession and which ones you may lose in bankruptcy will be informative as you decide on your next steps.

Can bankruptcy lawyers help you?

Your bankruptcy lawyer will want to help you, so don’t be afraid of asking personal or complex questions. With an experienced legal team accustomed to working in bankruptcy court, there is no question too small or too complex. Filing bankruptcy isn’t an ideal situation, but communicating well with your attorney and knowing all the right questions to ask before filing bankruptcy can make the process more bearable and minimize unpleasant surprises.

Can I file for bankruptcy if I have credit card debt?

Filing bankruptcy is an undertaking that none of us ever wish to pursue . However, in many cases, it can useful as a last resort for those who find themselves drowning in credit card debts or medical bills. If you are always paying your bills late, or if you notice other signs that it may be time for you to file bankruptcy, ask yourself the following essential questions, first.

Is filing for bankruptcy stressful?

All things considered, filing for bankruptcy can be a stressful time in anyone’s life. With assets to protect and funds to gather, the mind can be sent racing with worry for all there is to do. The best thing you can do to protect yourself and ensure you’re taking the right steps amid possible bankruptcy is to speak with a Chapter 7 bankruptcy lawyer. Voice your concerns and ask the important questions, your lawyer is there for you.

Is bankruptcy the last option?

Nearly everyone who’s filed or is filing bankruptcy has likely come to the conclusion that bankruptcy is the last option they have available for their situation. For whatever the cause, the inability to climb out of a mountain of debt is overwhelming and can prompt you to search for the nearest way out. However, be careful to not lose a clear head during the stress and forget to ask your Chapter 7 bankruptcy lawyer these important questions.

How long does bankruptcy last?

Chapter 7 bankruptcy will be on your credit for up to 10 years, but it will typically only impact your plan to finance the purchase of a car, home or other large expense over the next several years. In general, you will either not qualify for these loans or will pay higher interest rates until your bankruptcy case has been discharged for one, two and three years.

What are the benefits of bankruptcy?

This protection eliminates judgments, liens and wage garnishments, and stops all collections – even a foreclosure. If collectors tell you you’re in a “pre-legal” phase or if you’ve received notice that a suit has been filed, then you may need to quickly determine how best to respond and bankruptcy may be a good option.

Does bankruptcy affect credit?

Setting aside the emotional reasons people have for not filing chapter 7, do you work in a financial services career or require a security clearance for your job? Bankruptcy should still be on the list of potential solutions, but this is another negative side effect for some. If you can live with those factors, bankruptcy can give you a fresh start.

Is bankruptcy the only option?

Bankruptcy may not be your only, or best, option for resolving your debt. Because it’s a big decision, it’s wise to consider all your options before filing. You may want guidance from a bankruptcy attorney; most offer a free, no-obligation initial consultation.

Can you settle debt before bankruptcy?

Many creditors or collection agencies are willing to negotiate a settlement. If you have access to enough funds to settle your accounts, you may be able to settle your debt before your creditors pursue legal action. If you can’t settle all of your debts that quickly, you may still want to pursue debt settlement or debt consolidation to avoid the credit hit that comes with bankruptcy.

Is Chapter 7 bankruptcy the fastest?

Of the three types of bankruptcy available to consumers, Chapter 7 is the fastest and lowest-cost option and doesn’t have the failure rates associated with Chapter 13. Qualifying for Chapter 7 depends on several factors, including household income and the number of people in your home. “Chapter 13 is not a great option for most people ...

Can you liquidate your home if you file Chapter 7?

Depending on the state you live in, you may be forced to liquidate assets, particularly when you file Chapter 7 bankruptcy. If you have assets you want to keep during a bankruptcy filing, it’s important to understand your particular state’s laws. Depending on where you live, you could lose some of your personal belongings, including your car or home.