what are initial questions attorney will ask in bankruptcy

QUESTIONS TO ASK A BANKRUPTCY ATTORNEY DURING YOUR INITIAL CONSULTATION

1. Should I file for bankruptcy? In order for a bankruptcy attorney to answer this question they need to know,...
2. What are the benefits and negatives if I file for bankruptcy? The attorney should take the time to explain what the...
3. How much of the attorney’s practice is devoted to bankruptcy...

Full Answer

What are good questions to ask an attorney?

Mar 02, 2022 · 6 Questions To Ask a Bankruptcy Attorney During Initial Consultation Filing for bankruptcy is perhaps the most misunderstood matter you’ll hear in the business world. A successful bankruptcy petition must undergo a rigorous legal proceeding to determine your ability to settle debts.

How do I find a good bankruptcy attorney?

Ask the attorney how much you will have to pay, in total. The court charges filing fees (currently $338 to file a Chapter 7 case and $313 to file for Chapter 13 bankruptcy; $335 and $310 respectively until December 1, 2020). You'll pay additional costs, such as administrative fees to the trustee in your Chapter 13 plan.

Why should you hire a bankruptcy attorney?

Apr 21, 2019 · QUESTIONS TO ASK A BANKRUPTCY ATTORNEY DURING YOUR INITIAL CONSULTATION 1. Should I file for bankruptcy? In order for a bankruptcy attorney to answer this question they need to know,... 2. What are the benefits and negatives if I file for bankruptcy? The attorney should take the time to explain what ...

How does someone get the best bankruptcy attorney?

Jun 19, 2019 · It is important that you ask your prospective bankruptcy attorney how many years of experience they have and how many cases they have represented. You may even want to ask how successful they have been with their past bankruptcy cases. We at The Weller Legal Group have over 25 years of experience helping our clients with their bankruptcy cases.

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?

How do I prepare for a bankruptcy hearing?

To prepare for bankruptcy hearings, you should review your bankruptcy forms and any instructions provided by the court. The First Meeting of Creditors is a five to ten-minute hearing. The Chapter 7 trustee asks questions about your income, expenses, debts, and assets.Sep 3, 2020

What questions are asked during 341 meeting?

Here are the questions you can count on being asked: Is the address on the petition your current address? Did you sign the petition, schedules, statements, and related documents and is the signature your own? Did you read the petition, schedules, statements, and related documents before you signed them?

Should I be nervous about 341 meeting?

Judging by the questions people ask about 341 meetings, people seem to think they're going to be very scary and intimidating. As long as you're going in with a trusted bankruptcy lawyer on your side, there is no reason to be nervous.Jul 8, 2019

What is a bankruptcy information sheet?

BANKRUPTCY LAW IS A FEDERAL LAW. THIS SHEET GIVES YOU SOME GENERAL INFORMATION ABOUT WHAT HAPPENS IN A BANKRUPTCY CASE. ... A translated copy of the Bankruptcy Information Sheet is available in Adobe PDF format in the several languages.

Which of the following is false regarding rights of a trustee in a Chapter 7 bankruptcy?

Which of the following is false regarding rights of a trustee in a Chapter 7 bankruptcy? The trustee examines the debtor's records but may not even temporarily take over the debtor's business. Which of the following is a meeting of all creditors listed in the Chapter 7 required schedules for liquidation?

What to expect when meeting creditors?

At the creditors' meeting, the trustee checks the debtor's identification and asks a series of questions about the bankruptcy paperwork. Creditors who attend can ask about financial matters, although it's rare for creditors to appear.

Can I spend money after filing Chapter 7?

If you file a Chapter 7 bankruptcy petition and it is a “no asset” case, your spending after filing should reflect what you stated on your schedules. If either your income or your expenses change considerably while still in Chapter 7, again, you should consult with your attorney.Jul 27, 2019

Can trustee find my bank accounts?

Bankruptcy trustees will also look through your bank statements to see your cash deposits and withdrawals. Any large deposits in your account should be accounted for. The bankruptcy trustee may ask you to explain where the money came from and why.Dec 6, 2021

Is the 341 meeting scary?

Filing for bankruptcy is a scary experience, but within the entire process from start to finish, the 341 Meeting of Creditors is perhaps the most daunting. The idea of coming face to face with people who are trying to collect on a debt is understandably intimidating.

What is a no asset Chapter 7?

With a no-asset chapter 7 bankruptcy, the debtor will not lose any of their property. A “no-asset” Chapter 7 bankruptcy means you do not have assets that the bankruptcy trustee can sell to pay your creditors.

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.

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About the Author: Cristina Perez Hesano

Cristina is the managing partner at Perez Law Group, PLLC. Our mission is to make reputable and trustworthy legal representation available to every client.

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.