what are the questions asked by bankruptcy attorney that are recorded

What questions do you ask a bankruptcy lawyer?

Jul 24, 2020 · Reviewing the facts with a knowledgeable attorney is also one of the best ways to make sure that you avoid any errors that could end up jeopardizing your bankruptcy case. 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.

Why should you hire a bankruptcy attorney?

Here are examples of possible questions: Are you currently working, and, if so, who employs you? How much were you making when you applied for credit? Did you provide accurate information when you applied for credit? Did your income change after you received credit? When did you first realize that you were unable to pay your bills?

What to ask a bankruptcy attorney?

May 17, 2020 · Bankruptcy law requires you to file a certificate of completion within 60 days after the creditors meeting or you will not receive the discharge that you seek, getting rid of your debts. More frequently asked questions about bankruptcy and bankruptcy facts here. Additional bankruptcy law on exemptions.

How does someone get the best bankruptcy attorney?

Quick answers to common bankruptcy questions. Covering chapter 7 and chapter 13 basics and even some FAQ about credit, attorneys, and avoiding foreclosures.

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 are asked in a 341 meeting?

State your name and current address for the record. Please provide your picture ID and Social Security number card for review. signature your own?

What does a bankruptcy trustee look for?

In addition to making sure that your paperwork is accurate and complete, the trustee will be on the lookout for omitted or undervalued assets, undisclosed income, fraudulently transferred property, and any other red flags that can benefit your creditors or indicate abuse of the bankruptcy process.

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

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 can you not do after filing bankruptcies?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt. Wage garnishments must also stop immediately after filing for personal bankruptcy.Oct 2, 2021

Does a bankruptcy trustee monitor your bank account?

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 far back does bankruptcy look at bank accounts?

Your bankruptcy trustee can ask for up to two years of bank statements. The trustee will look at your statements to verify your monthly payments to make sure they match the expenses you put on your bankruptcy forms.Dec 6, 2021

Does a bankruptcy trustee investigate?

For instance, Bankruptcy Rule 2004 authorizes the bankruptcy trustee to examine: the acts, conduct, property, liabilities or financial condition of the debtor. any matter which may affect the administration of the bankruptcy estate, or. any matter which may affect the debtor's right to a discharge.

How far back can the bankruptcy trustee Look for preferential transfers?

The look-back period, or period of time that the trustee can go back to unwind these transfers, is ninety days for general creditors and one year for insiders (relatives or someone with a close or influential relationship with you—see more below).

Can bankruptcy trustee take assets after discharge?

If the trustee finds hidden assets, the trustee can ask the court to revoke or take back your discharge. The trustee can do this at any time before the case closes or, even after, up to one year after the discharge date.

Can a bankruptcy trustee ask for receipts?

Yes. The strict answer is that a trustee has broad authority to ask for any kind of information that will "prove up" your expenses.

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 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 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.

How long does it take to get discharged from Chapter 7?

A Chapter 7 bankruptcy follows a fairly short timeline – you could potentially receive your discharge in a few months. Because Chapter 13 includes a payment plan, the process could last up to five years.

Can bankruptcy be your only option?

Don’t assume that bankruptcy is your only option. A good attorney will take the time to go over your situation from every angle. If it seems like you have other avenues to explore, such as credit counseling, they should explain them in detail. You can also ask about life after bankruptcy to get an idea of how difficult it may be to buy a house, get a personal loan, or rebuild your credit.

How to prevent a creditor from losing money?

A creditor in the unenviable position of losing money can prevent it in one of two ways: find money that can be distributed to creditors or prove that the filer committed fraud. Of course, a creditor doesn’t want to waste time and money if there’s no possibility of being paid. So, some creditors will come to the meeting ...

What happens after you take an oath?

After you take an oath promising to give truthful testimony under penalty of perjury, creditors in attendance will have the opportunity to ask you questions about your personal and business finances, and assets.

How long does bankruptcy stay on your credit report?

The better your credit before bankruptcy, the harder the hit you'll take. Chapter 7 will stay on your credit report for 10 years, Chapter 13 for 7 years. 33.

How much does it cost to file Chapter 13?

GOOD ANSWER: For Chapter 13, the federal filing fee is $274 and attorney fees could run $2,000 to $3,000. For Chapter 7, the federal filing fee is $299 and attorney fees could run from $1,000 to $2,500.

Does bankruptcy give you a fresh start?

GOOD ANSWER: Bankruptcy gets creditors offer your back, allows you to keep some of your assets under certain circumstances and, generally, gives you a fresh start. 34.

Does bankruptcy affect credit score?

BAD ANSWER: Bankruptcy shouldn't affect your credit score much at all. GOOD ANSWER: The higher your credit score before bankruptcy, the harder the hit you'll take. If your score is already poor, you probably won't see as dramatic of a drop. 48.

Is filing for bankruptcy stressful?

Last Updated: October 2, 2017. As though filing for bankruptcy isn't stressful enough, you're further challenged with finding a competent bankruptcy attorney you can trust. Naturally, it can be overwhelming, but it need not be difficult. It will most likely be a totally unfamiliar process and can be confusing and stressful.