what do i need to give my attorney for bankruptcy

A good bankruptcy attorney will give you peace of mind if they provide at least these four things:

• An initial consultation – usually free! – to get an overview of your case
• Advice on options available, including what type of bankruptcy to file
• Completed paperwork necessary for filing bankruptcy
• Representation when the case goes to court.

Full Answer

How do I prepare myself for bankruptcy?

How to Prepare for BankruptcyTalk to a Lawyer. We know what you're thinking: you're lawyers, so of course you would tell me to talk to a lawyer! ... Consider Transferring Bank Account Funds. ... Cancel Automatic Payments. ... Budget, Budget, Budget. ... Assemble Your Paperwork. ... Go to Credit Counseling. ... Contact Our Bankruptcy Attorneys.

What gets forgiven in bankruptcy?

Chapter 7 bankruptcy erases or "discharges" credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months.

Do you have to list everything in a bankruptcy?

In many Chapter 7 bankruptcies, the filer can claim all property as exempt, and the trustee takes nothing. But, even so, everything you own must be listed in your bankruptcy schedules. (Learn more about the information you'll disclose when completing the bankruptcy forms.)

How can I file bankruptcy without losing everything?

In bankruptcy, you'll protect property you need to work and live with bankruptcy exemptions. Nonexempt property—usually luxury items—is either lost in Chapter 7 or kept and paid for through the Chapter 13 repayment plan. You won't lose all of your property when you file for bankruptcy.

What debt doesn't go away with bankruptcy?

Child support and alimony obligations survive bankruptcy, so you'll continue to owe these debts in full, just as if you had never filed for bankruptcy. And if you use Chapter 13, you'll have to pay these debts in full through your plan.

What debts Cannot be discharged in bankruptcy?

Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.

What assets can be seized in bankruptcy?

Only assets that are owned by the debtor at the time of filing are included in the bankruptcy estate and considered for liquidation. Those who hide or deliberately fail to report assets from the bankruptcy case risk having their bankruptcy discharge petition denied or revoked.

What is considered an asset for bankruptcy?

Everything you own or have an interest in is considered an asset in your Chapter 7 bankruptcy. In other words, all your belongings are “assets” even if they're not really worth much. That doesn't mean that the bankruptcy trustee will sell everything you have, though.

What do you lose when you file Chapter 7?

A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.

Will I lose my car in Chapter 7?

If you file for Chapter 7 bankruptcy, you can use your state's motor vehicle exemption to protect the equity in your car, truck, motorcycle, or van. But if the exemption amount doesn't fully cover the vehicle's equity, the bankruptcy trustee can take your car in Chapter 7.

How much do you have to be in debt to file Chapter 7?

Again, there's no minimum or maximum amount of unsecured debt required to file Chapter 7 bankruptcy. In fact, your amount of debt doesn't affect your eligibility at all. You can file as long as you pass the means test. One thing that does matter is when you incurred your unsecured debt.

How long after a Chapter 7 can I buy a house?

During a Chapter 7 bankruptcy, a court wipes away your qualifying debts. Unfortunately, your credit will also take a major hit. If you've gone through a Chapter 7 bankruptcy, you'll need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan.

What happens during bankruptcy discharge?

A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.

How often is Chapter 7 denied?

Frequency of Denial While some Chapter 7 bankruptcy cases are kicked out of court before discharge, statistics indicate that this isn't the norm. According to the U.S. Courts website, when Chapter 7 cases are correctly filed, they result in a successful discharge of debts more than 99 percent of the time.

Do creditors ever object to Chapter 7?

Most bankruptcy cases pass through the bankruptcy process with little objection by creditors. Because the bankruptcy system is encoded into U.S. law and companies can prepare for some debts to discharge through it, creditors usually accept discharge and generally have little standing to contest it.

Do creditors show up at 341 meeting?

The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. At the 341 hearing, creditors have the right to ask you questions under oath about your bankruptcy papers and financial affairs. But in most cases, creditors rarely attend 341 hearings.

What documents do you need to file for bankruptcy?

If your bankruptcy is business bankruptcy, you may need to bring additional documentation, including company balance sheets, budget reports, financial statements, and a list of company property;

Why is it important to contact a bankruptcy lawyer?

Frequently, the debtor will forget a piece of information necessary to complete the bankruptcy, that is why it is very important to contact a qualified bankruptcy lawyer if you have any questions.

How Long Does Bankruptcy Take?

Depending on the type of bankruptcy you wish to file, the length of time it takes for the process to be completed from start to end vaires. Generally, a Chapter 7 bankruptcy takes less time to complete then a Chapter 13 bankruptcy. A Chapter 7 bankruptcy eliminates all of your debt without a repayment plan necessary. While a Chapter 13 bankruptcy takes more time because it requires a structured repayment plan.

Why is bankruptcy considered a document intensive process?

When considering all the different types of legal proceedings, bankruptcy can be one of the most document intensive. This is because whether a bankruptcy is recognized by the courts is based on the value of the debtors assets compared to the amount of debt owed to other creditors.

Why is it important to have a bankruptcy attorney?

Because filing for bankruptcy is a complex legal claim, finding the right bank ruptcy attorney is important. A bankruptcy attorney will help you decide whether or not to file for bankruptcy, and what type of bankruptcy you should file. Additionally, if you decide to file, an attorney can help ensure that your property is protected, ...

How to organize before filing for bankruptcy?

One way debtors organize, before filing a bankruptcy, is creating a bankruptcy document checklist. Another common way is to suggest a list of questions to ask a bankruptcy attorney. Both of these methods are effective, because a bankruptcy attorney needs to review the person’s financial background thoroughly before determining whether filing for bankruptcy is a credible legal option. After the decision to file has been made, even more documents may be required in order to determine what type of bankruptcy is necessary.

What personal property items are subject to repossession?

Any large personal property items that you might have a lien on or be subject to repossession, including; motor vehicles, expensive jewelry, leisure items, major appliances, and electronic gaming equipment;

What number do you file a debtor form with?

Individual debtors will file forms that begin with the number 100, while non-individuals will file forms beginning with the number 200. Thankfully, though, most of these documents can wait to be produced during the retainer and filing process, and need not be brought to the initial consultation. While debtors certainly are able to file ...

What was the burden of bankruptcy in 2005?

One of the biggest burdens under the “new” bankruptcy law that was forced upon debtors and their attorneys in 2005 was the requirement to produce volumes and volumes of documents. In addition to the formal schedules and statement of affairs, you’ll need to get together a lot of paperwork to file bankruptcy. One nationally known attorney ...

How much does it cost to take credit counseling?

DO take your Credit Counseling course, online or over the phone. This takes an hour and costs about $25. You must take this before you can file a case, with very few exceptions.

What to do if you aren't sure about something?

If you aren't sure about something, contact your attorney for guidance. There are also some things you should avoid doing. If you find you've already done some of the things to avoid, let your attorney know right away. If you try to undo your actions, you could actually make the situation worse.

Can you transfer money to family without a lawyer?

DO NOT transfer any assets (real estate, car, money, or anything of value) to family or friends, without first contacting your attorney. You may be able to do so, but certain requirements must be met or your family and friends can be affected.

Can you ignore a lawsuit?

DO NOT ignore any lawsuit that's filed, even if it does not have a case number on it. Provide a copy to your attorney right away.

Can a bank close your account if you file bankruptcy?

The bank may close your account when you file bankruptcy, so it's a good idea to already have a new bank account set up when you file. DO refer collection calls to your attorney, once you have retained one. You are free to speak with your creditors, but you retained an attorney for a reason.