what does a bankruptcy attorney ask in a consult

Here are some examples we recommend asking during your first in-person consultation: How many years of experience do you have handling bankruptcy cases such as mine? Does your firm provide fee payment plans for clients filing Chapter 7 bankruptcy as well as Chapter 13?

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How do I choose a bankruptcy 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 …

Why hire an experienced bankruptcy attorney?

Jun 09, 2020 · List of debts – Chances are, if you’re filing for bankruptcy, you’ve got several debts. What you definitely have to do prior to a bankruptcy consultation is prepare a list of all your debts, which may include medical bills, vehicle loans, credit cards, personal loans, mortgages, as well as any other outstanding loans you may owe.

Is filing for bankruptcy difficult?

Five Questions to Ask a Bankruptcy Attorney. It's okay to have more than five questions, but be sure to cover these basics. Question 1: Will I be able to erase all of my debt in bankruptcy? The lawyer will explain that you'll be able to "discharge" or eliminate credit card balances, medical and utility bills, personal loans, back rent, and more in bankruptcy.

What should I do/not do before my bankruptcy case is completed?

Dec 15, 2017 · A good bankruptcy attorney will not try to “steer” you in the direction of bankruptcy, and the meeting may very well end with your attorney recommending that you hold off filing or that you completely forego the bankruptcy process altogether. Any good consultation will focus on your assets and how best to protect them as well the dischargeability of your debts.

What should I take to a bankruptcy consultation?

What Should I Bring When Meeting With a Bankruptcy Lawyer?All financial documents, including bank account statements, receipts for major purchases, wage statements, and tax returns;A list of your creditors that you owe money, and their contact information, account numbers, and how much money you owe each one;More items...•Dec 1, 2020

What questions should I ask bankruptcy lawyer?

If you're looking for a bankruptcy attorney, getting answers to these five questions will help you make the right choice.Should I file for Chapter 7 or 13?Will I erase all of my debt?Can I keep all of my property?What does the bankruptcy process involve?How much will filing for bankruptcy cost?

Should you seek legal advice when filing for bankruptcy?

Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes.

What paperwork do you need for Chapter 7?

Documents You'll Need to Complete Chapter 7 Forms tax returns (the last two years) current investment and retirement statements. current mortgage and car loan statements. home and car valuations (printouts from online sources work)

What should you not do before filing bankruptcy?

Here are common mistakes you should avoid before filing for bankruptcy.Lying about Your Assets. ... Not Consulting an Attorney. ... Giving Assets (Or Payments) To Family Members. ... Running Up Credit Card Debt. ... Taking on New Debt. ... Raiding The 401(k) ... Transferring Property to Family or Friends. ... Not Doing Your Research.

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 are the do's and don'ts of bankruptcy?

Don't run up debts immediately before filing bankruptcy. Incurring debts prior to bankruptcy could result in those debts not being discharged. Worse yet, the court may deny your bankruptcy altogether! Don't use a non-attorney "bankruptcy preparer" unless you have completely researched all relevant legal issues.

What is the means test for Chapter 7?

The bankruptcy means test determines whether you're eligible for Chapter 7 bankruptcy. The bankruptcy means test determines who can file for debt erasure through Chapter 7 bankruptcy. It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts.

What is the difference between Chapter 7 and Chapter 13?

The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.

What do I need to bring to a bankruptcy consultation?

Preparing for a bankruptcy consultation, no matter if you’re within the Southern District of California Department of Justice, or within another place of jurisdiction, mostly boils down to preparing the same important documentation to bring to your initial consultation:

What else can I do to prepare for a bankruptcy consultation?

Now, besides preparing all of the documentation that is extremely important for your case and which allows your bankruptcy attorney to have the perfect insight into your financial troubles, there are two other things you can do in order to prepare for a consultation with your bankruptcy attorney:

How to evaluate an attorney?

Once you've spoken to an attorney about your case, think about the experience. Consider these questions as you evaluate whether to hire the attorney: 1 Did you understand the attorney? Did the attorney explain things in clear language you could follow? 2 Did the attorney's strategy make sense to you? 3 Did the attorney listen to you carefully and respond thoughtfully to your questions? 4 Did you like the attorney? You should feel that the attorney is on your side and will actively protect your interests. If the attorney was condescending, rude, or distracted, it's probably best to keep looking.

How much does it cost to file for bankruptcy?

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.

Can you use Chapter 7 or Chapter 13?

This requirement -- called the means test -- is intended to force filers who can afford Chapter 13 to use it. When you talk to a bankruptcy attorney, the attorney should be able to tell you whether you can use Chapter 7. If you can choose between Chapter 7 and Chapter 13, the lawyer should explain the pros and cons of filing each chapter.

How long is a bankruptcy consultation?

The initial bankruptcy consultation is a first meeting, usually lasting between 30-60 minutes, in which your bankruptcy attorney gets a feel for the financial issues you are confronting and how best to address them. A good bankruptcy attorney will not try to “steer” you in the direction of bankruptcy, and the meeting may very well end ...

What is the job of a bankruptcy trustee?

The trustee’s job is essentially to hunt for equity you have in property to determine whether there is anything to sell off to satisfy some of your creditors’ claims. Only what is called non-exempt equity is subject to sale.

Is credit card debt unsecured?

LAWYER: The good news is that credit card debt is classified as unsecured debt, generally the easiest to wipe out in a bankruptcy filing. Credit card debt is a common problem we see here on a daily basis, and chapter 7 bankruptcy in particular can provide a nice solution.

Is bankruptcy a debt?

First, many think bankruptcy is all about debt, but it’s really about assets. Subject to your asset picture and exposure in that regard, from what you’ve told me, your debts will likely be dischargeable. However, keep in mind, if we file for you, a bankruptcy trustee will be appointed to your case.

Can a bank foreclose on a home?

The bank will still foreclose on your property to clear title out of your name so that a third party can purchase the home, but no deficiency judgment will arise. Furthermore, debts forgiven in bankruptcy are not taxable events so you won’t receive a 1099 for the amount of forgiven debt.

Does foreclosure affect credit score?

LAWYER: The foreclosure as well as the bankruptcy will not have a positive effect on your credit score. Keep in mind, however, that since you are already behind on the mortgage and credit card bills, it is likely that your credit score has already taken a dive.

Is the process of bankruptcy uniform?

The process is not uniform. Some offices will provide a questionnaire and list of required paperwork prior to the consultation; others will hand it out when you arrive. In either event, be prepared for some document collection as consumer bankruptcy post- BACPA has become quite detailed in its production requirements.

Which Documents Should You Bring Along With You?

Showing up to your in-person consultation empty-handed is a huge mistake. Plus, putting everything on paper can actually help you focus on what debts to discharge or pay down. At a minimum, plan to bring copies of the following documents to show your bankruptcy attorney when you meet:

How to Prepare for Your In-Person Bankruptcy Attorney Meeting

Plan to show up on time and ready to answer your attorney’s questions honestly when you arrive. Your lawyer isn’t going to judge you or your finances. In addition, you won’t owe any money today. Most people feel more confident dressed in the clothes they’d wear either for jury duty or church.

10 Questions To Ask Your Bankruptcy Attorney

In addition, you may wish to “interview” the lawyer before you’re willing to sign anything and retain their services. But what questions should you ask to quickly learn whether or not this bankruptcy attorney’s right for you? Here are some examples we recommend asking during your first in-person consultation:

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 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.