what is a bankrupcy attorney

A bankruptcy lawyer specializes in giving legal advice to a client about bankruptcy, prepares legal documents for the client and represents the client in court. An attorney must hold a law degree and be licensed in the state where they do business. As your guide through the bankruptcy process, a lawyer can advise you about matters such as:

Full Answer

How do I find a good bankruptcy attorney?

An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13. At the outset, a bankruptcy attorney is there to counsel you on the bankruptcy process and whether it is right for you. They serve to help you take a critical look at your debts and assets …

How do I choose a bankruptcy attorney?

Feb 24, 2022 · A bankruptcy lawyer specializes in giving legal advice to a client about bankruptcy, prepares legal documents for the client and represents the client in court.

How do you become a bankruptcy attorney?

Jan 14, 2013 · Bankruptcy attorneys are lawyers who assist bankruptcy filers throughout the bankruptcy process. Learn more about what they do and hiring one.

How does someone get the best bankruptcy attorney?

Bankruptcy Attorneys Make Order Out of the Chaos of Financial Failure. The goal of bankruptcy attorneys is to guide clients through that process while maintaining order and coming to arrangements that make the best of a bad situation. It’s not an easy task, and a strong familiarity with the nearly 500 pages of the Bankruptcy Code is essential.

What do bankruptcy firms do?

When a business files for bankruptcy, it typically files for Chapter 11 protection that allows it to keep the doors open and do business while attempting to negotiate its financial obligations and restructure its debt. A reorganization plan is filed by the debtor that might include trimming of personnel and expenses.Mar 30, 2021

How long does it take to file bankruptcy?

about four to six monthsA Chapter 7 bankruptcy usually takes about four to six months from filing to final discharge, as long as the person who's filing has all their ducks in a row. There are a lot of moving parts to filing for Chapter 7 bankruptcy, and missing or delaying any one of them can slow down or stop the process.

What type of debt Cannot be discharged through bankruptcy?

The following debts are not discharged if a creditor objects during the case. Creditors must prove the debt fits one of these categories: Debts from fraud. Certain debts for luxury goods or services bought 90 days before filing.Apr 7, 2021

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

How do I get a bankruptcy attorney?

A good bankruptcy attorney will give you peace of mind if they provide at least these four things: 1 An initial consultation – usually free! – to get an overview of your case 2 Advice on options available, including what type of bankruptcy to file 3 Completed paperwork necessary for filing bankruptcy 4 Representation when the case goes to court.

What does bankruptcy do?

The word bankruptcy is so fraught with negative images that consumers tend to forget the real purpose behind filing: A) It provides protection from creditors; and B) It offers relief from some, or maybe even all debt obligations. And that is exactly what a bankruptcy lawyer should do: Protect your assets from debt collectors ...

How do you know if you are going bankrupt?

Some of the obvious signs that bankruptcy might be in your future include: You only make minimum monthly payments on overdue bills. Your credit cards are maxed out and debt is growing, not shrinking each month. You use credit cards to pay every day expenses like groceries, rent or utilities.

Who is Bill Fay?

Bill “No Pay” Fay has lived a meager financial existence his entire life. He started writing/bragging about it in 2012, helping birth Debt.org into existence as the site’s original “Frugal Man.” Prior to that, he spent more than 30 years covering the high finance world of college and professional sports for major publications, including the Associated Press, New York Times and Sports Illustrated. His interest in sports has waned some, but he is as passionate as ever about not reaching for his wallet. Bill can be reached at [email protected].

Can you file a Chapter 13 without a lawyer?

In a Chapter 13 case, things can get tricky. Not only must you meet with the Chapter 13 trustee, but you must present a Chapter 13 Plan which will be accepted by the Court. This is the part where most people struggle when filing without a lawyer.

How much does a bankruptcy lawyer charge?

The standard rate for a Chapter 7 bankruptcy is $1,500 and $3,500 for Chapter 13.

Can a Chapter 7 trustee sell your house?

Not only that, completing the paperwork incorrectly can have disastrous results. It’s entirely possible that the Chapter 7 trustee can sell your house because of a paperwork error! Those types of mistakes do not typically occur when using an attorney, but occur frequently for people filing on their own.

How to become a bankruptcy lawyer?

You also have to have accumulated a certain amount of experience in the field, including: 1 Have been a full-time lawyer for at least 5 years 2 Have spent at least 30 percent of hours, amounting to no less than 400 total, in the past three years in bankruptcy work 3 Have participated in at least 30 adversarial contests in bankruptcy

What do bankruptcy attorneys do?

Bankruptcy attorneys work on both sides of the table, helping debtors manage their obligations and representing creditors who are owed compensation get the maximum return on their interests.

How many pages are there in the bankruptcy code?

It’s not an easy task, and a strong familiarity with the nearly 500 pages of the Bankruptcy Code is essential.

Is bankruptcy bad for you?

A personal bankruptcy is bad enough, but it usually comes on the heels of something even worse… an illness or death in the family, a failed career, a divorce. Even in business bankruptcies, practiced by professional executives, feelings of failure and worries about becoming unemployed are common.

What is bankruptcy certification?

Bankruptcy is a highly specialized area of legal practice, so there has been demand from the legal community to offer standardized certification to ensure that attorneys have the right qualifications to handle bankruptcy work reliably and competently.

How do bankruptcy lawyers work?

Out of the court room, they advise their clients in the complexities of bankruptcy laws and counsel them in reducing their debt load by liquidating assets and paying creditors. Or, they may work on the side of creditors, attempting to extract as much money owed as possible from their debtors.

What is the process of filing for bankruptcy?

The process of filing for bankruptcy can be a lengthy and emotional undertaking. A bankruptcy lawyer must handle their client’s affairs with seriousness and delicacy since so much is at stake. Skills in analysis, negotiation, and math are all great assets in this field.

Definition of Bankruptcy Law

Bankruptcy is a legal procedure initiated by an individual or a business that cannot pay their debts and seeks to have the debts discharged or reorganized by the courts.

Terms to Know

Bankruptcy Petition - The document filed with the U.S. Bankruptcy Court that initiates a bankruptcy proceeding; usually contains the debtor's assets, debts, and other liabilities

Other Considerations When Hiring a Bankruptcy Lawyer

Although most lawyers are free to request permission to practice in U.S. Bankruptcy Court, effectively representing bankruptcy clients requires thorough knowledge of the U.S. Bankruptcy Code.

How to file for bankruptcy?

First, you can expect your attorney to tell you whether filing for bankruptcy would be in your best interest. If it is, you should also learn: 1 whether Chapter 7, Chapter 13, or another type will help you achieve your financial goals 2 what you can expect during the bankruptcy process, and 3 whether your case involves any particular difficulties or risks.

What to expect during bankruptcy?

Most importantly, if you have any questions, you can expect your attorney to respond to your calls or emails promptly.

Is bankruptcy easy to handle?

Expect Competence From Your Bankruptcy Lawyer. Not all bankruptcy cases are complicated, but they aren't all easy, either. Either way, your bankruptcy lawyer should have the skill level necessary to handle your case. In general, the difficulty of your bankruptcy will depend on: the involvement of bankruptcy litigation.

What is the mandatory hearing for bankruptcy?

After filing for bankruptcy, all debtors must attend a mandatory hearing called the 341 meeting of creditors. But, depending on your case, you (or your attorney) might need to go to additional hearings. Some common types of hearings you can expect your attorney to represent you at: Chapter 13 confirmation hearings.

What is a retainer agreement?

In general, your retainer agreement (the contract you and your attorney sign) will outline the services your bankruptcy attorney will provide . Your attorney's job is also to provide you with competent advice throughout the bankruptcy process.

Can an attorney text you?

Attorneys have the option, but are not required, to send text messages to you. You will receive up to 2 messages per week from Martindale-Nolo. Frequency from attorney may vary. Message and data rates may apply. Your number will be held in accordance with our Privacy Policy.

What do bankruptcy attorneys do?

Almost all bankruptcy attorneys have specialized software that prepares and files your required bankruptcy paperwork with the court. You'll provide your attorney with all of your financial information, such as income, expense, asset, and debt information.

How much does a bankruptcy attorney charge?

There is no “right” amount a bankruptcy attorney should charge, although generally a Chapter 13 filing will cost more than a Chapter 7. Fees vary from case to case and from one state to another. You can expect to pay between $500 and $3,500 for a Chapter 7 and between $1,500 and $6,000 for a Chapter 13, LaBert says.

Does bankruptcy make sense?

Bankruptcy may make sense if you are unable to repay debts as you cover obligations such as retirement, food and shelter. Free Credit Score. by NerdWallet. A better score can help unlock the things you want — like a great travel credit card, better interest rates, lower insurance premiums and more.

Ways a bankruptcy attorney can aid your case

Some ways that a bankruptcy attorney could prove worthy of their hiring include:

1. Look for a specialist

Lawyers practice in multiple areas and your best bet would be to go with someone who expressly specializes in bankruptcy law. Attorneys who dabble in a little of everything are likely not aware of the granular aspects of bankruptcy law or up to speed with the latest legal developments in this area of practice.

2. Choose an attorney with adequate experience

Ask about an attorney’s level of experience. It’s not necessarily the case that someone with more years of experience is always better equipped than someone with fewer years of experience. What matters is the number of bankruptcy cases they have successfully handled.

3. Focus on bankruptcy attorneys with local expertise

Besides being familiar with bankruptcy laws, the attorney should be familiar with the local laws of the court where your bankruptcy case will be filed. Bankruptcy procedures tend to vary from locality to locality. That’s why you should look for a bankruptcy attorney who has practiced in your filing locality.

4. Avoid bankruptcy mills

There are so-called “bankruptcy mills” that handle large numbers of cases without focusing on the specifics of each client’s case. Avoid attorneys with such an assembly line approach.

5. It comes down to your comfort level

At the end of the day, you should go with a bankruptcy attorney that you feel comfortable with. Look for someone who will listen to you and get the specifics relating to your case to best understand your situation and represent you.