what is tge role of a bankrupcy attorney

• Review your bankruptcy petition, including financial and tax return documents
• Determine the validity of your exemption claims
• Review and oversee your repayment plan
• Oversee the required meeting of your creditors
• Determine the validity of your creditors’ claims
• See that the condition of property in the bankruptcy estate is maintained

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Full Answer

What does a bankruptcy trustee do?

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 …

What does it mean to file for bankruptcy?

Jul 22, 2020 · By far on of the greatest roles of your bankruptcy attorney is that they can teach you a thing or two. This is not a process that you can successfully navigate without a working knowledge of bankruptcy law, so a reputable attorney is crucial for your peace of mind.

Can bankruptcy lawyers consult with you virtually?

Jul 12, 2019 · An attorney in bankruptcy can determine whether or not the Federal and/or State laws apply to your particular case. They also can help you determine which debts you might be able to show can be discharged, and also what assets you might be able to hold onto. It’s very important that someone filing for the bankruptcy, whether it’s you or your attorney, understand …

What does a Chapter 7 bankruptcy trustee do when selling assets?

Jan 22, 2021 · An experienced bankruptcy attorney can take your income and expenses into consideration and advise you on how much debt you can afford to pay per month to your creditors. A bankruptcy lawyer may be able to alleviate your stress and your financial bind by giving you actionable advice.

Will a Bankruptcy Lawyer Lower My Debt?

Facing the prospects of having to pay off a large portion of your outstanding debt can be difficult. Many times bankruptcy will eliminate most or all of your debts without any repayment by you.

Can a Bankruptcy Lawyer Help Me with a Chapter 13 Repayment Plan?

If you have decided to file for Chapter 13 bankruptcy, you will be required to submit a repayment plan that you will need to pay monthly to the Chapter 13 bankruptcy Trustee. Your creditors will receive a share of this money from the Chapter 13 Trustee..

Is a Bankruptcy Lawyer Worth It?

If you value your time, your peace of mind, and your future, you should consider obtaining an experienced lawyer for your bankruptcy. Hiccups and issues can arise at a moment’s notice during a bankruptcy. Having an experienced lawyer on your side every step of the way can make it incredibly easier to deal with your bankruptcy, headache-free.

What is a court hearing for bankruptcy?

Court hearings are a part of the bankruptcy process, which include a meeting of your creditors. Your bankruptcy attorney will represent you at these hearings and ensure that your best interests are followed. It is important to hire an experienced attorney who is familiar with local court procedures and the bankruptcy trustees in your area. If one of your creditors challenges the bankruptcy filing, it is crucial that your attorney understands your particular case. At Groce & DeArmon, P.C., we have a complete understanding of federal bankruptcy laws, and we will fight for your case as we keep you involved.

Is bankruptcy a complicated process?

Bankruptcy is a complicated process that can be difficult without legal assistance. Important decisions will need to be made even before you file, which can cause stress and anxiety. Whether you are considering filing for chapter 7 or chapter 13, a bankruptcy attorney can guide you through the decision making, paperwork, and procedures. Today, Groce & DeArmon explains the role of a bankruptcy attorney in further detail.

What is a debtor's bankruptcy?

A debtor’s bankruptcy is a threat to the lender’s interest . In some cases, the creditor’s role in a bankruptcy proceeding is simply a matter of procedure. File forms, get in line, and hope for the best. In other cases, the legal questions are far more complex. In such cases, consultation with a creditors’ rights attorney may be warranted to best protect the interest of the lender.

Can creditors overlook the long term consequences of actions?

For the creditor with a larger interest at stake, some of the seemingly routine tasks in a bankruptcy proceeding often carry a much greater import. Since these tasks take place in the context of a standard bankruptcy proceeding without extraneous litigation, creditors may overlook the long-term consequences of actions.

The People Involved

An appropriate place to start is with the different roles of the people involved. Knowing what each person does and how they fit into the big picture gives you a good start at getting a hang of that big picture.

The Debtor

This is what the U.S. Bankruptcy Code calls the person filing bankruptcy. See Section 101 (13) of the Bankruptcy Code. It’s more neutral and less judgmental in tone than the term used decades ago, “bankrupt.”

Creditors

These are the individuals and businesses to which the debtor owes money, or which at least claim that the debtor owes money.

Bankruptcy Clerk

These are the paper pushers who administer the nuts and bolts of bankruptcy cases. Your lawyer will file your bankruptcy petition and other documents (electronically) with the clerk. This office sends you many (but not all) of the important notices and documents about your case.

Bankruptcy Trustee and U.S. Trustee

We’ll focus more attention on the role of the Chapter 7 trustee, Chapter 13 trustee, and U.S. Trustee. For now just be aware that the Chapter 7 and Chapter 13 trustees legally stand in the shoes of your creditors, at least for certain purposes. You and your lawyer work with them in a professional and even friendly fashion much of the time.

Bankruptcy Judge

A bankruptcy judge is assigned to every case. But the judge is someone else you will not likely ever see. You’ll most likely never see the inside of a courtroom in a consumer bankruptcy case. Often the most contact you’ll have with the bankruptcy judge is seeing his or her signature on the official paperwork.

How does a Chapter 7 bankruptcy work?

When a Chapter 7 debtor files for Chapter 7 bankruptcy, the court appoints a bankruptcy trustee to oversee and administer the case. The Chapter 7 bankruptcy trustee is responsible for the following things: 1 reviewing the bankruptcy petition and supporting documents 2 examining the debtor, and 3 selling property for the benefit of your creditors.

What is required to file for bankruptcy?

In these documents, you'll disclose personal and financial information about your debts, property, income, and the state of your financial affairs. Also, you'll likely have to send the bankruptcy trustee things that will substantiate the information you provide in your paperwork, such as pay stubs, tax returns, and information about your assets.

How long after filing bankruptcy do you have to attend creditors meeting?

Examining the Chapter 7 Debtor. Approximately a month after you file your case, you must attend the 341 meeting of creditors in front of the bankruptcy trustee. Although your creditors ask you questions during the hearing, unless they feel that you are hiding assets, creditors rarely attend these hearings. The bankruptcy trustee's job is ...

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 does a trustee do in bankruptcy?

The trustee receives a small fee for examining your paperwork and a percentage of any assets sold. This payment structure gives the trustee incentive to carefully scrutinize the debtor's property, including any property sold or transferred before the bankruptcy filing.

Can bankruptcy erase stimulus checks?

If you're one of the millions laid off due to COVID-19, bankruptcy can erase bills while keeping most retirement accounts intact. And you don't need to worry about losing your stimulus funds—the new bankruptcy "recovery rebate" law protects stimulus checks, tax credits, and child credits. Bankruptcy lawyers will consult with you virtually, ...

What powers does a bankruptcy trustee have?

The bankruptcy trustee also has certain powers to avoid any preferential transfers or improperly executed security interests. If you transferred property to someone else or paid back certain creditors you prefer over others (such as family members) before filing bankruptcy, the trustee may be able to avoid (undo) these and get the money or property back to distribute it among all your creditors .