You should bring to your first meeting with your bankruptcy attorney a list of all your debts that may not appear on a credit report, such as medical bills, personal loans, etc., otherwise, just a general awareness of your outstanding debts will suffice.
Mar 16, 2021 · In order to obtain the best possible advice, you must prepare for your initial meeting with a lawyer. Do Not Feel Embarrassed Or Shy. It is not uncommon to feel ashamed or timid about revealing your financial struggles to someone you just met. However, bankruptcy attorneys are used to dealing with clients with similar or even more debt than you.
This information is vital to your attorney’s ability to assess your financial situation and convey it properly to your creditors and to the bankruptcy court. When you consult a bankruptcy attorney you should be prepared to provide the following documents: Photo ID and social security card; The last six months of pay check stubs.
Feb 20, 2018 · Without a doubt, the most important time you will meet with your bankruptcy attorney is the first time you meet with your bankruptcy attorney. During that first meeting, you, the potential new client, and the attorney should develop a rapport, outline goals and expectations, and review solutions. A thorough, productive first meeting will lay the …
Mar 17, 2020 · Here’s what you need before you contact your bankruptcy attorney. Prepare for your initial consultation. When you first meet with your attorney, he’ll want to gather information to help him determine the most appropriate type of filing for our specific scenario. Be prepared to answer the following questions. Why are you filing for bankruptcy? What do you hope to …
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
The first step to prepare for bankruptcy is to gather proof of your income. Copies of your tax returns and copies of proof of income for the past six months are required when you file a Chapter 7 case. To prepare for bankruptcy under Chapter 7, you must complete the Chapter 7 Means Test.Sep 3, 2020
The pre-filing bankruptcy course can be done at any time within six months of filing the bankruptcy petition. Typically, I will prepare the petition and send it to the client for review.
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)
Avoid withdrawing cash. If you withdraw large amounts of cash before filing bankruptcy be prepared to have receipts for every single dollar you spent. Otherwise, it'll be hard to prove to the trustee that you don't still have the cash.Oct 1, 2021
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.
You can typically work to improve your credit score over 12-18 months after bankruptcy. Most people will see some improvement after one year if they take the right steps. You can't remove bankruptcy from your credit report unless it is there in error.Jun 30, 2021
Spending Limits Chapter 7 is not chapter 13, and it does not offer a repayment plan that you have to follow for years. This means that you do not have required monthly payments you must make to the bankruptcy estate. You can walk away from all debts you incurred before the date you filed.
As soon as you file your Chapter 7 bankruptcy, you are given a case number and a bankruptcy trustee is assigned to your case. The bankruptcy trustee will oversee your bankruptcy filing, will review your bankruptcy forms, and may ask for additional documents to verify your information.Oct 1, 2021
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.
Your bankruptcy attorney is going to do most of the work; that’s why you hire them. But by taking steps to prepare information about your assets, debts, and income before your first meeting , you’ll likely have a productive first meeting with your attorney and lay the foundation for excellent representation.
Oddly enough, of the three things, assets, debts , and income, your bankruptcy attorney will likely spend the least amount of time discussing your debts . At this stage, the character or type of each debt is more important than the balances. The bankruptcy code sorts debts into three broad categories: secured debts , priority unsecured debts , and general unsecured debts.
Priority unsecured debts are those that do not have a piece of property attached to them (like a secured debt), but which will not be discharged or eliminated in a bankruptcy. These include certain tax debts and child support arrears.
Secured debts are those that have a piece of property attached to them as collateral . If you default on those debts, the creditor not only has the right to enforce the debt against you, personally, but may also have the right to enforce the debt against a piece of property, like a house or a car.
The bankruptcy code says if you make too much money, you might have disposable income available at the end of each month to pay something to your general unsecured creditors. That is one reason you may be ineligible for relief under Chapter 7 and may only be able to seek relief under Chapter 13.
Speaking of general unsecured creditors, the amounts generally do not matter because, with certain exceptions, they will all be eliminated under Chapter 7 bankruptcy. The amount you may be required to pay back in a Chapter 13 is more often determined by your income rather than the amount of debt you have.
A bankruptcy attorney will ask you why you're considering filing for bankruptcy and determine whether filing for Chapter 7 or Chapter 13 bankruptcy will help you solve your financial problem.
Most people show up in an attorney’s office because they need help with one of a small number of problems— and the attorney will be aware of this pattern. For instance, when a bankruptcy attorney asks you what prompted you to call, it’s likely that you’ll say that your debts are piling up and that the stress is becoming unbearable. But you could be facing one of the following situations, too, and if you are, the lawyer will want to know about it because it will require quick attention:
Preparing for the Attorney’s Questions. Most people show up in an attorney’s office because they need help with one of a small number of problems— and the attorney will be aware of this pattern. For instance, when a bankruptcy attorney asks you what prompted you to call, it’s likely that you’ll say that your debts are piling up and ...
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a copy of your social security card. Most lawyers will ask you to complete a lengthy bankruptcy questionnaire, as well. If you can, get it before your meeting and bring a completed copy with you.
In order to help you best, your bankruptcy lawyer will need to know about your life and finances. They will want to know what has brought you to consider bankruptcy , such as credit card debt, difficulty paying a mortgage, medical bills, and so on. They might also ask: If you’re married. If you have children. How much money you and your spouse make.
Many clients also find themselves getting emotional during their first meeting with a bankruptcy lawyer. You might feel loss, anxiety, sadness, anger, fear, or even relief. Your lawyer understands that it’s natural to feel emotions as you start your bankruptcy journey, so don’t feel ashamed if they come up during your first meeting.
At your free bankruptcy consultation, you’ll meet your bankruptcy lawyer for the first time and share information about your financial situation and goals. Your attorney will use that information to determine if bankruptcy is right for you, and if so, what type. In order to get the best advice possible, you should prepare for your first meeting ...
First, you’ll need to assemble the appropriate documents to show that you’re a suitable candidate for bankruptcy. Whether you’re contemplating a Chapter 7 or a Chapter 13 bankruptcy, here’s what you’ll be needing in your first meeting with your bankruptcy attorney.
Any person who files for Chapter 7 liquidation or Chapter 13 reorganization is required to be present at a hearing pursuant to section 341 of the U.S. Bankruptcy Code.
First and foremost, confirm that the person you are meeting with is indeed an attorney and not a secretary or paralegal. It is against the law for them to give legal advice.
The most important, mandatory documents to bring to your initial bankruptcy consultation are a list of your outstanding debts and a list of your assets, focusing on major assets, such as houses, cars, boats, trailers, timeshares and the like.
If you are thinking of filing for bankruptcy, you are not alone. Lawyers can help you decided whether or not you even need to file a bankruptcy, but if you do, they’ll let you know which chapter would be most appropriate.
If you have a bankruptcy question, or need to file a bankruptcy case, call Ascent Law now at (801) 676-5506. Attorneys in our office have filed over a thousand cases. We can help you now. Come in or call in for your free initial consultation.
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.
DO NOT withdraw funds from your retirement accounts to repay debts without discussing this with your attorney. This is almost always a bad idea. DO NOT transfer any assets (real estate, car, money, or anything of value) to family or friends, without first contacting your attorney.
Your attorney may also ask for copies of bills and collection letters, as well. DO consider opening a new bank account, especially if you do your banking somewhere that you owe money. 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 NOT finance a new vehicle just before filing your case. If you do finance a car, it can mean a delay in filing your case. Speak with your attorney prior to doing this. DO NOT use your credit cards or acquire new debt. Unplanned medical debt may be an exception, as you may not have a choice about incurring the debt.