where should a bankruptcy attorney work?

Bankruptcy lawyers work in and out of the court room. 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.

Full Answer

What is the success rate of Chapter 7 bankruptcy?

Success Rate: Given that more than 99% of Chapter 7 cases are discharged, your Chapter 7 bankruptcy will likely be a success (so long as you follow the rules and don't commit fraud). Debt Survival: You may still have to pay certain debts, such as a mortgage lien, child support or alimony, once bankruptcy is over.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

With Chapter 7, those types of debts are wiped out with your filing's court approval, which can take a few months. Under Chapter 13, you need to continue making payments on those balances throughout your court-instructed repayment plan; afterwards, the unsecured debts may be discharged.

What is the downside of filing for bankruptcy?

The downsides to filing for bankruptcy include a damaged credit score, a possible loss of property and difficulties with acquiring loans in the future. The upsides include keeping your property, no longer receiving calls from collections and an opportunity to regain control of your financial life.

What debts are not discharged in bankruptcy?

Examples of other non-dischargeable debts in a Chapter 7 bankruptcy case include:401k loans.Other government debt such as fines and penalties.Restitution for criminal acts.Debt arising from fraud or false pretenses.Debts you intentionally did not include in your bankruptcy forms.Damages related to a DUI accident.

Which is worse on credit Chapter 7 or 13?

Chapter 7 and Chapter 13 bankruptcy both affect your credit score the same – having a Chapter 13 bankruptcy on your credit report will not be any better for your score than a Chapter 7.

What will I lose in Chapter 13?

A Chapter 13 bankruptcy can remain on your credit report for up to 10 years, and you will lose all your credit cards. Bankruptcy also makes it nearly impossible to get a mortgage if you don't already have one.

How long does a Chapter 7 stay on your credit?

10 yearsA Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date. After the allotted seven or 10 years, the bankruptcy will automatically fall off your credit report.

Is Chapter 13 bankruptcy a good idea?

The main advantage to pursuing a Chapter 13 bankruptcy resolution is the fact that this form of bankruptcy generally offers much more flexibility and freedom than a Chapter 7 bankruptcy resolution. Under Chapter 7, you will need to liquidate most of your assets and sell off property to pay a lump sum resolution.

Can I get free help with my bankruptcy case?

Yes, nonprofit legal services offer help to low-income people who either need an attorney to represent them in a bankruptcy case or are handling a...

How long does a bankruptcy stay on your credit report?

A Chapter 7 bankruptcy can stay on your credit report for up to 10 years, while a Chapter 13 bankruptcy may remain on your credit report for up to...

What types of debt can’t be included in a bankruptcy case?

Among the types of debt that can’t be discharged—meaning you’re no longer legally required to pay them—are most student loans, most taxes, child su...

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.

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.

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.

What is the responsibility of a bankruptcy attorney?

For these reasons, one of the responsibilities of your bankruptcy attorney is to know the local rules and filing procedures.

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.

What information do you provide to your attorney?

You'll provide your attorney with all of your financial information, such as income, expense, asset, and debt information . Your lawyer will use it to prepare the official forms and then go over the completed paperwork with you to ensure accuracy.

What type of hearings can an attorney represent you at?

Some common types of hearings you can expect your attorney to represent you at: Chapter 13 confirmation hearings. Chapter 7 reaffirmation hearings, and. any other motion or objection hearings filed by you, your creditors, or the trustee.

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.

We Will Fight to Help You Hold Onto Your Property

In the state of Georgia, the bankruptcy laws were developed to help people get their lives back on track, keeping the property they already own. Typically we can file “no asset” cases for our clients so they can indeed hold onto the property after bankruptcy.

Experience for the Long Haul

You want to work with lawyers who have years of experience. Emory L. Clark co-founded Clark & Washington back in 1983. Over the many years we’ve been in business, we’ve established our position as one of the biggest bankruptcy law firms in the southeastern U.S..

Bankruptcy Professionals Will Work with the Internal Revenue Service On Your Behalf

Your tax documents will figure heavily in a bankruptcy case. There’s no need to fret! Our team will contact the Internal Revenue Service for you to obtain all the files needed to bring your case forward in court.

Our Team Will Get Your Credit Reports the Same Day Requested

Credit reports are a vital source of information and often they contain incorrect details, which our team will quickly set to correct. This is so crucial, that we will obtain your credit records the same day we ask for them. That’s so we can immediately begin working on your case.

Experts at Chapter 7 and Chapter 13 Bankruptcy

You may not be certain which kind of bankruptcy you need. Our experts have been through this for decades in Georgia. For now, know that Chapter 7 bankruptcy gets rid of all your eligible debts, and is often referred to as a liquidation bankruptcy.

In-House Credit Counseling Is Available

When people need to file for bankruptcy, they will be required to undergo credit counseling. For your convenience and to save time, we are happy to offer you our own in-house credit counseling.

Our Team Is With You Every Step of the Way

Keep in mind that your bankruptcy won’t be settled with a single office visit and often involves more than one trip to court. Our attorneys are always ready and available to appear at courtroom dates to represent your case, from the day you first approach us to the day we sort out the details of your bankruptcy.

What are the options for filing bankruptcy?

There are two options when filing personal bankruptcy: Chapter 7 and Chapter 13. While you are considering your options, you might come across one more type of bankruptcy.

What classes do you need to take before filing for bankruptcy?

Before you can file for bankruptcy, you will be required to take a credit counseling class. The goal of that course is help you decide if bankruptcy is right for you.

How much does declaring bankruptcy cost?

A Chapter 7 bankruptcy attorney will charge between $1,000 and $1500. A Chapter 13 attorney will cost between $2,500 to $3,500. These are only estimates.

How long does a Chapter 13 bankruptcy stay on your credit report?

Chapter 13 bankruptcy filings will be on your credit report for seven year. Chapter 7 filings, however, will be kept on your credit report for ten years. It is possible that you will have difficulty borrowing money at a reasonable interest rate or obtaining money. It is possible that you have difficulty getting a rental property approved.

What happens to your debts when you file bankruptcy?

Your debts will be either restructured or completely wiped out when you file bankruptcy. This means that you won’t have any to pay. The process varies depending upon the bankruptcy chapter you file.

What is Chapter 15?

Chapter 15 of the United States Bankruptcy Code is a relatively new chapter. Its purpose is to promote collaboration between international and US courts in the event of a foreign company declaring bankruptcy.

What is Chapter 7 bankruptcy?

Chapter 7 is personal liquidation bankruptcy. Chapter 7 is a personal liquidation bankruptcy. The trustee appointed by the court to manage your assets will pay all of your obligations.