why would a bankruptsy attorney be calling me

The reason you’re calling a bankruptcy lawyer is because you need financial help with your debts and because you don’t know how to practice bankruptcy law. Treat your lawyer as your financial doctor and give him the information he requests. Consultations are confidential–even from your spouse–so don’t be afraid to tell your lawyer everything.

Full Answer

What happens if debt collector contacts you after bankruptcies?

You should also let your attorney know that you have been contacted by a debt collector. Once the debt is discharged by the bankruptcy court, the discharge permanently bars the creditor or debt collector from collection of the debt.

How are creditors notified of bankruptcy?

The Bankruptcy Court notifies your creditors about your bankruptcy filing. The most common way that creditors find out about the bankruptcy filing is from a letter directly from the Clerk of the United States Bankruptcy Court. All creditors listed in your bankruptcy schedules will receive notice of the filing.

Can creditors come after you after Chapter 13?

After you complete all plan payments, any remaining qualifying balances get wiped out. Creditors can no longer come after you to collect those debts.

Do you still owe debt after bankruptcy?

The balance of what you owe is eliminated after the bankruptcy is discharged. Chapter 7 bankruptcy can't get you out of certain kinds of debts. You'll still have to pay court-ordered alimony and child support, taxes, and student loans.

What can you not do after filing bankruptcies?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt.

How long does it take for creditors to be notified of bankruptcy?

How long does it take for creditors to receive notice of my bankruptcy? You and your creditors will receive a notice of the first meeting of creditors by mail within 3-5 days from the date of filing a new case as long as the list of creditors is filed with the case.

What is the 11 word phrase to stop debt collectors?

If you need to take a break, you can use this 11 word phrase to stop debt collectors: “Please cease and desist all calls and contact with me, immediately.” Here is what you should do if you are being contacted by a debt collector.

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.

Can I apply for a credit card while in Chapter 13?

Yes. Credit cards, vehicle loans, and even residential mortgage loans can be obtained during a chapter 13 case. The most difficult of the loans is the mortgage loan but it is possible after the bankruptcy case has been pending for a period of time.

What debts are not discharged in bankruptcy?

Additional Non-Dischargeable DebtsDebts from fraud.Certain debts for luxury goods or services bought 90 days before filing.Certain cash advances taken within 70 days after filing.Debts from willful and malicious acts.Debts from embezzlement, theft, or breach of fiduciary duty.More items...•

What can they take during bankruptcies?

Generally, the types of assets that you can keep in a bankruptcy include:personal items and clothing.household furniture, food and equipment in your permanent home.tools necessary to your work.a motor vehicle with a value up to a certain limit, usually an older vehicle qualifies.certain farm property.

Can I spend money after filing Chapter 7?

Frivolous spending after you file could put your case in jeopardy. Spending money willy-nilly after you file for bankruptcy could appear like fraud and upend your court ruling.

Who is informed when you file bankruptcy?

The only parties who are officially notified when you file for bankruptcy are your creditors, the bankruptcy court, and the Internal Revenue Service (IRS). Creditors can report the filing on your credit record, so it can appear there for a limited time.

Can you threaten a creditor with bankruptcy?

There's no guarantee that threatening to file bankruptcy will stop annoying creditor calls. The only sure fire way to use bankruptcy to accomplish this is actually to file a case. That's when an order called the "automatic stay" goes into effect and prohibits your creditors from making any attempt to collect a debt.

Do creditors show up at 341 Meeting?

The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. At the 341 hearing, creditors have the right to ask you questions under oath about your bankruptcy papers and financial affairs. But in most cases, creditors rarely attend 341 hearings.

Can a city file for bankruptcy?

The Law. Chapter 9 of the U.S. Bankruptcy Code permits municipal governments to declare bankruptcy when they are unable to pay their debt service due to a lack of income, generally due to declining tax revenues.

What is the role of finance lawyers in Chapter 11?

Ali Kelly, meanwhile, emphasizes that “ finance lawyers play a huge role in a Chapter 11, in critical elements of the case: the DIP (Debtor in Possession) loan when you go in, and exit loan when you go out. Many people working for larger firms are listed as finance lawyers, but they mainly do DIP loans.

What is BRR lawyer?

BRR lawyers navigate court proceedings, while also deal-making at breakneck speed, selling off assets, and striking agreements between creditors and debtors. A former BRR lawyer himself, Whistler’s Mat Martin "loves working with BRR attorneys because there is no artifice.

Do BRR attorneys play games?

There are no games: BRR attorneys have to work quickly and efficiently to triage and resolve problems in the hope of saving the business. This straightforward approach leads to mutual respect between attorneys and an incredibly high level of candor, mentorship, and collegiality within the BRR bar.”.

Is bankruptcy a divorce?

Bankruptcy attorneys are not the business equivalent of divorce attorneys. As a bankruptcy lawyer, you might need to prove that you are better qualified than attorneys in other practices for the broad role of a general counsel. “The key is knowing how to sell yourself,” says Ali Kelly.

Will banks become more aggressive after forbearance agreements expire?

It is not difficult to speculate that once forbearance agreements and principal deferrals expire, banks will become more aggressive.”. Bankruptcies will follow, according to Robert Dakis, formerly a bankruptcy partner at a New York firm, now GC at Churchill Real Estate.

Can a business hire a bankruptcy lawyer?

Unfortunately though, many businesses just can’t get their head around recruiting a bankruptcy lawyer. “It was admittedly an obstacle I had to overcome. They think ‘Why do I want a bankruptcy lawyer running my business?’ So change the way they see it,” says Gorman.Ali Kelly’s rebuttal is that “during a Chapter 11 you are effectively functioning as outside general counsel. You see any contract there is: you have a hand in vendor agreements, supplier contracts, customer contracts, and leases. Whether it’s in Chapter 11 or not, it doesn’t matter, you work to get the best terms you can. And all the time you’re weighing the need to bring in experts to advise you. For me that made it a seamless transition to in-house.”

Can debtor side lawyers sell solutions?

There’s a creative hue to the work too. “Debtor-side you can sell solutions to banks that aren’t cookie-cutter,” says Silverman. “For example rewriting debt into performing notes and hope notes.” Creditor-side lawyers meanwhile, benefit from “taking the wheel and steering things,” says Robert Dakis. “ The debtors have to react, and you keep coming at them with strategies. The secured creditors drive the bus; they’re going to get their collateral one way or another.”

What happens if a creditor contacts you after you file bankruptcy?

The court has as much an interest in creditors following the law by not contacting folks in bankruptcy as you do.

What happens if a creditor keeps calling you?

What if the creditor keeps calling even after you provided them with your case number. Generally speaking, creditors know that they are forbidden from contacting you after they have actual notice of a bankruptcy filing and they will stop as soon as they get a case number from you. If a creditor continues to contact you (either by phone, ...

How to update creditor address?

If it turns out that the address on file with the court is incorrect (and that’s why they didn’t know that you filed for bankruptcy), you can update the creditor’s address with the court. Since you are not adding a new creditor (and only changing the mailing address for a creditor you already listed) you will not incur a court filing fee to do so. At that time, you should also send a copy of your bankruptcy notice to the creditor at the correct address, since they never received the first one. Chances are, you will get the undeliverable mail sent back to you; it’s perfectly ok to simply use the notice that was returned as undeliverable and mail that to the correct address.

What is the purpose of automatic stay in bankruptcy?

The whole idea behind bankruptcy protection is to give you a breather from your creditors. That is why the automatic stay goes into effect as soon as your case is filed, and you don’t have to wait for your discharge to be entered, to be protected from creditor action. The Bankruptcy Code contains very specific (and strict) rules about what creditors can do after your bankruptcy case is filed, regardless of whether you filed a Chapter 7 or a Chapter 13 case. The bottom line is that your creditors should not contact you to talk about your debt with them once your petition has been filed with the court.

What happens if a creditor harasses you?

Ultimately, if the court finds that the creditor simply does not care that you filed for bankruptcy and intentionally continues to harass you, the court can sanction (or legally punish) them. Contact your court’s clerk’s office to find out how to bring this to the judge’s attention.

What to do if you have filed for bankruptcy?

Most folks find that the most effective thing to do in that situation (when a creditor calls you shortly after your case was filed) is to answer the phone and tell the person that called that you have filed for bankruptcy protection. Provide them with your case number and the date your case was filed. Since you may need this information periodically, it will be helpful to keep a small notebook near your phone that contains this information. When you get off the phone, it is a good idea to make a quick note in your notebook (or wherever) noting the name of the creditor that called, the date and time they called, and the name of the person you spoke to.

How to find out if a creditor has received a notice?

If it has been a few days since you filed when you are contacted by a creditor and you have already received the official court notice for your case (you will get the same notice that is sent to your creditors), find out your creditor’s correct mailing address. This will then allow you to check that information with the information you provided to the court to confirm that the creditor did in fact receive the notice. However, even if it looks like the court sent the notice to the wrong address, you are still protected, and providing the person on the other end of the call your case number should be enough to end future calls.

When is bankruptcy appropriate?

Here is when bankruptcy is appropriate — when you don’t have a legitimate chance of paying off your debts any other way. When you are trapped in a never-ending cycle of high-interest rates, late fees, and you have no way out.

How to get rid of a deb?

Your five options include: Filing bankruptcy, particularly Chapter 7 bankruptcy which can wipe out all of your deb including the lawsuit; Fight the lawsuit on your own with the goal to win it which has excellent consequences for you; Settle the lawsuit on your own ; Hi re a lawyer to fight the lawsuit to win it; and.

Do you hire us to settle a case?

Some clients prefer to hire us to fight the case or to settle it. Normally when we settle a case this is where both sides agree to not sue each other and the debt buyer gets rid of credit reporting.

Is bankruptcy a valid option?

Bankruptcy can be a valid option if you have no other viable options. Bankruptcy is extreme. In the right circumstance, it is extremely effective. But when it is not necessary it is like cutting off your arm because you broke your pinky finger. I guess it works, but it is way too much of an over-reaction.

Can bankruptcy be a solution?

They then tell you that bankruptcy can be a wonderful solution and without any other information you should give them a call as time is running out.

Can a collector sue you for a second cousin?

In this case, it is a lawsuit filed by a collection lawyer. Assume no collector or creditor can sue you because a second cousin’s ex-wife told you that’s the law; Hope it will all just go away and you won’t have to do anything. Start to investigate your options so you can discover which option is best for you.

Keith G Langer

It is odd that the AG's office would be calling, unless it was in response to your contacting it first. If that were the case, it would presumably have the current information, which you provided.

David M Owens

It may be related to employment or business that you did with a company they are investigating that they either want information about, or there was a settlement and they are trying to find you as a result. The AG's office does not prosecute individuals.

How long does Bank of America have to sue?

Under Minnesota law, a credit card or loan company has 6 years from the last payment to serve you with a lawsuit. This is called the statute of limitations . If you too are being contacted by lawyers for Bank of America, N.A., here’s what you need to know.

What is Chapter 7 bankruptcy?

Chapter 7, otherwise known as liquidation bankruptcy. If you have limited income, Chapter 7 could allow you to wipe away all or most of your debt.

What does it mean when you hear from Bank of America?

If you’ve heard from a Bank of America representative, it could be that you have defaulted on a loan or missed a credit card payment. This can normally be resolved with a phone call to the company.

Why is BofA Asking for Money?

As one of the largest banking institutions, Bank of America underwrites a number of home, auto, personal, and student loans. They are also a leading issuer of credit cards.