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.
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.
Here’s a basic checklist of documents that you should bring during the first meetings with a bankruptcy lawyer: For business bankruptcy, you may need to bring additional documentation, including company balance sheets, budget reports, financial statements, and a list of company property.
A bankruptcy attorney will help you decide whether or not to file for bankruptcy, and what type of bankruptcy you should file. Additionally, if you decide to file, an attorney can help ensure that your property is protected, all of your dischargeable debts are discharged, and your creditors do not violate your rights.
In order to ensure a quick and efficient bankruptcy you should make sure all the necessary paperwork is filed. This includes information about your income, expenses, debts, assets, recent financial transactions, and the property you’re allowed to exempt. In total, most bankruptcies take around 4 to 6 months.
At the creditors' meeting, the trustee checks the debtor's identification and asks a series of questions about the bankruptcy paperwork. Creditors who attend can ask about financial matters, although it's rare for creditors to appear.
To prepare for bankruptcy hearings, you should review your bankruptcy forms and any instructions provided by the court. The First Meeting of Creditors is a five to ten-minute hearing. The Chapter 7 trustee asks questions about your income, expenses, debts, and assets.
However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes. Filing personal bankruptcy under Chapter 7 or Chapter 13 takes careful preparation and understanding of legal issues.
Background. A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.
Common Bankruptcy Trustee QuestionsDid you review your bankruptcy petition and schedules before you filed them with the court?Is all of the information contained in your bankruptcy papers true and correct to the best of your knowledge?Did you disclose all of your assets?
341 Meeting Questions the Bankruptcy Trustee Might AskDo you own or have any interest whatsoever in any real estate?Have you made any transfers of any property or given any property away within the last one-year period (or such longer period as applicable under state law)?Does anyone hold property belonging to you?More items...
Don't take any cash advances. Do not make any major cash advances off of credit cards prior to filing for bankruptcy. A creditor can object to the discharge of debts incurred as cash advances before filing.
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.
Filing Chapter 7 bankruptcy wipes out most types of debt, including credit card debt, medical bills, and personal loans. Your obligation to pay these types of unsecured debt is eliminated when the bankruptcy court grants you a bankruptcy discharge.
During a Chapter 7 bankruptcy, a court wipes away your qualifying debts. Unfortunately, your credit will also take a major hit. If you've gone through a Chapter 7 bankruptcy, you'll need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan.
What Not To Do When Filing for BankruptcyLying about Your Assets. ... Not Consulting an Attorney. ... Giving Assets (Or Payments) To Family Members. ... Running Up Credit Card Debt. ... Taking on New Debt. ... Raiding The 401(k) ... Transferring Property to Family or Friends. ... Not Doing Your Research.
Bankruptcy Exemptions: What Property Can you Keep In Chapter 7 Bankruptcy?Houses, Cars, and Property Encumbered By a Secured Loan. ... Household Goods and Clothing. ... Retirement Accounts. ... Money, Jewelry, and Other Property.
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 ...
To help your bankruptcy lawyer better understand your financial situation, it’s a good idea to bring the following things to your initial consultation.
A consultation with a bankruptcy lawyer is meant to gather a general overview of your bankruptcy case. You may be asked information like why you are filing for bankruptcy and what kind of income and debt you have.
Bankruptcy can be both financially and emotionally draining, so before you decide to meet with a bankruptcy lawyer you should consider the following things:
If you have decided that bankruptcy is right for you, consider signing up for a Free Consultation with our trusted bankruptcy lawyers. We offer professional, personal, and friendly services to help make your bankruptcy case as smooth as possible. Visit us online or contact us at (417) 862-3706 today to learn more.
Because filing for bankruptcy is a complex legal claim, finding the right bank ruptcy attorney is important. A bankruptcy attorney will help you decide whether or not to file for bankruptcy, and what type of bankruptcy you should file. Additionally, if you decide to file, an attorney can help ensure that your property is protected, ...
The last point is especially important. For the most effective bankruptcy filing, it is crucial that you are completely transparent with your attorney. Make sure you take note of any questions, legal inquiries, or laws that you may wish to address with your attorney.
This is because whether a bankruptcy is recognized by the courts is based on the value of the debtors assets compared to the amount of debt owed to other creditors.
If you can’t find a document that you think you need for your bankruptcy or if you forgot to bring a document to a meeting with your lawyer, you should tell your attorney as soon as possible, so that they can take note and take the appropriate action to help you.
In total, most bankruptcies take around 4 to 6 months.
Declaring bankruptcy gives individuals or businesses that are unable to pay their debts a better way to solve their financial problems. It can also help them start rebuilding their credit and lives in a more positive and financially stable way.
That way, when you complete your bankruptcy, you will be on the right path to financial recovery.
Fortunately, bankruptcy lawyers understand what a difficult and emotional time this can be for clients. They know that many bankruptcies are often caused by circumstances beyond your control, like a job loss or downsizing, major medical issues, divorce, or other sudden changes in your financial picture.
At the Law Office of David A. Bhaerman, we typically set aside 60-90 minutes for the initial consultation with a potential client. We ask you general questions about your debt, your income, and any assets you may have to help build a financial picture of your situation.
During the initial consultation, it’s important that you provide as much accurate information as possible, so that we may properly assess your situation.
An initial consultation with a bankruptcy lawyer doesn’t mean you’ll automatically file bankruptcy. It’s important to communicate your situation with us, with as much detail and completeness as possible so we may help you make the right decision on whether or not to file bankruptcy. The Law Office of David A.
Of course, there are many more reasons to hire a qualified, experienced bankruptcy attorney to help you navigate the murky financial waters of a personal bankruptcy case. These ten reasons are pretty compelling, especially if you’ve never handled anything like this yourself.