what does bankruptcy lawyer do

What does a bankruptcy lawyer actually do?

Generally, bankruptcy lawyers specialize in either consumer bankruptcy, representing either individuals or creditors (usually financial institutions) in Chapter 7 or 13 proceedings, or in commercial bankruptcy, representing either debtor or creditor corporations in Chapter 7 …

What questions do you ask a bankruptcy lawyer?

A bankruptcy lawyer is a legal professional that take their clients through the process of declaring bankruptcy. Bankruptcy law is complex, determining first off if bankruptcy is the best course of action and then determining which Chapter to file under can be difficult for a layperson. Although an individual is free to declare bankruptcy independent of any legal assistance or …

What does it mean to be a bankruptcy lawyer?

A bankruptcy lawyer acts as your guide through the process and is charged with explaining what happens and how it affects you. Bankruptcy is stressful enough without having to worry about what happens when you go to court and what the authorities think about your case.

What should I expect from my bankruptcy attorney?

One of the most important jobs of the bankruptcy attorney is to put the client’s mind at ease. With a reliable lawyer, your questions are answered, you receive guidance, and you entrust the bankruptcy process to experienced hands. Your lawyer can also help set up credit counseling to help you avoid future financial problems. Ensure You Get The Most Out Of Bankruptcy Meetings

Assess

A bankruptcy lawyer can examine whether bankruptcy is the right remedy for your particular circumstances.

Avoid

A bankruptcy lawyer helps avoid mistakes, some of them fatal, in completing the bankruptcy papers.

Translate & explain

A bankruptcy lawyer acts as your guide through the process and is charged with explaining what happens and how it affects you.

Complete

After you file the official forms, there’s more to do. If you’ve omitted a creditor or, more importantly, an asset, your bankruptcy lawyer can amend the bankruptcy papers, see that the filing fee is paid, and the proper entities served with the amendments.

What is the job of a bankruptcy lawyer?

Part of the bankruptcy’s lawyer’s job is to find and organize all the necessary financial records. Many people worry about missing paperwork, but a good attorney can hunt it all down and present it properly.

What is discharge in bankruptcy?

Discharge means that you are legally released from the liability of your debt at the conclusion of the bankruptcy proceedings.

What is sound legal advice?

Sound legal advice is meant to get you through this difficult time as quickly as possible. A good attorney does the work for you and makes sure it is completed correctly and on time.

How to contact Sirody and Associates?

Contact Sirody and Associates at 410-415-0445 for a FREE Consultation and advice from attorneys that specialize in bankruptcy law. Let our attorneys get to work to get you back on your feet.

Benefits of a Bankruptcy Lawyer

A bankruptcy filing may be routine for an experienced bankruptcy lawyer, but for a debtor or business owner, it is a major event that affects your credit and property.

Complications in the Petition

Most Chapter 7 petitions are simple and routine, unlike a Chapter 13 or an 11. A Chapter 13 is for small business owners or debtors who do not qualify for a Chapter 7 or who may be behind on their mortgages but are able to make current payments while paying off the arranges for up to 60-months.

Dealing with Creditors

You may have to deal with or negotiate with creditors. Your attorney is best suited to this task and has the experience to know how to resolve differences to your satisfaction. You will also have to attend a Creditors Meeting shortly after filing.

Advice

Before you even start any bankruptcy activities, your lawyer will give you good advice on what to do. Many lawyers give a free initial meeting to determine the best option for you. They may even suggest something other than bankruptcy, which may be debt consolidation or a financial advisor.

Take Care Of The Steps

When you and your lawyer begin the bankruptcy process, they’ll help with the steps and long do-to list that might be too difficult to take on your own:

Prepares Paperwork

Bankruptcy forms and paperwork can get pretty lengthy, but your attorney will take care of it with your help. You’ll have to provide info about your job and what you own.

Attends Meetings

There are several meetings and hearings that take place during the bankruptcy process. You’re required to go the first hearing with your creditors, but only your lawyer will need to attend most (if not all) of the meetings after that.

Your Communicator

Maybe most importantly, your lawyer acts as your communication between you and the courts. They’ll be on the phone and in email interactions with trustees, creditors, as well as keeping you up to date on what’s happening with your case.

Get A Free Consultation With A NJ Bankruptcy Lawyer Today

This article should not be taken as legal advice. These are only a few things attorneys handle. If you’re considering bankruptcy or another legal debt relief option, you need to consult an attorney for guidance. If you’re in New Jersey and seeking legal assistance, we can help you.

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.

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 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.

What is a retainer agreement?

In general, your retainer agreement (the contract you and your attorney sign) will outline the services your bankruptcy attorney will provide . Your attorney's job is also to provide you with competent advice throughout the bankruptcy process.

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.

Is filing for bankruptcy a good idea?

Filing for bankruptcy is a great way to get out from under burdensome debt, and most people feel a tremendous sense of relief when their bankruptcy case is over. But understanding the process and filling out the bankruptcy forms can be daunting. That's where a bankruptcy lawyer comes in. Not only will you receive legal advice, ...

What can bankruptcy do?

What Bankruptcy Can Do. Bankruptcy allows people struggling with debt to wipe out certain obligations and get a fresh start. The two primary bankruptcy types filed— Chapter 7 and Chapter 13 bankruptcy— each offer different benefits and, in some cases, treat debt and property differently, too.

How does Chapter 13 bankruptcy work?

Filing for Chapter 13 bankruptcy will stop a foreclosure and force the lender to accept a plan that will allow you to make up the missed payments over time. To make this plan work, you must demonstrate that you have enough income to pay back payments and remain current on future payments.

What is a lien on a property?

A lien allows the lender to take property, sell it at auction, and apply the proceeds to a loan balance. The lien stays on the property until the debt gets paid. If you have a secured debt —a debt where the creditor has a lien on your property—bankruptcy can eliminate your obligation to pay the debt.

Can you wipe out a car loan in bankruptcy?

If you can't afford a payment that you secured with collateral—such as a mortgage or car loan— you can wipe out the debt in bankruptcy. But you won't be able to keep the house, car, computer, or other item securing payment of the loan. When you voluntarily agree to secure debt with property, you must pay what you owe or give the property back (more below under "What Bankruptcy Can't Do").

Can you cram down a car loan?

For instance, you can't cram down a car debt if you purchased the car during the 30 months before filing for bankruptcy. Also, filers can't use the cramdown provision to reduce the mortgage of a residential home. Learn more about lowering mortgages and loans using a "cramdown" in Chapter 13.

Can you file for bankruptcy if you owe child support?

Child support and alimony obligations survive bankruptcy, so you'll continue to owe these debts in full, just as if you had never filed for bankruptcy. And if you use Chapter 13, you'll have to pay these debts in full through your plan. Eliminate student loans, except in limited circumstances.

What is an automatic stay?

Once you file, the court puts in place an order called the automatic stay. The stay stops most creditor calls, wage garnishments, and lawsuits, but not all. For instance, creditors can still collect support payments, and criminal cases will continue to proceed forward.

Benefits of A Bankruptcy Lawyer

The Attorney’s Responsibilities

• Your attorney should examine your financial situation and determine if bankruptcy will help your resolve your main problem. For instance, if you are facing foreclosure, a Chapter 7 will not stop it, although it will stay the process for a short time until the bank or lender files a motion to lift the automatic stay that goes into effect whenever a ...

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Complications in The Petition

Dealing with Creditors