what information does a bankruptcy lawyer need

What Information Does a Bankruptcy Lawyer Need?

• Bankruptcy Filing in Louisiana. A lot of people are struggling with debt and financial problems due to the current...
• Liquidation and Reorganization Bankruptcy Cases. There are different types of bankruptcy that you may choose from,...
• Seeking Legal Advice from Someone Experienced with Bankruptcies. If you are considering...

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What do I need to file bankruptcy?

 · What Information Does a Bankruptcy Lawyer Need? Bankruptcy Filing in Louisiana. A lot of people are struggling with debt and financial problems due to the current... Liquidation and Reorganization Bankruptcy Cases. There are different types of bankruptcy that you may choose from,... Seeking Legal ...

What can I expect from a bankruptcy attorney?

 · If you hire a bankruptcy lawyer, here’s what to expect: A written agreement, or contract, between you and the lawyer. The agreement will likely include an overview of the... A description of payment arrangements. For example, will the lawyer charge an hourly or a flat fee? How much will the... ...

Do I need a lawyer to file bankruptcy?

How do bankruptcy attorneys file papers?

What do they look for in bank statements for bankruptcy?

The trustee will look at your statements to verify your monthly payments to make sure they match the expenses you put on your bankruptcy forms. For example, if you listed your car loan as $500 a month, the trustee will use your bank statements to ensure that amount is being reflected on your bank statements.

How does a bankruptcy trustee find hidden assets?

The bankruptcy trustees go about finding hidden assets by taking a close look at your debts, as well as doing public record searches, online analysis, tax returns, review reports from former spouses or friends, as well as payroll slips that may show deposits into banks or accounts that you have not listed in your ...

What should you do before you file for bankruptcy?

Before filing for bankruptcy, individuals are required to complete a credit counseling session and obtain a certificate to file with their bankruptcy petition. The counselor should review your personal situation, offer advice on budgeting and debt management, and discuss alternatives to bankruptcy.

What can you not include in a bankruptcies?

8 Kinds of Debt You Can't Lose in BankruptcyMost back taxes and customs. ... Child support and alimony. ... Student loans. ... Home mortgage and other property liens. ... Debts from fraud, embezzlement, larceny, or from “willful and reckless acts” ... Your car loan, if you want to keep your car. ... Debt that doesn't belong to you.More items...

Can a bankruptcy trustee find bank accounts?

A Bankruptcy Audit Could Uncover an Account The trustee might also uncover a hidden bank account during a case audit. The bankruptcy code instructs the US Trustee (a division of the Justice Department) to audit Chapter 7 and Chapter 13 cases, both randomly and in any case that raises the trustee's suspicions.

Does bankruptcy trustee check bank statements?

Your Chapter 7 bankruptcy trustee will likely check your bank accounts at least once during the process of overseeing your filing. They have a right to perform a full audit of your accounts or check them any time it is necessary. However, it is rare for them to keep close tabs on every account.

Which type of debt Cannot be discharged through bankruptcy?

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.

Do you get out of all debts if you declare bankruptcy?

While the goal of both Chapter 7 and Chapter 13 bankruptcy is to put your debts behind you so that you can move on with your life, not all debts are eligible for discharge.

What happens to debt when you declare bankruptcy?

Once your debt is discharged, your creditors cannot contact you or attempt to collect the debt in any way. A discharge of your debt is also permanent and final for all unsecured debt you include in your bankruptcy filing. The timing of your discharge will vary according to the type of bankruptcy you filed.

What Documents Do You Need to File For Bankruptcy?

The documents you’ll need are the same whether you are filing a Chapter 7 bankruptcy or Chapter 13 matter, with slight variations. However, for exa...

Retirement and Bank Accounts

Recent bank and retirement account statements must be provided to the bankruptcy trustee for all accounts.IdentificationWhen you go to your hearing...

What Information Do You Need to Complete The Bankruptcy Forms?

Most of the information you’ll need to fill out your bankruptcy paperwork will be in those documents, including asset value and income information....

Credit Counseling Requirement

In addition to the documents above, the law requires that you complete a credit counseling class and obtain a certificate before you can file for b...

What information do you need to file for bankruptcy?

What Information Do You Need to Complete the Bankruptcy Forms? Most of the information you'll need to fill out your bankruptcy paperwork will be in those documents, including asset value and income information. For example, you'll use the income documentation to calculate your average monthly income.

How to get a credit report for bankruptcy?

Start by finding loan statements or bills so that you can list each of your creditors in the bankruptcy. Alternatively, you can obtain a credit report that shows all your debts; however, be aware that you're required to list the creditor's billing address, and that address rarely shows up on your credit report.

What does a bankruptcy trustee do when a debtor loses financial paperwork?

When a bankruptcy debtor (filer) loses financial paperwork in a natural disaster, the bankruptcy trustee must: avoid taking action against a debtor who can't produce documents. grant reasonable requests to ease filing requirements, and. take into account a decrease in income or increase in expenses.

How long do you have to file a chapter 7 tax return?

You'll usually need to provide copies of your tax returns or tax transcripts for the last two years in a Chapter 7 case, and four years in a Chapter 13 matter. If you have unfiled returns because you weren't required to file—for instance, your only income source was nontaxable disability benefits —you'll need to explain why.

What do trustees need for mortgages?

Also, plan to provide mortgage statements showing current loan balances and payment amounts. Some trustees also require the deed of trust and proof of home insurance.

Do you have to send utility bills to bankruptcy trustee?

You should also look at your utility bills and other expenses to determine accurate figures for your monthly utilities and expenses, such as food, dry cleaning, and transportation to name a few. Usually, you won't be required to send these documents to the trustee (unless your expenses are higher than usual, in which case you might trigger a bankruptcy audit ).

Do you have to provide bank statements to bankruptcy trustee?

Recent bank and retirement account statements must be provided to the bankruptcy trustee for all accounts.

What documents do you need to file for bankruptcy?

If your bankruptcy is business bankruptcy, you may need to bring additional documentation, including company balance sheets, budget reports, financial statements, and a list of company property;

Why is it important to contact a bankruptcy lawyer?

Frequently, the debtor will forget a piece of information necessary to complete the bankruptcy, that is why it is very important to contact a qualified bankruptcy lawyer if you have any questions.

Why is bankruptcy considered a document intensive process?

When considering all the different types of legal proceedings, bankruptcy can be one of the most document intensive. 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.

Why is it important to have a bankruptcy attorney?

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, ...

How to organize before filing for bankruptcy?

One way debtors organize, before filing a bankruptcy, is creating a bankruptcy document checklist. Another common way is to suggest a list of questions to ask a bankruptcy attorney. Both of these methods are effective, because a bankruptcy attorney needs to review the person’s financial background thoroughly before determining whether filing for bankruptcy is a credible legal option. After the decision to file has been made, even more documents may be required in order to determine what type of bankruptcy is necessary.

How long does it take to file for bankruptcy?

In total, most bankruptcies take around 4 to 6 months.

What is the most important thing to do when filing for bankruptcy?

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.

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.

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 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.

What to look for in a bankruptcy attorney?

Having second thoughts about whether or not you should employ a bankruptcy lawyer is natural at the beginning of the process, but as time is of the essence, make sure not to take too much time contemplating what needs to be done.

How quickly can an attorney file bankruptcy for me?

Depending on the chosen payment plan and the urgency of the situation, it may take between as little as two hours up to several weeks to prepare and file all required paperwork. Unless it is completely necessary, it is advised not to rush with filing.

What will bankruptcy attorney want to know?

It’s not uncommon to see a debtor coming to the first consultation well prepared, asking questions such as what to expect after bankruptcy discharge, is there a way to keep any unexempt property, or which classes must be taken during the process of filing.

What documents my attorney needs to file bankruptcy in California?

California laws and regulations explicitly demand filing several different forms, whether you are filing for Chapter 7 or Chapter 13 bankruptcy. The list of necessary paperwork is very extensive, and only some of the forms you will be required to submit are :

Whom can you trust with your bankruptcy case?

For some debtors, the financial situation they’re in is stressful enough, yet most of them feel additionally concerned if they are not sure how to find a reliable lawyer for bankruptcy in Chula Vista.

What does a bankruptcy attorney ask you?

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.

Why do people show up in bankruptcy lawyers?

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:

What to expect at a bankruptcy consultation?

It’s natural to want to know what questions to expect at a bankruptcy consultation, and the first shouldn’t be surprising—you’ll be asked why you’re considering filing for bankruptcy. The attorney will want more information before deciding whether bankruptcy will solve your debt issues, however, and will use the consultation to find out about your overall financial situation. In this article, you’ll learn about the questions you’ll answer and the documents you’ll want to bring so that you’ll be well prepared for your bankruptcy meeting.

How to know if you qualify for bankruptcy?

After determining your primary issue, the lawyer will assess whether you’re qualified to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, by asking questions about your family size, income and assets, the type of debt you owe, and any recent purchases or property transfers. Here are a few examples:

What should an attorney be willing to answer?

The attorney should be willing to answer all of your questions in a friendly, helpful, and unhurried manner. If you don’t feel comfortable, you might want to consult with someone else.

Why do people show up in an attorney's office?

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 ...

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.

What to do if you haven't hired a bankruptcy lawyer?

File the petition: If you haven’t hired a bankruptcy lawyer yet, this might be the time to do it. Legal counsel is not a requirement for individuals filing for bankruptcy, but you are taking a serious risk if you represent yourself. Understanding federal and state bankruptcy laws, and knowing which ones apply to your case, is essential. Judges are not permitted to offer advice, and neither are court employees. There also are many forms to complete and some important differences between Chapter 7 and Chapter 13 that you should be aware of when making decisions. If you don’t know or follow the proper procedures and rules in court, it could affect the outcome of your case. Without legal advice, you’re also running a risk that the bankruptcy trustee can seize and sell your property.

Why are bankruptcy laws written?

Bankruptcy laws were written to give people an opportunity to start over when their finances have collapsed. Whether the collapse is a product of bad decisions or bad luck, lawmakers could see that a second chance is a vital fallback in a capitalist economy.

What happens if you skip the bankruptcy step?

If you skip this step, your filing will be rejected. File the petition: If you haven’t hired a bankruptcy lawyer yet, this might be the time to do it. Legal counsel is not a requirement for individuals filing for bankruptcy, but you are taking a serious risk if you represent yourself.

How long does bankruptcy stay on your credit report?

Filing for bankruptcy impacts your credit score. Bankruptcy remains on your credit report for 7-10 years, depending upon which chapter of bankruptcy you file under. Chapter 7 (the most common) is on your credit report for 10 years, while a Chapter 13 filing (second most common) is there for seven years.

How many bankruptcy cases will there be in 2020?

There were 544,463 bankruptcy filings in 2020. Chapter 7 was the most popular form with 381,217 filings (70%). Chapter 13 had 154,341 cases (28.3%) and Chapter 11 just 8,113 (1%).

How long do you have to get credit counseling before filing for bankruptcy?

Get credit counseling within 180 days before filing: You can’t file for bankruptcy until you’ve gone through a required bankruptcy counseling. It assures the court you have exhausted all other possibilities before filing for bankruptcy. The counselor must be from an approved provider listed on the U.S. Courts website. Most credit counseling agencies offer this service online or over the phone, and you receive a certificate of completion once it’s done that must be part of the paperwork you file. If you skip this step, your filing will be rejected.

How long does it take to file Chapter 7 bankruptcy?

The decision shouldn’t come down to how long Chapter 7 bankruptcy takes – the process itself is only 4-6 months. The thing you have to remember is that bankruptcy carries significant long-term penalties. It is stuck on your credit report for 7-10 years, which can make getting loans in the future very difficult.

What to do if you aren't sure about something?

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.

Can you ignore a lawsuit?

DO NOT ignore any lawsuit that's filed, even if it does not have a case number on it. Provide a copy to your attorney right away.

Can you transfer money to family without a lawyer?

DO NOT transfer any assets (real estate, car, money, or anything of value) to family or friends, without first contacting your attorney. You may be able to do so, but certain requirements must be met or your family and friends can be affected.

Can a bank close your account if you file bankruptcy?

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 refer collection calls to your attorney, once you have retained one. You are free to speak with your creditors, but you retained an attorney for a reason.

Financial Records

• Your financial records are some of the first documents you should collect. These records will help determine which type of bankruptcy is best suited for you. For example, if your financial documents show you have a regular income, your best fit may be Chapter 13 bankruptcy. This may have significant implications because Chapter 13 will allow you to...

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Additional Documents

Documents Needed to File Chapter 7