what services should my bankruptcy lawyer provide

If you have property or assets you would like to keep it is time to talk to a bankruptcy lawyer who can: Provide a free initial consultation to review your financial situation Provide information about all of your options to alleviate debt Provide guidance through the complex bankruptcy process

Full Answer

What does a bankruptcy lawyer do?

A bankruptcy lawyer specializes in giving legal advice to a client about bankruptcy, prepares legal documents for the client and represents the client in court. An attorney must hold a law degree and be licensed in the state where they do business.

Do I need a lawyer to file bankruptcy?

But since a bankruptcy filing involves legal matters, it can be challenging to navigate the bankruptcy process alone. You can file the case without legal help, known as going pro se, but experts typically recommend relying on a bankruptcy lawyer to handle your case.

What do I need to file bankruptcy?

Filing for bankruptcy requires you to complete a lengthy packet of forms. 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 do bankruptcy attorneys file papers?

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 does a bankruptcy consultant do?

Bankruptcy lawyers are professional negotiators who have made a comprehensive analysis of the likelihood of a settlement offer being accepted.

What gets forgiven in bankruptcy?

Chapter 7 bankruptcy erases or "discharges" credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months. But not all obligations go away in Chapter 7.

What is the most common bankruptcy procedure?

The most common type of bankruptcy is Chapter 7 or liquidation bankruptcy. Chapter 7 is most suitable for individuals, but it's also available for businesses. Liquidation is the simplest form of bankruptcy.

What can be sold in Chapter 7 bankruptcy?

The trustee can sell any assets not covered by an exemption and use the proceeds to pay off your creditors. If the exemption covers the full value of the home, car or other asset, you will be allowed to keep it. Assets that have more equity value than the exempted amount, can be liquidated in order to pay creditors.

What Cannot be discharged in bankruptcy?

Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.

What debts Cannot be wiped out by a Chapter 7 bankruptcy?

Additional Non-Dischargeable Debts 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.

What two classes of debt do bankruptcy laws treat?

The two types of cases have different debt limits, defined as the total amount of noncontingent liquidated secured and unsecured debt at the time the debtor files their bankruptcy case.

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

Bankruptcy Can Wipe Out Credit Card Debt and Most Other Nonpriority Unsecured Debts. Bankruptcy is very good at erasing most nonpriority unsecured debts other than school loans. For instance, you can discharge unsecured credit card debt, medical bills, overdue utility payments, personal loans, gym contracts, and more.

What are three examples of a dischargeable debt?

Some common dischargeable debts include credit card debt and medical bills. Other debts such as domestic support and tax obligations are generally non-dischargeable due to public policy reasons. 11 U.S.C.A. § 523 lists out exemptions to dischargeable debts and non-dischargeable debts.

What assets can be seized in Chapter 7?

Items that the debtor usually has to give up include:Expensive musical instruments, unless the debtor is a professional musician.Collections of stamps, coins, and other valuable items.Family heirlooms.Cash, bank accounts, stocks, bonds, and other investments.A second car or truck.A second or vacation home.

What assets Cannot be touched in bankruptcy?

Investments that aren't held in retirement accounts. Valuable artwork. Expensive clothing. Jewelry1.

What assets can you keep in Chapter 7?

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.

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...

What is a free consultation for bankruptcy?

Most bankruptcy attorneys will offer a free initial consultation to answer questions, examine your individual situation, and come up with solutions that well help you get out of debt and on the path to a brighter financial future.

What is the most common type of bankruptcy?

The most common types of consumer bankruptcy are Chapter 7 and Chapter 13. While they both provide protection from your creditors, which one you file depends on your individual situation.

What happens if you don't list your money in bankruptcy?

If you do not, you could lose monies such as upcoming tax refunds, proceeds of lawsuits, inherited money or life insurance proceeds, sales commissions, and bonuses.

Can you pay one creditor a larger amount than other creditors?

Your attorney will make sure that you do not pay one creditor a larger amount than other creditors before filing for bankruptcy, especially friends or family. This can be considered a preferential transfer, and the bankruptcy trustee may even file a lawsuit to recover money that should have been evenly distributed among all creditors.

Can you file for bankruptcy on your own in Ohio?

Even if you file on your own, you still pay the same filing costs and fees. The Ohio bankruptcy process is complex, and even the simplest cases require completing extensive forms, researching exemption laws, and following all local court rules. Mistakes can result in major problems, including losing nonexempt assets, denial of discharge of debt, or, even worse, lead to criminal charges for fraud.

What should a bankruptcy lawyer do?

And that is precisely what a bankruptcy lawyer should do: protect your assets from creditors and find a method to relieve you of your financial obligations.

What is the next step in filing for bankruptcy?

If you decide to file for bankruptcy, an attorney’s next step is to submit papers with the court. Remember that the attorney’s job is to preserve as much of your assets as possible, so tell them what matters most to you.

How much does a Chapter 7 bankruptcy cost?

A Chapter 7 bankruptcy costs $1,500, whereas a Chapter 13 bankruptcy costs $3,500. A filing charge of $338 for Chapter 7 and $313 for Chapter 13 is also included, as are expenses for credit counseling and financial management courses, ranging from $10 to $100.

How many people were successful in Chapter 7 bankruptcy?

People who represented themselves in Chapter 7 bankruptcy proceedings, on the other hand, were only successful 66.7 percent of the time.

Why are creditors suing you?

Creditors are suing you or threatening to sue you because you haven’t paid your bills.

Where is bankruptcy heard?

Bankruptcy proceedings are heard in federal courts, which poses an immediate issue. To submit a case, you must complete and file your petition in a certain manner; otherwise, a court will never hear it.

Can a lawyer advise you to file for bankruptcy?

When the attorney has sufficient documentation to assess your case, he should guide continuing. A competent lawyer will not always advise you to file for bankruptcy. It’s conceivable that a less extreme solution, such as debt settlement or a debt management program, may address your issue.