what to ask a lawyer about bankruptsy

You likely have plenty of your own questions in mind, but here are some important questions to ask your attorney at that meeting:

• Should I be filing for bankruptcy?
• Which chapter of bankruptcy best fits my needs?
• Do I have any alternative options to filing for bankruptcy?
• What are the benefits of filing?
• What are the drawbacks of filing?
• Are any of my assets non-exempt?

Full Answer

When should I talk to a bankruptcy lawyer?

• describe the property you're worried about
• ask what you can expect to happen, and
• answer the trustee's questions.

How do I find a good bankruptcy attorney?

• Finding a bankruptcy attorney
• Benefits of working with a bankruptcy lawyer
• What to look for in a bankruptcy attorney
• 5 questions to ask when vetting candidates
• How much will all of this cost?

How does someone get the best bankruptcy attorney?

• Will i be able to keep my home, car, bank account, household goods or other assets?
• Will i be able to save my business?
• When should i file my bankruptcy?
• How can i maximize discharge?
• How can i minimize property loss?
• Should i keep paying credit cards or hoard my cash?
• Will i need a payment plan?

How do I choose a bankruptcy attorney?

• What experience do you have with this type of case (how many years; how many cases now, how many in the past)?
• What are the possible outcomes (best/worst case scenarios; how long might it take to resolve)?
• How will you let me know what’s going on in the case?
• What can I do to help as the case goes forward? ...
• Will anyone else be working on the case?

More items...

What should you not do before filing bankruptcy?

Here are common mistakes you should avoid before filing for bankruptcy.Lying 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.

What advice would you give someone who is considering filing bankruptcy?

Start saving and gathering financial documents, including paystubs, bank statements, tax returns, retirement accounts, payoff balances on homes & cars, titles, and any other financial papers you may have. You should try to go back 6 months on most statements and paystubs, and 3 years on tax returns.

Should you seek legal advice when filing for bankruptcy?

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.

What debts are not discharged in bankruptcy?

Examples of other non-dischargeable debts in a Chapter 7 bankruptcy case include:401k loans.Other government debt such as fines and penalties.Restitution for criminal acts.Debt arising from fraud or false pretenses.Debts you intentionally did not include in your bankruptcy forms.Damages related to a DUI accident.

What are the negative consequences after filing for bankruptcy?

Bankruptcies are considered negative information on your credit report, and can affect how future lenders view you. Seeing a bankruptcy on your credit file may prompt creditors to decline extending you credit or to offer you higher interest rates and less favorable terms if they do decide to give you credit.

How much do you have to be in debt to file Chapter 7?

Again, there's no minimum or maximum amount of unsecured debt required to file Chapter 7 bankruptcy. In fact, your amount of debt doesn't affect your eligibility at all. You can file as long as you pass the means test. One thing that does matter is when you incurred your unsecured debt.

What are three alternatives to bankruptcy?

Bankruptcy AlternativesDebt Settlement. ... Debt Consolidation. ... Sell Assets. ... Credit Counseling. ... Borrow Money from Friends or Family. ... Find a Way to Earn Extra Income. ... Restructure or Refinance Your Mortgage. ... Lower Expenses Making Changes to Your Budget and Lifestyle.More items...

What is the major benefit of declaring bankruptcy?

By far the most important advantage is that debtors may obtain a fresh financial start. Consumers who are eligible for Chapter 7 may be forgiven (discharged from) most unsecured debts.

Helpful Questions About Filing for Bankruptcy

When going into a meeting with a lawyer where you’re considering filing for bankruptcy, there will be plenty of questions swirling in your head. No matter how much you’ve prepared and researched, there are bound to be questions you couldn’t answer on your own and will need to ask a bankruptcy lawyer to clear up for you.

Questions for Your Bankruptcy Lawyer About Their Practice

While you want to know the details of your claim and whether or not you qualify for a claim, there are other questions for your bankruptcy lawyers specifically about their practice that will help you decide if you want their help in your case.

Questions for Yourself

All of the questions above will help you evaluate whether you need to file a claim, what your claim might entail, who you’re choosing as a lawyer, and what fees you might incur from the entire process.

Belsky, Weinberg & Horowitz, LLC Will Fight for You

When you’re filing a bankruptcy claim, you want to be fully informed about what’s happening and know that your attorney has the necessary experience to build you a strong case. At Belsky, Weinberg & Horowitz, LLC, our lawyers are experts in bankruptcy law and know exactly what you need for a strong claim.

Should I File for Bankruptcy?

Much depends on your personal financial situation, but if you’re drowning in debt, and creditors are continually contacting you about payment, filing for bankruptcy might be the best step you can take.

What are the Pros and Cons of Filing for Bankruptcy?

The automatic stay is extremely attractive to nearly all debtors, but there are also other factors that operate in favor of filing for bankruptcy. Any lawsuits or garnishments against you are generally stopped as are repossession actions.

What Type of Bankruptcy Should I File For?

Both Chapter 7 and Chapter 13 proceedings are consumer bankruptcies. Chapter 7 cases are called liquidation or straight bankruptcies. After being discharged in bankruptcy, the debtor starts with a clean slate.

How Long Have You Been Practicing Bankruptcy Law?

You’ll want a bankruptcy lawyer with a minimum of five years of exemplary bankruptcy law experience. Those lawyers are better prepared to address any complications that might arise in your case.

How Many Cases Like Mine Have You Handled?

If the answer that you’re given is in the thousands, you’re probably in the right place. If not, you might want to arrange for a consultation with another bankruptcy lawyer with more experience.

Who Will Work on My Case?

Make sure that the person you meet with is a bankruptcy lawyer and not a secretary or paralegal. If no lawyers are able to meet with you, find another law firm.

What Information Do You Need to Get Started on My Case?

The lawyer who you consult with probably has a preprinted list of anything that he or she needs from you to get started. You can ask for a copy of that to be emailed to you before your initial consultation, or it might even be on the law firm’s website.

1. Should I be filing for bankruptcy?

We know that whilst cases may appear similar, each person’s situation is unique, and so we’ll listen to everything you’ve got to say, and then give you our honest opinion and recommendation as to whether you should file for bankruptcy.

3. Is there anything worrying you about my case?

As previously mentioned, many cases are similar, and since 1977 we have helped over 40,000 families become free from debt.

5. How long will the process take?

Chapter 7 Bankruptcy typically takes around 3 months, whilst Chapter 13 Bankruptcy usually lasts for 3-5 years as it is a debt repayment plan.

7. How will you keep me updated?

We’ll let you know the process, what to expect, and what you need to do next.

8. What are your fees?

Whilst we try and remain competitive, because we know that many people want to utilize our skills and experience in successfully filing for bankruptcy.

10. Do you offer payment plans?

Yes. We fully understand that you’re struggling to pay your bills, and so spreading our costs makes sense to us as well as you.

Conclusion

Now you know what questions to ask a bankruptcy attorney before you choose them, you’ll feel confident that you’re getting the help and advice you need for your financial situation.

Do I have any non-exempt assets?

Do I have any non-exempt assets? Each state has created a list of assets considered to be protected or "exempt" from creditor attachment or seizure, and thus, from your trustee in bankruptcy.

If I have non-exempt assets, what options do I have?

If I have non-exempt assets, what options do I have? Your attorney must advise you that these items are non-exempt and guide you through the five possible strategies for handling the non-exempt asset, such as making an offer to the Chapter 7 trustee or liquidating the asset under legally permissible conditions prior to filing.

Do I have any preferential payment issues?

Do I have any preferential payment issues? A preferential payment is a payment to one creditor at the expense of or in absence of payments to other creditors.

Are any of my transfers in the past two years possible fraudulent transfers?

Are any of my transfers in the past two years possible fraudulent transfers? You probably have tried to avoid bankruptcy and in doing so may have had some yard sales or sold assets to raise money to pay bills or even to get by.

Do I pass the means test? In other words, do I qualify for chapter 7?

Do I pass the means test? In other words, do I qualify for chapter 7? Your attorney should review your income and review your paystubs at the Initial Consultation to determine whether you qualify for Chapter 7 bankruptcy. If your circumstances may change prior to filing, then timing could be an issue to be considered.

How many 707b objections have you handled? What were the circumstances and who prevailed?

How many 707b objections have you handled? What were the circumstances and who prevailed? Most lawyers will encounter an objection to a Chapter 7 case over the course of representing clients in bankruptcy.

If a chapter 13 is recommended, what is the estimated monthly Plan payment?

If a chapter 13 is recommended, what is the estimated monthly Plan payment? I am astounded that some attorneys fail to provide an estimated Chapter 13 payment at the Initial Consultation.

What time do you call a lawyer?

Select the best time for you to receive a follow-up call from a lawyer after your question is answered. ( Required field) Morning (8:00AM to 12:00PM) Afternoon (12:00PM to 5:00PM) Evening (5:00PM to 9:00PM) Other. AM PM.

What happens if a debt is listed and discharged?

If the debt was listed, it was discharged. The creditor does not lose the right to repossess the colateral and likely closed the account and retained the collateral upon entry of the discharge order and final decree closing the case. If there was property for the trustee to liquidate to pay creditors, the secured creditor may not have filed a claim because they were paid in... Read More

Can a bank keep money on your credit card?

If your bank is also one of your creditors (for example, you have a Bank of America checking account and a Bank of America credit card), the money on deposit in the bank on the date you file can be kept by the bank up to the amount that you owe them on credit accounts.

Can you report a car surrendered to bankruptcy?

If the vehicle is surrendered before you file bankruptcy, it is likely it will be reported as a respossession. Once you file, it should then report as included in bankruptcy. If you file and surrender the vehicle in the bankruptcy, it should not be reported as a repossession, but as included in bankruptcy.

Can a debtor buy a vehicle if it is ALRAEDY filed?

You should contact your attorney. If your case is alraedy filed, in most cases, a debtor should not purchase any property, including a vehicle , until the trustee has reviewed the case and issued a Notice of No Assets in the case. In most cases, debtors will not be able to bet financing from a lender until they have their discharge. If you have not filed yet, you... Read More

Can you reinstate a bankruptcy case?

You cannot "reinstate" a previously dismissed case for that reason (it is possible to reopen a closed case for certain other reasons). Depending upon how recently you previously filed bankruptcy and the circumstances of your choice to dismiss the other two cases, you may not be permitted to proceed with another case now - epecially if you failed to make Plan... Read More