what to expect at a bankruptcy lawyer

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...
• Ongoing discussions. You’ll talk about how the lawyer is handling your case.

Full Answer

What are my bankruptcy attorney’s responsibilities?

For these reasons, one of the responsibilities of your bankruptcy attorney is to know the local rules and filing procedures. 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.

How do bankruptcy attorneys file bankruptcies?

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.

Is my bankruptcy case difficult?

Not all bankruptcy cases are complicated, but they aren’t all easy, either. Either way, your bankruptcy lawyer should have the skill level necessary to handle your case. In general, the difficulty of your bankruptcy will depend on: the involvement of bankruptcy litigation.

Do I need a bankruptcy lawyer or go pro se?

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. Here’s how to decide if you need a bankruptcy lawyer and what to expect whether you hire an attorney or go pro se.

How do I prepare myself for bankruptcy?

The first step to prepare for bankruptcy is to gather proof of your income. Copies of your tax returns and copies of proof of income for the past six months are required when you file a Chapter 7 case. To prepare for bankruptcy under Chapter 7, you must complete the Chapter 7 Means Test.

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 do they look at for bankruptcy?

Hidden Assets debts or expenses for assets not listed in the schedules. a claim of a property loss from theft with no police report, or a casualty loss with no insurance claim. missing financial records. closed financial accounts (how much was in the account and where did the money go)

Does it hurt you to file 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.

What debt Cannot be cleared by bankruptcy?

Other Non-Dischargeable Debts in Bankruptcy 401k loans. Other government debt such as fines and penalties. Restitution for criminal acts. Debt arising from fraud or false pretenses.

What 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.

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 Cannot be taken bankruptcy?

Some of the most common debts that you cannot get rid of in bankruptcy are debts from child or spousal support, most student loans, most tax debts, wages you owe people who worked for you, damages for personal injury you caused when driving while intoxicated, debts to government agencies for fines or penalties, and ...

Does bankruptcy take all your money?

You don't have to give up everything when you file for bankruptcy. You can keep any property that qualifies as an exempt asset—including cash. The tricky part is that most state exemptions don't allow you to protect much cash; however, you might be able to use a wildcard exemption to cover a more significant amount.

Is Chapter 7 or 13 worse?

Most consumers opt for Chapter 7 bankruptcy, which is faster and cheaper than Chapter 13. The vast majority of filers qualify for Chapter 7 after taking the means test, which analyzes income, expenses and family size to determine eligibility.

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.