what to expect from your bankruptcy lawyer

What to Expect from Your Bankruptcy Attorney

1. Knowing What Type of Bankruptcy You Can File. For individuals and couples, there are two types of bankruptcy —...
2. Explaining What’s Exempt and What Gets Sold. Your attorney should be able to explain to you what assets are sold and...
3. Guidance and Representation for Hearings. When you file for bankruptcy, you must...

Full Answer

Can you keep anything when you file bankruptcy?

In Most Cases, Chapter 7 Filers Keep Their Property Most Chapter 7 bankruptcy cases are no-asset cases. That means the debtors give up nothing to the trustee. The exemption systems permit debtors to retain the means of day-to-day living, free from the claims of their creditors.Oct 6, 2021

What to expect after you file bankruptcy?

What Happens After You File for Bankruptcy?A Trustee Will Be Assigned to Your Case. ... You Will Attend a "Meeting of Creditors" ... An Automatic Stay Will Stop Debt Collection. ... You Will Attend Financial Management Courses. ... The Trustee May Sell Some of Your Property. ... You May Begin a Repayment Plan. ... Your Debts Will Be Discharged.More items...•Jun 30, 2021

What is the average credit score after Chapter 7?

The average credit score after bankruptcy is about 530, based on VantageScore data. In general, bankruptcy can cause a person's credit score to drop between 150 points and 240 points. You can check out WalletHub's credit score simulator to get a better idea of how much your score will change due to bankruptcy.Mar 25, 2021

How long does it take to rebuild credit after Chapter 7?

You can typically work to improve your credit score over 12-18 months after bankruptcy. Most people will see some improvement after one year if they take the right steps. You can't remove bankruptcy from your credit report unless it is there in error.Jun 30, 2021

Provides competent legal advice

Above all, a quality business bankruptcy attorney will lend his or her expertise. Before taking your case, an experienced lawyer should advise you of your options and recommend bankruptcy alternatives only if and when it’s appropriate.

Handles paperwork

Even the most straightforward bankruptcy cases require a heavy lift of paperwork. At Michael H. Moody Law, we take a hands-on approach to help you prepare for your filing and to create the right plan for your business.

Represent you at hearings, participate in bankruptcy litigation, and negotiate with creditors

While some bankruptcy cases are amicable, many include tough conversations with creditors or other key players in your bankruptcy process. Consider your attorney to be your first line of defense as they can field any incoming information relating to your case.

What should I expect from a bankruptcy attorney?

In addition to helping you understand your case, you should expect your bankruptcy attorney to give you advice on things to avoid in your case.

What do you need to do to file for bankruptcy?

When you file for bankruptcy, you must attend a meeting of creditors. You may also have to participate in other hearings. Your attorney can help you with these hearings in a number of ways. They can prepare you in advance for what you need to do for the hearing. They can also help you present yourself well and speak on your behalf at the hearing.

What can an attorney do to help you?

At each stage in the case, your attorney can use their training and experience to help you achieve the best possible result in your case. From the first day you meet with your attorney until you finally close your case, your attorney helps you understand what you need to know to make your case as smooth as possible.

How many types of bankruptcy are there?

For individuals and couples, there are two types of bankruptcy — Chapter 7 and Chapter 13. There are benefits to each type of filing and eligibility requirements to consider filing for each type of bankruptcy.