what to take when you go see the bankruptcy lawyer

Listed below is a more expansive list of documents that you should bring during the first meetings with a bankruptcy lawyer: All financial documents, including bank account statements, receipts for major purchases, wage statements, and tax returns;

Full Answer

How do I find a bankruptcy lawyer?

You can also find bankruptcy attorneys through the National Association of Consumer Bankruptcy Attorneys. Sign up with NerdWallet to see your debt breakdown and upcoming payments all in one place. Several online directories promise to help with finding a bankruptcy lawyer in your area.

What should I bring to my first meeting with a bankruptcy lawyer?

Here’s a basic checklist of documents that you should bring during the first meetings with a bankruptcy lawyer: For business bankruptcy, you may need to bring additional documentation, including company balance sheets, budget reports, financial statements, and a list of company property.

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.

What can I expect from a bankruptcy attorney?

Not only will you receive legal advice, but a bankruptcy attorney will handle the paperwork from start to finish. Below are some of the most common types of services you can expect from your bankruptcy lawyer. (Not sure how much you should pay? Start by reading Average Attorney Fees in Chapter 7 Bankruptcy .)

How do I prepare for a bankruptcy hearing?

To prepare for bankruptcy hearings, you should review your bankruptcy forms and any instructions provided by the court. The First Meeting of Creditors is a five to ten-minute hearing. The Chapter 7 trustee asks questions about your income, expenses, debts, and assets.

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 dismissed 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 happens to your stuff when you file for bankruptcy?

Bankruptcy is intended to allow an unlucky but honest debtor to get a new financial start. When you file for bankruptcy, you will have to surrender all your assets to a trustee. Those assets are then converted into cash, and the money is used to pay your creditors.

Should I close my bank account before filing bankruptcy?

You'll want to open checking and savings accounts at a bank that doesn't service any of your debt and use the new account for banking purposes before filing bankruptcy. Again, you don't need to close other accounts—leave them open and report all accounts when filling out your bankruptcy paperwork.

How do you hide money in a bankruptcy?

The following are several ways people attempt to hide assets in bankruptcy proceedings:Lying about owning assets.Transferring assets into another person's name or giving them to someone else to hold.Creating fake liens or mortgages to make the assets appear like they have no value.

Does bankruptcy clear all debts?

What debts aren't affected? Declaring bankruptcy won't wipe out all debts and some types of debt will survive the bankruptcy. In other words, if you declare yourself bankrupt, you will still be required to pay: court-ordered penalties and fines.

What are 5 types of debt that are not dischargeable in bankruptcy?

Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony.

What can they take during bankruptcies?

What assets can I keep in bankruptcy in Alberta?Food required by you and your dependents during the next 12 months.Necessary clothing up to a value of $4,000.Household furnishings and appliances to a value of $4,000.One motor vehicle not exceeding a value of $5,000 (equity)More items...

Can bankruptcy take my TV?

The trustee decides, based on your bankruptcy schedules, whether you have unprotected assets. It's fair to say that the trustee in the vast majority of cases and in the majority of states is not looking to sell your couch or your TV.

Will I lose my computer in bankruptcy?

In a Chapter 7 bankruptcy, a debtor can reaffirm the debt on the computer. Also, Chapter 7 bankruptcy debtors can choose to reaffirm a credit card if they want to keep the card which means they agree to continue to make the required monthly payments.

Will they take my furniture in Chapter 7?

Most Chapter 7 bankruptcy filers can keep all household goods and furniture in bankruptcy, but not always. Whether you will be able to will depend on the property your state allows you to exempt or the federal exemption amount if your state allows you to choose between the state and federal exemption systems.

How does bankruptcy affect your life?

It could also have a major impact on your daily life. Filing for bankruptcy can affect your credit and property.

What is pending litigation?

Any legal history or pending litigation involving you is information you'll want to disclose to your attorney. Previous judgments against you show debts that will factor into determining which bankruptcy is right according to your financial situation. In addition, any pending litigation or current court order will determine how much you can afford to pay your creditors at this time.

What documents are needed for Chapter 7 bankruptcy?

There are a number of documents you need before filing for a Chapter 7 bankruptcy. Although the specific documents may vary depending on your type of case and the district you file, you will at least need to gather the following before filing your petition: 1 Your tax returns 2 Pay stubs 3 Appraisals of your home, jewelry, and other exempt assets 4 Your car titles 5 Evidence of child support/alimony obligations 6 Bank statements 7 Proof that you took credit counseling

Why is it important to organize your assets?

A proper, thorough organization of your assets is extremely important to show you have a set income level. This income determination can be essential in proving you can repay your debts over a period of time or in proving a lack of income. Canceled checks for any expense you cannot otherwise document.

What are the first documents you should collect?

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.

Using a Bankruptcy Attorney

It may feel counterintuitive to pay attorney's fees for help with your financial crisis. But professional assistance can mean the difference between a setback and a total loss when you have serious debt issues.

Choosing Your Attorney

You will want to meet with any attorney you consider hiring to see if you and the attorney can work together in general.

Questions Your Lawyer Will Ask About Bankruptcy

To do the best possible job on your behalf, your attorney needs your input and cooperation.

Documents Your Bankruptcy Attorney Needs

Once you hire an attorney to assist with your bankruptcy case, it is important to provide the information they need to best advise and represent you.

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.

What is a retainer agreement?

In general, your retainer agreement (the contract you and your attorney sign) will outline the services your bankruptcy attorney will provide . Your attorney's job is also to provide you with competent advice throughout the bankruptcy process.

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 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.

Is filing for bankruptcy a good idea?

Filing for bankruptcy is a great way to get out from under burdensome debt, and most people feel a tremendous sense of relief when their bankruptcy case is over. But understanding the process and filling out the bankruptcy forms can be daunting. That's where a bankruptcy lawyer comes in. Not only will you receive legal advice, ...

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:

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 ...

Do I need a copy of my Social Security card to file bankruptcy?

a copy of your social security card. Most lawyers will ask you to complete a lengthy bankruptcy questionnaire, as well. If you can, get it before your meeting and bring a completed copy with you.

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.

How much does a bankruptcy attorney charge?

There is no “right” amount a bankruptcy attorney should charge, although generally a Chapter 13 filing will cost more than a Chapter 7. Fees vary from case to case and from one state to another. You can expect to pay between $500 and $3,500 for a Chapter 7 and between $1,500 and $6,000 for a Chapter 13, LaBert says.

What does it mean to be affiliated with NACBA?

An affiliation with NACBA is also a sign that an attorney is committed to advocating for people going through bankruptcy.

How much does it cost to have a free lawyer meeting?

Some attorneys offer free meetings, and others will charge a fee of around $35 for this initial conference. Don’t assume no charge means lesser qualifications; starting with free meetings can help you get comfortable interviewing lawyers and may lead you to the one you choose.

Does NACBA membership equal experience?

However, NACBA’s membership criteria are fairly generous, so membership does not necessarily equal quality or experience.

Does bankruptcy make sense?

Bankruptcy may make sense if you are unable to repay debts as you cover obligations such as retirement, food and shelter. Free Credit Score. by NerdWallet. A better score can help unlock the things you want — like a great travel credit card, better interest rates, lower insurance premiums and more.

What can an attorney do to help you with bankruptcy?

An attorney can advise you on alternatives to bankruptcy so that you can make sure to choose the right path for you. They also can explain the process so that you are not surprised by anything that happens, such as the loss of some of your property.

What to do if you are not eligible for Chapter 7?

If you are not eligible, or if Chapter 7 is not right for you, they can advise you on what you would need to do under a Chapter 13 repayment plan. This may involve asking you questions about your household, your income and expenses, your job, any previous bankruptcy filings, and tax payments. Also, an attorney can advise you on ...

What is the purpose of an attorney in bankruptcy?

One of the most critical areas in which an attorney may be useful is determining which chapter of the bankruptcy code should serve as the basis for your filing. An attorney can help you go through the means test to determine whether you are eligible for Chapter 7. If you are not eligible, or if Chapter 7 is not right for you, ...

Can I file for bankruptcy on my own?

Many debtors file for bankruptcy on their own rather than retaining an attorney, feeling reluctant to bear the additional cost. However, hiring a bankruptcy lawyer can help you approach the situation more strategically. An attorney can advise you on alternatives to bankruptcy so that you can make sure to choose the right path for you.

Financial Records

Legal Records

Additional Documents

Documents Needed to File Chapter 7

• There are a number of documents you need before filing for a Chapter 7 bankruptcy. Although the specific documents may vary depending on your type of case and the district you file, you will at least need to gather the following before filing your petition: 1. Your tax returns 2. Pay stubs 3. Appraisals of your home, jewelry, and other exempt asset...

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Preparing For The Attorney’s Questions

Gathering Your Documents

• Your bankruptcy petition cannot be completed without certain documents, so it’s a good idea to gather your paperwork together ahead of time and bring it to your appointment—especially if you need your bankruptcy completed quickly. Here’s your list: 1. two years of filed tax returns (the last two years that you filed) 2. seven months of bank stateme...

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Preparing Your Questions

Questions For Your Attorney