Your question: What should I ask a bankruptcy lawyer?

What do you say to a bankruptcy lawyer?

Bankruptcy confidential: 5 secrets you must tell your bankruptcy attorney

  • All of your income and financial assets — including retirement plans, legal judgments and every bank account. …
  • Property you want to protect. …
  • All of the debt that you have. …
  • What you’re making payments on — and what you’re not.

How do I prepare for bankruptcy consultation?

The following types of documentation will be helpful in an initial consultation:

  1. W-2 or 1099 pay stubs, Social Security statement, Unemployment/Workman’s Compensation Statements, or Business Profit/Loss Statement from the last 6 months,
  2. Bank statements from the last 3 months,
  3. Unpaid bills,
  4. Loan agreements,

What can a bankruptcy lawyer do for you?

An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13. At the outset, a bankruptcy attorney is there to counsel you on the bankruptcy process and whether it is right for you.

THIS IS IMPORTANT:  Question: What is the difference between a solicitor and a notary public?

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 should I ask bankruptcy?

Here are five questions to ask yourself before you start the bankruptcy process.

  • Chapter 7 or Chapter 13? There are two types of personal bankruptcy: Chapter 7 and Chapter 13. …
  • Can you afford it? …
  • Will it actually help? …
  • Can you qualify for bankruptcy? …
  • Will you be able to live with the effects for years to come?

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

How much debt do I need to file for bankruptcy? There is no minimum or maximum amount of debt for Chapter 7 bankruptcy.

What happens at first bankruptcy meeting?

341 meetings are held in a meeting room or a courtroom. When the case is called, the bankruptcy trustee will place the debtor under oath, and ask to see a photo ID and documentation of the debtor’s social security number. … The trustee will also try to identify other issues relevant to the administration of the estate.

What is a bankruptcy consultation?

The initial bankruptcy consultation is a first meeting, usually lasting between 30-60 minutes, in which your bankruptcy attorney gets a feel for the financial issues you are confronting and how best to address them.

THIS IS IMPORTANT:  Why are private attorneys better than public defenders?

Does bankruptcy clear all debts?

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. … unliquidated debt or damages.

Should you hire a bankruptcy lawyer?

If you are considering filing for bankruptcy, you should hire an experienced bankruptcy lawyer to help you manage the process. … A lawyer will make declaring bankruptcy easier, faster, and more successful. Although you are allowed to file for bankruptcy yourself, it is often an expensive mistake.

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

Bankruptcy is very good at wiping out unsecured credit card debt, medical bills, overdue utility payments, personal loans, gym contracts. In fact, it can wipe out most nonpriority unsecured debts other than school loans.

What happens to my bank account when I file Chapter 7?

An individual filing for bankruptcy under Chapter 7 may face an account freeze by a bank. … This is because the bankruptcy trustee will check the balance in the account on the day of the filing. If some checks have not yet cleared, the balance may be higher than the amount that you stated to the trustee.

What debts will bankruptcy not erase?

Take note of these 8 exceptions before you decide to file Chapter 7 bankruptcy:

  • Most back taxes and customs. …
  • Child support and alimony. …
  • Student loans. …
  • Home mortgage and other property liens. …
  • Debts from fraud, embezzlement, larceny, or from “willful and reckless acts” …
  • Your car loan, if you want to keep your car.
THIS IS IMPORTANT:  Question: Where is the best place to get a disability lawyer?

Should I close my bank account before filing bankruptcy?

If you are planning on filing for bankruptcy, you should consider changing banks if you owe any money to that bank. … To be clear, if you owe money on credit card, personal loan, or car loan to a bank holding your money, it’s a good idea to close the account (checking, savings, money market, etc.)