A reliable bankruptcy attorney can help with legal advice and preparing paperwork for filing. Incorrectly filling out forms or turning them in past the deadline could ruin your case. Several types of bankruptcy cases exist under federal law, including Chapter 7, or liquidation, which wipes out debts, and Chapter 13, for individuals with regular income who propose a plan to repay their creditors over three to five years.
The complexities associated with bankruptcy law demand expert legal advice. Your attorney should be able to explain what each chapter of the bankruptcy code means for your specific situation and how it will affect you moving forward. They should also guide you on what assets you can expect to keep and how to manage those you do not. An experienced lawyer should also be able to answer questions regarding what effect filing for bankruptcy will have on your credit. They can also help you plan for a future without debt and recommend financial advisers who can provide continued assistance. If you require a bankruptcy lawyer, look for one who specializes in this area of law rather than someone who dabbles in multiple areas of practice. This will ensure that your lawyer understands the nuances of bankruptcy and is up to speed on any changes in the legal landscape.
Legal services include preparing legal documents, client representation, and consultation. They can also involve mediation, arbitration, or other dispute-resolution processes. Using legal services is essential to a successful bankruptcy case. The preparation of forms is a significant part of the work for an attorney representing a debtor in a bankruptcy case. It is a good idea to contact local Counsel for assistance. Local Counsel can help explain nuances of bankruptcy law and local rules and procedures. They can also apprise insolvency of court decisions and litigation affecting bankruptcy case processing at the local level.
There are many reasons why individuals and companies might seek bankruptcy relief. A skilled bankruptcy lawyer will be able to determine which assets you can reasonably expect the court to protect and which debts the court will discharge. Your attorney will also be able to guide you in adequately listing your outstanding creditors and obligations, as state courts have specific requirements regarding how that information is presented. Most legal aid organizations provide unbundled assistance for bankruptcy cases. Those services include helping you gather your financial information, preparing and reviewing the official bankruptcy forms, and attending a mandatory hearing (called a 341 meeting) with the trustee assigned to your case. They may also assist you with other types of hearings related to your bankruptcy matter, such as any motion or objection hearings you or your creditors might file.
Meetings with Creditors
Bankruptcy lawyers will help you navigate meetings with creditors. These are called 341 Meetings, and while they may be intimidating, they are nothing to fear. These meetings are not in court, and they don’t result in any legally binding decisions being made for or against you. Instead, these meetings allow the trustee to verify that the information you provided in your bankruptcy filing is accurate and that there are no unreported assets. Your bankruptcy lawyer will help you prepare for these meetings by reviewing your financial information and bankruptcy paperwork. Your bankruptcy attorney will also help you understand which questions the trustee will ask. These include asking you to describe your assets, how they were derived, and any payments you’ve received that should have been disclosed. These meetings typically last no more than 15 minutes and, if no complexities arise, will be over fairly quickly. Your bankruptcy trustee will then file a report to the court indicating that you have no nonexempt assets, and your bankruptcy will proceed.