Questions For A Bankruptcy Attorney

: Chris Lee Law Firm

  Filed under: Bankruptcy

bankruptcy attorneyFiling for bankruptcy is not an easy decision for anyone and many people fear the process, but you don’t have to face it alone. Hiring a bankruptcy attorney can be a great asset when working your way through the debt relief process. Even if you decide to go it alone, many attorneys offer free consultations to help answer any questions you may have. It is important you find out the answer to the following before you file your paperwork with the court:

Do I qualify for bankruptcy? If so, which type?— It is important to find out whether you qualify for bankruptcy before you go through the trouble of filing the petition. If you do not qualify, your case will be dismissed and you could be left with more financial trouble than when you started. Because there are strict income requirements for Chapter 7 cases, and rules about the frequency in which you can file for bankruptcy, it is important to find out your chances of qualifying before proceeding with the filing.

Will my assets be protected?— This is one of the most important questions you can ask your attorney. Although they may not be able to provide you with any guarantees, they will be able to help review your situation and determine if there are any  immediate risks to your property. If you find that some of your assets are at too great a risk, you can attempt to resolve your debts directly with your lender.

Which debts will I be able to resolve?–Many people go into bankruptcy with the misconception that all of their debts will be quickly resolved. Depending on the type of bankruptcy you file, you may not be able to resolve all of your debt. Secured debts and unsecured debts, such as credit cards and  medical bills, are handled much differently in Chapter 7 and 13 cases. Be sure you know which debts you are looking to resolve and which type of bankruptcy may serve you best.

Are my finances in order to file?–Filing for bankruptcy is also not an open process as one would think. There are numerous rules about your financial history that must be in order before your debts can be discharged. A bankruptcy attorney can help determine if you violated any of these rules before you proceed in order to prevent any unwanted effects.




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