Is it Time to Talk to a Bankruptcy Attorney?

If your financial situation has become unmanageable, it may be time to look at bankruptcy as an option. But where to begin? The whole idea may feel completely overwhelming, and you don’t have anyone to discuss the possibilities. Finding a straight-shooting, experienced bankruptcy attorney to work with is the first step.  Here are some discussion points worth covering:

• The number of bankruptcy cases handled by the firm, and whether they are familiar with local procedures and expectations;
• Existing memberships to professional organizations, as well as licensure status;
• Whether both you and your spouse should file jointly;
• Court and attorney’s fees;
• Who specifically will handle my case;
• The method and frequency of attorney/client communication;
• How to get in touch if questions arise;
• What exactly is bankruptcy?
• The types of debt you have and how they accrued;
• The types of assets you have;
• Secured and unsecured debt;
• An overview of the procedures ahead;
• Documents that will need to be gathered for the process;
• Actions that should be avoided prior to filing for bankruptcy;
• What to expect in the court;
• What to expect from creditors after I file for bankruptcy;
• How your household income will impact eligibility for Chapter 7 bankruptcy;
• How long the process will likely take;
• Whether you’ll be debt free following bankruptcy;
• The difference between discharge and dismissal;
• How to address getting a lien removed;
• Whether you can arrange to make voluntary payments to some creditors during bankruptcy;
• The types of payment arrangements are possible;
• Alternatives to Chapter 7 bankruptcy if you don’t qualify;
• The difference between Chapter 13 and Chapter 7;
• What a trustee does;
• Wage garnishment;
• How bankruptcy addresses student loans, tax debt, and back child support;
• Which assets can be kept, and what happens to the rest;
• Any mandatory classes that may need to be taken;
• The impact of bankruptcy on tax refunds;
• Information about reaffirmation agreements for car loans;
• Impacts of a bankruptcy filing on co-signers on your loans;
• Dealing with any complications down the road;
• Handling a creditor who objects to the bankruptcy;
• Addressing any balance that was not discharged;
• Can your utilities be shut off during bankruptcy?
• Can you be evicted from a rental property during bankruptcy?
• What to expect if circumstances change;
• The impact on your credit score;
• Steps to rebuilding your credit;
• Life after bankruptcy.

The Answers You Need 

The experienced Miami bankruptcy attorneys at The Law Office of Julia Kefalinos understand how stressful this moment is for you. We are confident we can assist you in making the best decision in order to achieve the best outcomes going forward. To discuss, schedule a confidential consultation in our Miami office today.

Source:

irs.gov/businesses/small-businesses-self-employed/bankruptcy-frequently-asked-questions