Thursday, June 16, 2022
HomeDo You Need A Lawyer To File Bankruptcy

Do You Need A Lawyer To File Bankruptcy

Personal Injury & Bankruptcy Faqs

Do You Really Need a Lawyer to File Bankruptcy?

A skilled professional, like a bankruptcy lawyer, can explain all of your debt relief options available under the law. Can I file bankruptcy without an attorney;

Can You File Bankruptcy Without an Attorney? While you are legally permitted to file for bankruptcy without an attorney, the process can be emotionally;

How A Bankruptcy Lawyer Can Help

Our advice is to avoid the risks of pro se filing and seek the proper legal services. After you choose a bankruptcy attorney, they help you through the filing process. An attorney can help you:

  • Understand which debts can be discharged and which cant.
  • Accurately fill out your bankruptcy forms.
  • Know what tax consequences to expect.
  • Understand which assets you can keep.

This is just a small sample of what a bankruptcy attorney can do for you. Filing without a lawyer is possible, but requires so much work on your part and leaves plenty of room for error. Letting your lawyer provide legal advice and handle the difficult stuff also gives you more time and energy to repair your credit score.

Need help starting the filing process? Were here so you can get the fresh start you need.

Ultimate Guide To Filing A Bankruptcy Proof Of Claim

10 Min Read

Learn how to file a Proof of Claim Form 410 and why it matters to getting paid in a bankruptcy case.

When a company under financial duress begins the Chapter 11 bankruptcy process, it sends a ripple effect that impacts a broad swath of companies and people that had previously done business with the Ch.11 company. Saddled with outsized debts and liabilities it cannot pay, the company is forced to declare bankruptcy by filing a petition in court. As a consequence of this legal action, its vendors, suppliers, landlords, business partners, employees and lenders are notified of the filed bankruptcy petition. For those with unpaid bills, wages, and outstanding invoices at the time of the Ch.11 petition date, efforts to collect on payment are halted by a court ordered injunction known as an automatic stay.

The legal term for the Chapter 11 company that owes these unpaid debts is referred to as the Debtor, while the parties who are rightfully entitled to payment or equitable remedy are collectively called Creditors. A Debtors failure to meet its payment obligations or the terms of a contract give rise to a Creditors legal right to repayment or remedy. Under Bankruptcy legislation and procedures, this right is known as a bankruptcy Claim.

When a Creditor first receives notice of a Debtors Chapter 11 bankruptcy, it is imperative for the Creditor to decide if immediate action is necessary to file a formal Proof of Claim in the bankruptcy case.

Read Also: How To Refinance A Car After Bankruptcy

Can A Consumer Seriously Consider Doing This Pro Se

If you have a great deal of time, patience and commitment not to mention an understanding of legal proceedings and language it is possible to file for bankruptcy pro se and be successful.

It is not advisable, but it is possible.

Bankruptcy cases are tried in federal courts and that creates a problem right away. To file a case, you need to complete and file your petition in a certain way or it will never get on a judges docket.

There is the matter of filing all paperwork necessary for either Chapter 7 or Chapter 13 bankruptcies. Excluding even one document can result in your case being dismissed.

The U.S. Court System has made the process a little easier by furnishing a fillable PDF form that can be used in presenting a Chapter 13 filing. Eventually, they expect to have all necessary forms available online and that presumably will make it easier for pro se filers to handle filing their own case. But even this doesnt solve every problem. The paperwork being available is only one Issue. You have to know how to fill it out correctly.

Then there is the matter of arguing your case before a judge, who knows the law, procedures and remedies for situations and could choose to dismiss your case at anytime if you dont follow those.

So, yes, you can consider filing a bankruptcy case yourself, but know that youre doing so at your own risk.

Confirmation Of Bankruptcy Filing Qualification

Why do You Need a Lawyer to File for Bankruptcy

After the meeting of creditors, the bankruptcy trustee will have enough information to decide whether you will qualify for Chapter 7 bankruptcy. The trustee will look for nonexempt assets and will decide whether its worth it to liquidate nonexempt assets. The trustee may do this by understanding the retail value of the asset and whether it will sell.;

The secured debts such as a vehicle will need to be dealt with around this point in the process. You can often reaffirm the debt as an asset, which is very common for vehicles.

Also Check: When You Declare Bankruptcy You Are Said To Be Insolvent

Also Check: How Long Does Chapter 7 Bankruptcy Affect Your Credit Score

Stop Paying Your Credit Cards

This is sometimes called the let your creditors pay for your bankruptcy approach. Once youve decided to file bankruptcy, if you hold on to the money you would use to pay your unsecured creditors, in a few months you’ll have enough to get on with the bankruptcy case.;Unsecured creditors are those who can’t seize property if you stop paying on your debt. Your car and home are secured debt, while credit cards and personal loans are usually unsecured.

What If I Need Legal Representation To Help With My Tax Problem

May 25, 2021 Can we send you a brief survey so we can improve your experience on this website? Text me. Email me. Powered by Verint Experience Cloud.

Mar 14, 2018 A tax attorney is a type of lawyer who specializes in tax law. These professionals are uniquely equipped to handle legal tax matters, such as;

Oct 2, 2018 In other words, a tax attorney can help a business attorney avoid possible IRS penalties and unnecessary interest you might otherwise pay;

The tax laws and codes are intricate and complicated. If you understand them, youre a lot farther along than most people. Tax lawyers are individuals who;

How Can a Tax Attorney Help Me? A tax attorney can help you with a number of issues which require tax resolution. If you have an issue with the IRS,;

You May Like: Are Medical Bills Dischargeable In Bankruptcy

Keeping Property When Filing Bankruptcy In Maryland

You won’t lose everything in bankruptcy. You’ll use your state bankruptcy exemption laws to protect your property. We list the significant exemptions below, but first, understanding the following will help you maximize what you’ll keep in your case.

  • Exempt and nonexempt property. You can keep property protected by an exemption or “exempt” property. When a bankruptcy exemption doesn’t cover the property, you’ll either lose it in Chapter 7 or have to pay for it in the Chapter 13 repayment plan.
  • Choosing state or federal exemptions. Unlike some other states, you can’t choose between the state exemption list and the list of federal bankruptcy exemptions. You must use Maryland’s exemptions. But you can use the federal nonbankruptcy exemptions.
  • Doubling exemptions. Spouses filing together can double the exemption amount if both own the property unless noted otherwise.
  • COVID-19 recovery rebate exemption. You might be able to protect stimulus payments, tax credits, and child credits in bankruptcy with the federal recovery rebate exemption.
  • Retirement accounts all filers can protect. You can protect tax-exempt retirement accounts, including 401s, 403s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans and traditional and Roth IRAs to $1,362,800 per person . ; .) Learn more about retirement accounts in bankruptcy.

How Bankruptcy Affects Your Credit

Texas Attorney: How Much Debt Do You Need to File for Bankruptcy?

A bankruptcy is a major negative event in your credit history, and it typically has a deep, lasting negative effect on your credit scores and your ability to get new credit. A Chapter 7 bankruptcy stays on your credit report for 10 years from the date you file bankruptcy, while a Chapter 13 bankruptcy remains for seven years after the filing date.

A bankruptcy will have a negative effect on your credit scores as long as it appears on your credit report, but the severity of its impact on your scores will diminish over time. Some lenders refuse to consider applicants with bankruptcies on their credit reports, while others will consider applicants several years after a bankruptcy has been completed.

The credit consequences of bankruptcy may be severe, but they are not permanent.

With time and persistence, it’s possible to rebuild your credit after bankruptcy and once again enjoy the ability to borrow and repay money responsibly. If you have a bankruptcy in your recent past, it’s a good idea to keep tabs of your credit scores and track your recovery progress.

Read Also: Is It Better To Settle Debt Or File Bankruptcy

Filling Out The Chapter 7 Bankruptcy Forms Yourself

When you use an attorney, the attorney will get all of the forms filled out for you. When you file Chapter 7 bankruptcy yourself, you must obtain and fill out all of the forms. The forms are available for free from the United States courts website https://www.uscourts.gov/forms/bankruptcy-forms.

Once you have obtained the forms, you will need to carefully read through them and fill them out completely and accurately. A Chapter 7 bankruptcy petition consists of a number of official forms and schedules. The main forms, and some common mistakes people make when filing Chapter 7 bankruptcy without a lawyer, are found below.

Filing For Bankruptcy In Eau Claire County Do I Need An Attorney

What do you do when you find yourself facing the possibility of declaring bankruptcy? Can it really be done in Eau Claire County?

If you are facing this situation, you may want to consult with an experienced bankruptcy attorney and see what options are available for you.

When filing for bankruptcy, one must know the federal bankruptcy law, which is found at the US Code. It is a long and complex document that can make things confusing, especially if you are not familiar with it. So, what should you do now?

The answer is: bankruptcy is a complex legal process in federal court which seeks to provide debtors with a fresh start by eliminating debt in the name of bankruptcy. In this article, we will explore the process of bankruptcy in Wisconsin State.

Recommended Reading: Can You File Bankruptcy While On Social Security

Keeping Property When Filing Bankruptcy In Massachusetts

You won’t lose everything in bankruptcy. You’ll use your state bankruptcy exemption laws to protect your property. We list the significant exemptions below, but first, understanding the following will help you maximize what you’ll keep in your case.

  • Exempt and nonexempt property. You can keep property protected by an exemption or “exempt” property. When a bankruptcy exemption doesn’t cover the property, you’ll either lose it in Chapter 7 or have to pay for it in the Chapter 13 repayment plan.
  • Choosing state or federal exemptions. You can choose whether you use the state exemption list or the list of federal bankruptcy exemptions, but you can’t mix and match exemptions from both sets. Filers who use state exemptions can also use the federal nonbankruptcy exemptions.
  • Doubling exemptions. Spouses filing together can double the exemption amount if both own the property in most, but not all instances.
  • COVID-19 recovery rebate exemption. You might be able to protect stimulus payments, tax credits, and child credits in bankruptcy with the federal recovery rebate exemption.
  • Retirement accounts all filers can protect. You can keep your tax-exempt retirement accounts, including 401s, 403s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans and traditional and Roth IRAs to $1,362,800 per person . ; .) Learn more about retirement accounts in bankruptcy.

How To File A Proof Of Claim Amendment

Why do You Need a Lawyer to File for Bankruptcy

A Creditor is not limited in the amount of times they can amend their bankruptcy claim, even if the changes are made subsequent to the Bar Date. If a Creditor discovers additional funds that are owed or come to find that a mistake has been made in the original filing, a new Proof of Claim form can be completed and filed.

In order to file a Proof of Claim amendment, simply download a blank Proof of Claim document and fill it out accordingly. Make sure to enter the original bankruptcy claim number into the designated field called Amendment Claim # and reference the appropriate bankruptcy case number along with the Debtor Name. Each additional time an amendment is filed on a particular bankruptcy claim, it is required to enter the previous Amendment Claim Number.

Generally, it is recommended to file a Proof of Claim as soon as possible and as often as needed. Do not hesitate to file for an amendment on a bankruptcy claim if a mistake is discovered, or additional claim amounts are owed. The amendment will serve to keep the court records accurate and up to date in the bankruptcy proceedings, especially when rulings are made pertaining to Creditor voting rights, and eventual payout distribution.

Don’t Miss: What Happens When Chapter 13 Bankruptcy Is Dismissed

Bankruptcy Can Give You Another Chance

Sometimes people see bankruptcy as a negative thing, but it was really created to help you get out of a difficult financial situation. Once you have assessed your financial problems and taken steps to make things easier to handle, you are free to start again. You can rebuild your credit, making better choices this time. You will be free from debt collectors and stress that comes from not being able to pay your bills.Having financial difficulties can ruin your life, and bankruptcy is a helpful answer for many people. Contact us at Stockton and Stern LLC for a free consultation.;We want to help you get your financial life under control. Can you file bankruptcy without a lawyer? Yes, but you should talk to us first.

Qualifying For Chapter 7 Bankruptcy In Indianapolis

Do You Qualify for Indiana Chapter 7 Bankruptcy?

There are three main issues to consider when we determine;if you qualify for;Chapter 7 Bankruptcy.

This one is easy. If you havent filed for;bankruptcy;in the last 8 years, you are ok on this requirement. If you have filed previously, then it will depend on the chapter you filed under the last time. Even if you filed a Chapter 7 recently, you likely still have options under;Chapter 13. The attorneys at Perez & Perez Bankruptcy have access to a national database of bankruptcy filings, so we can look up all the details about any prior cases for you to make sure you qualify.

The income tests are more complex. The overall concept is that we have to show that you cant afford to pay any of your unsecured debts back in order to qualify for;Chapter 7.

So, to determine this, there are some calculations to complete, primarily the Means Test. The;attorneys at Perez & Perez;are experienced and well versed in the body of case-law interpreting the means test and will work hard to ensure that you obtain the best possible result in your case.

In general, if your household income is below the median income for a household of your size, then you will qualify for Chapter 7 with regard to income.;Of course,;there are always exceptions, so youll need a full consultation to be sure. By way of a general idea, the current median incomes in Indiana by household size are as follows :

Also Check: How To Get A Car While In Bankruptcy

Dealing With Your Car

In the Motor City state of Michigan chances are pretty high that you have a car. You need to be certain to list the car properly on your bankruptcy forms and exempt any equity that it might have when filing bankruptcy in Michigan. You can determine the equity in your car by starting with the fair market value ) and then subtracting any loan or money you owe on it. The result will be the equity, or amount of money you could earn if you were to sell it. You can then protect that amount in your exemptions. For your car the Michigan state exemptions and the federal exemptions are very similar in value but it might still make a difference if your car is your most valuable asset. If you are still making payments on your car, then your car lender may request that you sign a reaffirmation agreement pursuant to Michigan bankruptcy laws agreeing to maintain payments after your Chapter 7 discharge.

We Can Start By Making A Plan

How to File Bankruptcy Online without a Lawyer [and SAVE]

You can contact a professional who can help you work with the bank and help you work out a plan that will work best for you.

This type of debt management is the best way to get rid of your debt because it will allow you to get out of debt quickly and also keep track of your payments so you are never late.

There are many reasons why you may be considering declaring bankruptcy in Eau Claire County. If you find yourself in this situation, there are many attorneys who can help you understand your options and find the best way to get your finances back in order.

You should seek legal advice from someone who has experience in Eau Claire County bankruptcy because they have more knowledge about the process and they can better advise you on how to proceed with your case.

When you hire an attorney, you can be confident that you are getting the best advice possible. An attorney can help you avoid mistakes that can lead to mistakes being made in the future.

Read Also: Can You Buy A Car After Filing Bankruptcy

RELATED ARTICLES

Popular Articles