When deciding whether to file for bankruptcy, it is imperative that you speak with a qualified attorney. However, when you meet with bankruptcy attorney be proactive and be prepared to ask pertinent question in order to make informed decisions. This is your bankruptcy and your financial future, take responsibility.
It can be a big waste of time for both you and the lawyer if you are not prepared for your first meeting. Make sure to bring the necessary documents and have questions ready to go. Being unprepared can end up costing you money because it will take an attorney longer to begin working on your case.
Some important questions you should ask the attorney are:
Which chapter is most advantageous for me?
In a chapter 7, the trustee can take any property you own that is not exempt under the state or federal exemption list available to you. In a chapter 13, you are not required to give up any property. However, you must enter into a three to five year repayment plan to pay back some or all of your debt.
If a chapter 13, what is my estimated monthly plan payment?
Usually, an attorney can provide a reasonably accurate range for their client at the first meeting. However, if you have several months of paystubs with you, it will be much easier for the attorney to determine.
If a chapter 13, how many months will it last?
The length of a Chapter 13 plan depends on the Means Test. You do not want to be locked into a 60 month plan unless it is necessary.
What type of debts does bankruptcy eliminate?
Unsecured debts such as credit card debt and medical debt can be wiped out or discharged in either bankruptcy chapter.
When will my case be filed and when will it be over?
The attorney should be able to describe the basic steps in the process and how long it will take. However, the length of the process depends greatly on how fast you are able to provide your attorney with the required documents.
Are there any problems I should anticipate?
Your attorney should be experienced to anticipate possible problems, and how certain trustees or judges will react to them.
How much are attorney fees and what additional costs will I have to pay?
There are attorney fees, court filing fees that can range from $281 to $306, as well as bankruptcy class fees. Make sure your attorney clearly explains what is included in their fees.
The staff at Wright Law Offices has the experience and knowledge to answer all of your questions and concerns. We have offices located in Avondale, Phoenix, and Scottsdale.
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