Looking for a bankruptcy attorney? Do you know what to ask?

Looking for a bankruptcy attorney? Do you know what to ask?

If you are thinking that filing bankruptcy may offer you a fresh financial start, then let us tell you that you may or may not be thinking the right way. Bankruptcy is a bewildering affair. If you are not introduced to its Pros and Cons both, the result potentials are always dicey.

Consult a bankruptcy attorney to learn about the potential outcomes. The initial meetings with your prospective lawyer are considered the most essentials since it works as a deciding-factor whether or not should you consider hiring the attorney. To be sure you make the most of your time with them, prepare a set of key questions. Following are a few essential concerns you’d like to put up during your meeting.

Here are five questions a bankruptcy lawyer must be able to retort to before hiring them – 1. Do I pass the means test to qualify for chapter 7 bankruptcy?

Chapter 7 bankruptcy allows the filer to discharge most of their unsecured debts without having to pay the creditors off. You, however, have to pass the Means Test to be considered eligible to file Chapter 7 bankruptcy. A bankruptcy attorney must be able to precisely evaluate your income only to decide on if you are likely to qualify.

2. Are there any non-exempt assets on my part?

In certain cases, filing for Chapter 7 bankruptcy calls for relinquishing some assets in order to pay off the creditors. Each state has its very individual list of properties that are counted exempt and non-exempt. A bankruptcy lawyer must know what is exactly on that list and be able to tell you if there are any non-exempt assets on your part.

3. What choices do I have for dealing with non-exempt assets?

Let’s just assume you have non-exempt assets, you will now need an experienced attorney who advises you on potential approaches for managing them all legally. There are certain choices that may include organizing an asset protection trust or curtailing equity in your assets.

4. Can I possibly have any difficulty with Preferential Payments?

In order to address some of their outstanding dues, more and more debtors erroneously make preferential payments. Making preferential payment means choosing to pay off just one creditor rather than segregating the available capital amongst all the creditors. This typically leads to a lawsuit against the lender who had been paid, thus it is imperative that you learn about the potentials in your case.

5. Did I ever make any fraudulent transfers in my history?

This may be just another concern in a row an attorney has to address, but it’s as essential as any of the above. If you had raised money, no matter in what way, to amortize some part of your dues, your income must have been accepted and used up before you file. Moreover, if you had sold out any of your personal items, the price must not be lower than the fair market value.

In case, you fail to meet these criteria, it would mean you do have a fraudulent transfer which is likely to come in the light as you file.

To sum it up Yes, it’s possible to have all your dues eliminated. Contact our attorneys at Recovery Law Group to learn if filing bankruptcy serves your very own purpose. We have successfully delivered on over hundreds of bankruptcy cases, meaning we are good at navigating any bankruptcy process speedily and effectively.

Attorneys at Recovery Law Group analyze all the factors of your case and personalize filing in order to ensure best possible result for you. In case you have a mandatory bill, we file in a way that gives you the maximum time to settle with them. Moreover, you get relief from the fear of losing your car or home. Recovery Law Group works to stop foreclosure or repossession of your

assets so you can continue with your lifestyle. Call us on 888-297-6203 for a free bankruptcy consultation.