Entering into bankruptcy is a life-changing decision. Before you choose this legal route, you should take time to talk to your attorney and ask several questions. You should understand all of your financial choices and the potential outcomes. These are six essential questions to ask your attorney before you file for bankruptcy or any type of debt relief.
- 1 Question To Ask Your Bankruptcy Lawyer
- 2 4. When will my bankruptcy case be completed?
- 3 Wrap up
Question To Ask Your Bankruptcy Lawyer
1. Should I file for Chapter 7 or Chapter 13 bankruptcy?
Chapter 7 and Chapter 13 bankruptcy have different procedures and results, so understanding the pros and cons of your financial situation matters. A trusted firm like wh Law, a Little Rock bankruptcy lawyer provider, can help you make the best decision for your financial status. Both will help you end your financial stresses, but they have different repayment and liquidation requirements.
2. How much will bankruptcy cost?
Along with making payments to some creditors during your bankruptcy, you’ll have to pay your attorney. The bankruptcy court charges filing fees, and your attorney will ask for a flat fee or hourly payments. Because you’ll need to stay within your budget, you’ll have to be able to afford the attorney and all contacts with the office.
3. When will you file my case?
Most bankruptcy attorneys file cases quickly. In many situations, your attorney will file your claim as soon as you pay the office. Payment requirements differ between Chapter 7 and Chapter 13, so the filing time could change, too.
4. When will my bankruptcy case be completed?
Your bankruptcy case will take a few years before you pay everything to completion. Your attorney will work with your creditors and the court to determine a payment plan and set a timeframe.
The bankruptcy courts and trustees will send final papers as your case ends. Remember that your credit report will share bankruptcy details for up to ten years after the process ends.
5. What problems could arise?
Since bankruptcy courts need to approve all bankruptcy cases, potential problems could arise in the filing and acceptance of your petition. A judge might require more information, especially if a lawyer did not present your case well. You might have to have a follow-up meeting with the court, especially after the meeting with your creditors. Listen to your attorney to avoid problems.
6. What is your preferred communication method?
You’ll need to talk to your attorney throughout the process. Situations will arise that change your financial situation during bankruptcy, so you’ll need to speak with your attorney. You’ll have some anxiety during the process, and talking to your attorney can relieve some of it.
Your attorney might ask that you only call during business hours. Some might prefer that you share information in writing via email. Find out right away to know how to communicate information to your attorney in the most effective way.
Before you enter into bankruptcy, you’ll need to get the answers to essential questions for the bankruptcy lawyer about the process, timeframe, and communication preferences. When you ask questions, you’ll learn whether your attorney is a good fit for you and your financial situation.