Digging Deeper Into Bankruptcy Questionnaire

May 29th, 2014 | By | Category: Guide

When insurmountable debt leaves you with a sense of hopelessness, you might feel that bankruptcy is your most logical solution. If you’re considering filing for bankruptcy, you’d be searching for a good Philadelphia bankruptcy lawyer. The first step is to achieve a professional evaluation. You can receive a free evaluation online and may begin by seeking a bankruptcy lawyer in Philadelphia. In order to receive your evaluation, you may be required to complete an online questionnaire. The evaluation will most likely enable the Philadelphia bankruptcy attorneys to devise an effective plan that is structured for your situation.

A bankruptcy lawyer in Philadelphia can help you identify if filing for bankruptcy is indeed your best option, or if there is a second option for reducing and consolidating your debts. It is vitally important to select an experienced Philadelphia bankruptcy lawyer or law firm. When requesting your evaluation from an attorney, your answers should remain completely confidential and the evaluation should come with no obligation.

In order to serve you best, the Philadelphia bankruptcy attorneys will need to find out whether you have credit card debt, medical bills, or you’re delinquent on mortgage payments. Do you also have tax debts or bill collectors harassing you? Are you unable to repay a student or personal loan? Have you been fined by the government? Are you currently unemployed? These are some of the questions your Philadelphia bankruptcy lawyer may ask you. You will likewise be asked if you’re behind in your mortgage payments or if you have real estate. Your Philadelphia bankruptcy attorney will most likely need to find out what other expenses you have, including whether you have a vehicle.

Going Forward…

While you might be tempted to file for bankruptcy without the help of an attorney, it isn’t recommended to file on your own. Unless you’re familiar with this part of the law and your rights, you might overlook important details that could be detrimental to you. If you file Chapter 7 or 13 for bankruptcy, be sure to follow every law and regulation or you might unwittingly commit a deceitful act. This is why enlisting the support of a Philadelphia bankruptcy lawyer could be in your best interests. Your Philadelphia attorney can further explain the differences between Chapter 11 and Chapter 13. Your bankruptcy attorney should be prepared to answer all questions to your satisfaction.

Before deciding on a bankruptcy lawyer in Philadelphia, ask for referrals from other paralegals you may know. Your personal lawyer may also be in a position to recommend a bankruptcy attorney in the Tri-State area. If you’re inclined to do so, visit a bankruptcy court to comply with the practice in person.

After you have found a Philadelphia law firm that specializes in bankruptcy, it is time to carry out an interview. Ask the attorneys questions pertaining to how much experience they have in dealing with bankruptcies. Certification is equally important, so ask to see credentials. You should also determine if the attorney will personally contact you during the filing process, or if another paralegal or receptionist will be in contact with you. The attorney ought to be able to tell you how much time the entire bankruptcy process is estimated to take. Another important factor is settling the issue of attorneys fees. To ensure you’ll not incur any hidden costs, discuss this beforehand.

Once the debtor has established the necessary forms for filing, the next step would be tantamount to file them within the local federal bankruptcy court. The cost of the bankruptcy filing fee shall be fixed by the court, however, this fee can be paid in installments or waived all together with an application by the debtor to the bankruptcy court. The debtor who prepares the petition themselves should move the court to lift the filing fee as a practical matter.

Once the petition has been accepted by the judge, the debtor must again complete a budget and credit counseling program before the court will order a discharge in the case. Prior to the discharge the debtor will be called upon to attend a closed meeting of the creditors before the bankruptcy trustee. At this meeting the debtor will be called upon questions regarding the petition, creditors, and funds. Once the bankruptcy trustee is pleased with the debtors petition and answers, the debtor will then wait the statutory 60 days for any answers from the list of creditors. If there are no objections by the creditors, the bankruptcy court will then issue an order discharging the debtor’s debt.

In addition to all that is mentioned above, you might want to check with the Better Business Bureau. The bankruptcy attorney or firm you hire shouldn’t have received complaints. Furthermore, you might want to take a Philadelphia bankruptcy law firm that is accredited with the Better Business Bureau.

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