Meeting Your Bankruptcy Attorney

Meeting Your Bankruptcy Attorney

Meeting Your Bankruptcy Attorney

Many clients are intimidated when meeting a bankruptcy attorney for the first time. They fear that they will be asked judgmental questions and have to justify their financial distress. They fear that they will not be able to answer the attorney's questions and somehow not qualify for bankruptcy and the relief they desperately need.

Nothing could be further from the truth.

The first thing you will discover when meeting your bankruptcy attorney is that your attorney is a good listener. You are the world's foremost expert concerning your own finances, and your attorney is there to learn about your case from you.

The second thing you will discover is your attorney's compassion. Bankruptcy attorneys really do care about their clients. Bankruptcy is one of the few areas of the law where the legal process is designed to have a positive result for the client. The goal of your bankruptcy attorney is to ensure that you are in a better financial position at the end of the case than you were at the beginning. Bankruptcy lawyers are caring individuals that have an active interest in your future success.

The third thing you will notice is how your attorney is able to quickly summarize what seems like an overwhelming problem into simple concepts. Your attorney will break down your finances into four categories: assets, debts, income, and expenses. From there you and your attorney can discuss what must be done to improve your financial situation.

Finally, you will be impressed with the clarity your attorney has for repairing your financial problem. A skilled bankruptcy attorney spends years studying, training, and gaining practical experience just so your case can be resolved quickly and efficiently. Bankruptcy law is all about paths to recovery and your attorney will guide you along a path that is best for you.

When you first meet your bankruptcy attorney, discuss your case openly and honestly. You will find that your attorney is dedicated to helping you attain a financial fresh start and improve your family's finances.

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"At Risk" Property During Chapter 7 Bankruptcy

"At Risk" Property During Chapter 7 Bankruptcy

Chapter 7 bankruptcy is generally a numbers game between the bankruptcy trustee and the debtor. The trustee seeks to liquidate the debtor's non-exempt assets to pay creditors, and the debtor tries to avoid liquidation of any property. When property is identified by the trustee as non-exempt, the trustee may ask the debtor to turn over the property (or its cash equivalent). The trustee will then liquidate the property and distribute the proceeds to creditors.

The United States Trustee Program reports only around four percent of all Chapter 7 bankruptcy cases are "asset cases." In other words, statistically only one case in twenty-five has an asset that can be converted to cash and distributed to creditors. Some common types of non-exempt assets include:

• Cash money
• Tax refund
• Vehicle equity
• Home equity
• Misidentified financial account
• Unlisted property

Whenever a non-exempt asset is found by the bankruptcy trustee, the debtor's case comes under greater scrutiny, the case is generally prolonged while the asset is administered, and creditors are invited to file proof of claims to participate in the distribution of the asset.

The key to keeping property during a Chapter 7 bankruptcy is early identification and full disclosure with your bankruptcy attorney. Poor communication between the client and attorney is usually the cause of "at risk" property. Every bankruptcy attorney has a story about a client who informs the trustee at the 341 meeting of creditors, "I didn't tell my attorney about this property, but. . ." This story seldom has a happy ending for the client and usually results in the loss of that property.

There are many ways to protect property during a Chapter 7 bankruptcy. Be sure to discuss all of your assets with your bankruptcy attorney. If you have doubts whether you have an ownership interest in property, discuss it with your bankruptcy attorney. Your attorney can provide you legal options to protect your assets and avoid "at risk" property during the bankruptcy process.

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Statement of Intention – Bankruptcy Code as it relates to Chapter 7 Bankruptcy

Statement of Intention – Bankruptcy Code as it relates to Chapter 7 Bankruptcy

The Bankruptcy Code directs the Chapter 7 debtor to file a statement of intention with the bankruptcy court within 30 days after the petition filing, or on or before the 341 Meeting of Creditors, whichever is earlier. A statement of intention advises the court, the bankruptcy trustee, and your creditors of how the debtor intends to treat secured collateral, like a car or home, in the bankruptcy.

The Bankruptcy Code also requires that the Chapter 7 debtor perform on that intention within 45 days after filing the statement. The Bankruptcy Code allows the debtor to choose one of the following: (1) surrender the collateral back to the creditor and discharge any personal liability; (2) reaffirm the debt and retain the collateral in exchange for continued personal liability on the original debt; or (3) redeem the collateral by paying the current fair market value in a lump sum.

Prior to the overhaul of the Bankruptcy Code in 2005, a Chapter 7 statement of intention had little relevance. Now the statement of intention can mean the difference between keeping and losing an automobile or other secured property.

Failure to timely file or perform on a statement of intention causes the automatic stay to be lifted and the property is longer a part of the bankruptcy case. In some cases, a purchase agreement may contain an ipso facto clause which creates a default on the loan by filing bankruptcy. The Bankruptcy Code expressly nullifies ipso facto clauses, but only for property of the bankruptcy estate. Most courts find that ipso facto clauses are enforceable under state law when property is no longer a part of the bankruptcy estate.

Let me restate this situation in plain English: if you file bankruptcy and do not file or timely perform on a statement of intention, the property is no longer protected by the bankruptcy and can be repossessed by the creditor, even though you are current on the loan. This situation recently was discussed in a Ninth Circuit Court of Appeals case, Dumont v. Ford Motor Credit Company.

If you have an auto loan or other secured item you want to keep, discuss your options with an experienced bankruptcy attorney. Your attorney can help you reach the right decision for you and your family.

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Virginia Bankruptcy Attorneys in Richmond VA

http://t3purl.com/aj63
	Compelling advantages of hiring our bankruptcy law firm to file your bankruptcy petition FREE TELEPHONE BANKRUPTCY CONSULTATION (804) 358-2222 You may call us and we will be more than glad to spend whatever time it takes to listen to your situation, answer your questions, discuss our fees and payment plans, and in many cases we may be able to offer you a bankruptcy strategy or other alternative over the telephone EVENING, WEEKEND AND EMERGENCY APPOINTMENTS In many cases we realize that we need to act quickly and we do not mind coming into the office in the evening or on a weekend if it means stopping a foreclosure on your house or the repossession of your car or the garnishment of your wages. We are completely computerized which means we can file your petition from our office directly to the court (even on weekends and holidays) and give you and the creditors a case number while you are still sitting in our office. In most cases, if you bring in the needed information we can file your bankruptcy on your first visit. Emergency Contact: Bankruptcy Attorney Law Firm Emergency - Cell Phone - (804) 840-0878 AFFORDABLE FEES AND PAYMENT PLANS Filing a bankruptcy petition is not cheap but we will make it affordable for you and work hard to come up with a payment plan you can afford. Once we speak with you and determine what needs to be done in your individual case we can tell you what the attorney fees will be. Just call us and we will try to work out a payment plan that you can afford. In many cases we can put the balance of the attorney fees into the Chapter 13 bankruptcy payment plan and we will be paid each month by the trustee along with your other creditors. In a Chapter 7 bankruptcy case we can set up a payment plan for you. EXPERIENCE AND DEDICATION Attorney Cochran has been in the consumer bankruptcy practice since 1989. We handle consumer Chapter 7 Bankruptcy and Chapter 13 Bankruptcy cases. We do not represent creditors, only the consumer. We pride ourselves on being prepared when we go before the trustees or the Bankruptcy Judges. We have good working relationships with many of the creditors lawyers. If there is a problem we work hard in trying to resolve the problem before it gets to court. This saves you time and money.
		There are several ways in which you can contact this Virginia Bankruptcy Attorney - Telephone: CALL TODAY FOR YOUR FREE TELEPHONE BANKRUPTCY CONSULTATION (804) 358-2222 OR EMAIL OR Visit this Virginia Bankruptcy Lawyers offices, 4509 W. Broad St. Richmond VA 23230 If you would prefer to visit our Bankruptcy Law Office, Please call First for an appointment because we are usually very busy and we would prefer to provide you with prompt professional services and not have you waiting around any longer than necessary Whichever way you prefer to contact us, please be prepared to tell us why you may need to file for bankruptcy. If it is an emergency and you need to file for bankruptcy right away, we can do this same day as long as you have the documents required to file a petition for bankruptcy.

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