The Cassidy Law Firm Blog

Thursday, December 17, 2020

What Should You Ask Your Bankruptcy Attorney About?

Bankruptcy may have an ominous sound to it for many, but that may be mainly due to the fact that many do not actually understand what bankruptcy is all about. Bankruptcy can provide critical relief to those struggling financially. Sometimes, debt can become unmanageable. You might not be able to keep up with minimum payments and collection efforts may be pending or already happening in full force. If this is the case, bankruptcy can provide much-needed relief and the opportunity to have a fresh financial start. When considering bankruptcy, you should plan on talking to a knowledgeable bankruptcy attorney about the process, its implications, and whether it is right for you. Here are some things you should ask your bankruptcy attorney about.

What Should You Ask Your Bankruptcy Attorney About?

The first thing you should ask your bankruptcy attorney should really be whether or not bankruptcy is a good idea for you. While bankruptcy can have vast benefits, it is not right for everyone. Talk to the attorney about your situation. They will need information such as your assets, income, and outstanding debt obligations to answer this question. Furthermore, this will allow the attorney to evaluate whether you will be able to qualify for Chapter 7 discharge bankruptcy or whether you would need to file Chapter 13 bankruptcy.

In evaluating whether or not bankruptcy is a good option for you, you should ask your attorney about the potential benefits and downsides of filing for bankruptcy. The attorney should be able to detail how bankruptcy may benefit you, whether it be Chapter 7 or Chapter 13 bankruptcy. The attorney should also be able to detail the possible consequences of bankruptcy. You will need all of this information to make the most effective cost-benefit analysis required to make an informed choice as to whether you want to proceed in filing for bankruptcy.

You will also want to see about whether any of your assets are considered to be non-exempt. When filing for chapter 7 bankruptcy, non-exempt assets may be seized and sold by the Chapter 7 bankruptcy trustee in order for the proceeds of the sale to go towards satisfying outstanding debt obligations. You need to be informed about what assets may be vulnerable to seizure. Your bankruptcy attorney should be able to go over the list of exempt assets that are protected from creditor attachment or seizure and what assets are considered non-exempt and would be, therefore, vulnerable.

You should also have a clear understanding of the fees associated with filing bankruptcy. There will be attorney’s fees and court fees that you will need to account for. The attorney should be able to directly answer your questions regarding these costs. Also, asking about the information needed to start the bankruptcy process is also a good inquiry to make. There can be an extensive amount of information you will need to gather to get the process started.

New Jersey Bankruptcy Attorneys

The Cassidy Law Firm is here to help set you up for a better financial future starting with bankruptcy to provide you with a clean slate. We are here to answer your questions and help you get as comfortable with the process as possible. Talk to us at Cassidy Law Firm about the possibility of finding relief through bankruptcy. Contact us today.


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