- July 24, 2020
- Thomas Adam
Regardless of how much you think you know about the bankruptcy process, it is often still a good idea to speak with a knowledgeable lawyer who can answer any questions you might have. Reviewing the facts with a knowledgeable attorney is also one of the best ways to make sure that you avoid any errors that could end up jeopardizing your bankruptcy case.
To better prepare you for the initial meeting with your bankruptcy attorney, this article reviews some critical questions you should ask before filing for bankruptcy.
Do You Have Any Non-Exempt Assets?
Florida, like every other state, has established a list of assets that are considered exempt from being attacked or seized by creditors. A bankruptcy attorney can help you determine which of your belongings are exempt from bankruptcy. A bankruptcy attorney can also help you determine what strategies to utilize to handle these non-exempt assets, which might include liquidating them before filing.
What Fees Will You be Required to Pay?
A bankruptcy attorney can inform you about how much you will pay during the bankruptcy. Besides filing fees, there might be additional costs like administrative fees. By understanding what fees you are likely to face, you will be better prepared for your case.
How Long Will Your Case Last?
A bankruptcy attorney should be able to inform you not just when your case will be filed, but also describe the basic steps involved in a bankruptcy filing, and how long you should expect the bankruptcy to take. This way you can start early in planning what steps will go the furthest in rebuilding your credit score after receiving a bankruptcy discharge.
Should You File for Chapter 7 or Chapter 13 Bankruptcy?
The best way to know for sure if you qualify for Chapter 7 bankruptcy is to speak with an experienced bankruptcy lawyer. Qualifying for Chapter 7 requires passing a means test, which compares a person’s income sources to others in the state.
If you do not qualify for Chapter 7 bankruptcy, you might be able to file for Chapter 13 bankruptcy. Some factors that influence whether a person can file for Chapter 13 bankruptcy include if an individual is protecting a home from foreclosure, if a person is saving a vehicle from repossession, and if an individual can establish that he or she has non-exempt assets.
Additionally, if you end up pursuing chapter 13 bankruptcy, it also helps to know the amount of your estimated monthly plan payments. While an exact figure is often difficult to determine on the spot, a bankruptcy attorney can provide a reasonably accurate range for repayment amounts. If you are considering chapter 13, an attorney can also help predict how many months the repayment process will last.
Speak with an Experienced Florida Bankruptcy Lawyer
If you need the help of a skilled bankruptcy attorney, you should not hesitate to contact the Adam Law Group today for assistance.