Filing for bankruptcy can be a complicated and draining legal process. However, with the right preparation and an experienced and skilled attorney, it could be worth all the headaches to find your financial footing once again and start to build your life back up. Before meeting with a Plano bankruptcy attorney, make sure you are as prepared as possible.
Prior to your first meeting with your attorney, it is not necessary to have any understanding of bankruptcy law. Your attorney will sit down with you, review the details of your case, and provide you guidance on what your options are and what the recommended next step will be. It will be during that meeting that you can have all your questions regarding both Chapter 7 and Chapter 13 bankruptcy answered.
However, if you have already done your own research and know what kind of bankruptcy you want to pursue but have some questions you would like answered, we can help with that, too. Let your attorney walk you through the process, no matter where you are in your understanding of the options.
While your attorney will be able to ask you for specifically needed items, it is ideal to go into your first meeting with as much of the expected basics already taken care of. This will speed up the overall process, demonstrate to your lawyer that your time is valuable, and provide them with a fuller picture of your financial situation. If you are able to collect the following items, you’ll be prepared from the get-go. Please bring copies of your:
In addition to getting a picture of your financial situation, your bankruptcy attorney will need to know a bit about your personal situation and circumstances in order to recommend the most appropriate next steps. This may include answering questions such as:
You may not need to have documentation for these topics at this stage, but you should at least be ready to answer these questions, as these and similar questions are what an attorney will be asking to get a better idea of what your current circumstances are.
For an initial meeting, there is generally no cost to meet with a bankruptcy attorney. The team at Steele Law Firm offers a consultation to anyone ready to begin the process of declaring bankruptcy in Plano, TX, during which they will answer questions and review the details of your case. After the initial meeting, the cost of hiring an attorney to assist in your case will depend on several factors, including the type of bankruptcy for which you will be filing, the complexity of your case, and the number of assets and debts you have.
A: While it is not a legal requirement, choosing a qualified and skilled bankruptcy lawyer in Texas will make a significant difference in your case. An experienced bankruptcy attorney offers essential benefits, including knowledge of bankruptcy law, guidance in filing, personalized counsel on options that fit your circumstances, assistance with documentation and paperwork, protection from creditors, and advice on how to rebuild your credit and financial future following the bankruptcy. The long-term savings will far outweigh the initial cost.
A: Chapter 13 is more complicated and involved than filing for a Chapter 7 bankruptcy. As a result, the fees for hiring a Chapter 13 lawyer in Texas can range from $3,000 - $5,000. In fact, Chapter 13 is the most expensive bankruptcy you can file. This is in part due to the complex process of reorganizing your financial affairs, assets, and debts, and to the ways in which you can legally keep some property in certain circumstances.
A: In Texas bankruptcy law, there is no minimum debt amount you have to have in order to file for bankruptcy. The amount of debt in which you find yourself is of little import. Rather, considering the amount of unsecured debt, which includes credit cards, medical bills, and personal loans, such as cash advance loans, combined with the amount of secured debt, such as a mortgage, car payment, or secured loan, that you have will determine the right time to file.
A: While unusual, it is possible for your bankruptcy application to be denied. Generally, you will be denied if you are applying too soon after a previous bankruptcy. However, there are other reasons why your bankruptcy might be denied. Your application will be ineligible if you fail to provide proper documentation, falsify assets, or fail to meet bankruptcy eligibility criteria. Your Chapter 7 bankruptcy will be denied, for instance, if you instead meet the criteria for a Chapter 13 bankruptcy.
By preparing in advance for your first meeting with your attorney, you can help expedite the entire bankruptcy filing process and set you and your attorney up for success from the start. The attorneys at Steele Law Firm are ready to answer your questions and assist in your application. For further help on getting started filing for any type of bankruptcy, contact our Plano offices today.