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When should you tell creditors you have retained a lawyer for bankruptcy?
Wiki User
∙ 17y ago
When the bankruptcy is filed the BK court will contact all the creditors listed. If the debtor is receiving collection calls he or she should inform the collector that legal counsel has been obtained. When a creditor has been informed that the debtor is represented by an attorney the creditor cannot contact the debtor directly.
Wiki User
∙ 17y ago
Wiki User
∙ 12y agoYes. It will get them to stop calling. Otherwise, the court will let them know when you file.
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Answer:
Part of the bankruptcy process is for you and your lawyer to meet with your creditors and their lawyers. This meeting is typically 30 days after your first file and held by your trustee. During this meeting you will be sworn in under oath and all discussions during the meeting will be recorded. The purpose of the meeting is to discuss the bankruptcy papers filed on your behalf. This meeting doesn't normally take too long and creditors are not necessary required to appear.
After this meeting, your assets are liquidated and your creditors are repaid.
Absolutely never tell anyone, especially a creditor that you plan to filie BK! All this does is make them move faster to secure their debt and position with judgments, or act to reposess whatever they can...BEFORE you file. Yes, when you file, they will stop calling and trying to collect...BECAUSE THAT IS THE LAW..they can't continue doing so.
After you file, creditors will even try to have this "automatic stay" stopped, or if you screw up and have the case dismissed even for a few days technical error, will then pounce on anything they can find.
Sure, a collector is going to stop calling because you said you would file BK.....right...got it. That's all it takes to stop them from calling or trying to collect. tell them your gonna file BK...which means they likely won't get anything once you do. That wouldn't give them anyreason to act faster and be more determined now would it? Really sounds kinda' dumb just saying it doesn't it?
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When do you stop paying your creditors once you have retained a bankruptcy attorney?
The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.
Should you agree to an automatic stay removal as a debtor?
Almost never....and if you don't understand why...get a lawyer for your bankruptcy...heck your creditors have!
Im on a debt plan but one of the creditors wants you to go to court what will happen?
Your "debt plan" will fall apart, and you will realize you should have talked to a bankruptcy lawyer instead of a "debt help agency."
Does the credit card company gets mad with you if you file bankruptcy?
Most creditors take a very dim view of bankruptcy, and you will likely lose your card(s). Remember, bankruptcy should be a last resort, not to be gone into lightly. It's best to consult with a lawyer first, if not to actually engage one to help you.
Questions To Ask When Meeting with a Bankruptcy Lawyer?
If you are planning to file a bankruptcy, you should find an experienced, competent bankruptcy lawyer if you want to succeed. Filing a bankruptcy is a huge decision, but it can help you lift the burden of financial debt from your shoulders. When you meet with a bankruptcy lawyer, you should ask the following questions. Ask your bankruptcy lawyer if you should file a bankruptcy and find out what options you have. A good bankruptcy lawyer can help you decide if you should file a Chapter 13 or Chapter 7 bankruptcy. You should also find out what the negative effects and benefits are for filing a bankruptcy. You should find out who will be handling your case. Sometimes the person you meet or speak with is the not the person that handles bankruptcy cases. It would be a good idea for you to talk with the person who is handling your case to discuss your concerns. If you do not feel comfortable with the person who is handling your case, you should find a new bankruptcy lawyer. You should also find out if the bankruptcy lawyer is experienced. Find out how many years he has been handling bankruptcy cases. You should only hire an experienced bankruptcy lawyer to represent your case. When you are shopping around for bankruptcy lawyers, find out how much they charge for their services. Some bankruptcy lawyers charge a flat fee and others charge an hourly rate. Also, you should find out if there are any additional costs for using their services. Compare rates with several lawyers before you choose one to represent you. When you are comparing bankruptcy lawyers, you should also find out what the process involves, what they will need from you, and how long the whole process will take before you find out if your case is approved. Before you meet with a bankruptcy lawyer, jot down any other questions or concerns that you have. That way, you will be able to make an informed decision.
Is your wifes bankruptcy your problem?
Your wife's bankruptcy should not affect you unless you have joint debt. In that case, the creditors can pursue collection efforts against you.
When should a stockholder receive payment if a company declares bankruptcy?
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
Should a person contact their creditors directly if they have not paid their credit card bills in 2 years or should they just file for bankruptcy?
You should contact a bankruptcy or finance attorney and no one else.
What kind of lawyer would one use when declaring bankruptcy?
When one is declaring bankruptcy, they should use a lawyer familiar with bankruptcy. There are different types of bankruptcy to consider, such as liquidation or cancelling your debts, or reorganizing for wage earners who can still make debt payments.
Should you tell your bankruptcy lawyer if you have claimed bankruptcy in the past?
Yes- attorney needs to know if you ever filed BK (what type and when).
How much would a bankruptcy lawyer charge for complete bankruptcy services - from start to finish?
While fees vary, on average, the cost for a bankruptcy lawyer should be between $1,000 and $2,000. Many bankruptcy lawyers offer free initial consultations, too, where you can find out what their exact fee is.
How soon after receiving a settlement from an accident can you file bankruptcy?
This will be considered an asset. You cannot file bankruptcy if you have a number of assets that can be used to pay your creditors. Depending on the amount of the settlement, you should wait years to file bankruptcy.
