If you are facing imminent bankruptcy, then you must be a nervous wreck unsure and unclear of how the whole process works. The law is often confusing and complex. It is at such times that you need to seek the services of a competent bankruptcy attorney in Milwaukee, WI to assess your situation and provide solutions to your predicament.
Here are a few questions that you must ask your attorneys about bankruptcy before filing for it.
1. Is bankruptcy is the only solution for my case? Should I file for bankruptcy?
The attorney will need to know your complete financial history before answering that question. Your attorney will explain both chapter 7 and chapter 13 bankruptcies and into which category your case will fall. He/she will also be able to tell you if your debt will get completely cleared by bankruptcy or not because some debts cannot be discharged with bankruptcy filing.
2. Are there any advantages to filing for bankruptcy?
There are several benefits to filing for bankruptcy that all MKE, WI bankruptcy attorneys take a ( ⚆ _ ⚆ ), WI can vouch for. But what are these advantages will depend on chapter 7 or chapter 13, whichever you file under.
3. What are the negative effects of filing for bankruptcy?
Not all your debts will be eliminated when you file for bankruptcy. Your attorney should be able to highlight all the possible negatives of bankruptcy before you file.
- What assets do not come in the exemption list?
A seasoned attorney should be able to tell you in an instant which assets are exempted and which are not in Milwaukee, WI. Your attorney should suggest the various strategies that you can opt to overcome this clause and protect your assets from been seized.
- Will any of my transfers be considered fraudulent?
In an attempt to avoid bankruptcy often people end up selling their assets to raise the required money. This is an acceptable method to clear debts but in case any assets were sold at a price lower than the fair market value or in case you have not spent the received amount before filing for bankruptcy then it may be considered fraudulent. Therefore you attorney should review all your financial transactions for the past two years before filing to determine that the dealings were all fair and above law.
- What is your fee?
Your attorney must inform you of his/her fees and if any additional fees like administration fees is involved. The entire fee must be paid before you file for bankruptcy because otherwise it becomes a violation of the bankruptcy law of Milwaukee, WI. You should also be aware of any change in fee if the case has any legal complications.
7. Do you use a written fee agreement?
All transactions pertaining to money must most definitely have a written commitment. Therefore your attorney should use a written fee agreement to avoid any problems in future. The agreement must cover what are the services that the attorney will provide and how much you should pay for his services. The agreement should also clearly state the services that are not covered and if rendered what is the additional cost involved.
- How soon will your case be filed and how long will it take for the case to close?
It is your right to know when your case will be filed and how long the whole process will take. There are several factors that will determine the time taken for hearing and completion of the case. Your attorney’s schedule and the local court procedures are the key factors that will determine when your case will be filed. The time taken by the attorney to review your case thoroughly and in depth is another factor to consider. But the attorney must give you an approximate time for completion.
- What are the common problems that I might encounter?
Your attorney must have enough experience to answer that question. The attorney will normally know about the judge, the trustee and what kind of queries they may ask and what could be problematic. Your attorney should be able to anticipate the court scenario in your case and prepare you for it.
10. Who will accompany me to court?
You are already worried sick over the bankruptcy and the court hearing will only add to your stress levels; therefore there is no harm in knowing beforehand who will accompany you for the hearings. You should confirm that the attorney with whom you have discussed the case is present with you and not a paralegal or another lawyer from the same firm; but in case that is not possible you should be informed if the new attorney or paralegal has been briefed about the case and if they have any prior experience in bankruptcy cases.
It is your right to know everything about bankruptcy before your attorney files the case; do not hesitate to ask questions.