Wednesday, July 20, 2011

Do You Need to Hire a Bankruptcy Attorney?

Many people who find themselves considering bankruptcy as a option are often tempted to try and file it themselves. Someone who is considering bankruptcy obviously has financial issues, and the idea of having to come up with the money to pay an attorney may seem like an insurmountable obstacle. As the economy continues to stagnate many people are returning to the do it yourself mentality. The Federal court system is not the place to take this approach. Every person who files their own bankruptcy petition is expected to know the law as well as any bankruptcy attorney. Most often the decision to file ones own bankruptcy petition is a more expensive decision than simply hiring an attorney from the start. To illustrate this point I will share a story that I witnessed personally in court just the other day.

This was the debtors third appearance at her creditors meeting because they had not previously provided the Trustee the documents they are legally required to. The Trustee agreed to hold the meeting this time, but cautioned her that if he did not receive the documents by the end of the day he would file to dismiss her case.
  • Even though the debtor had failed to provide the required documents to the Trustee before the meeting, and she was now facing having her case dismissed this was not the biggest of her concerns. The Trustee when questioning the client learned that she had filed the case the day her paycheck was direct deposited into her account. In Indiana a single filer can exempt $350.00 in the bank anything over that amount the Trustee can claim as an asset of the bankruptcy estate. Her balance in her bank account on the date of filing was over $1,200.00.

  • The debtor also disclosed that she was on her mother's bank account. She did not know the balance in this account that day, but the Trustee is requiring that she turn over 50% of the funds in that account.

  • The debtor also failed to properly exempt her cars. The Trustee is requiring that she amend her schedules in order to prevent the cars from becoming assets of the bankruptcy estate.

Now because the debtor decided that she would not hire an attorney she now owes the Trustee over $1,000.00 plus the amount of time she had to take off work to attend 3 different meeting. She will also have to either amend her schedules to properly exempt her car or hire someone to do that for her. If she does not amend her schedules then the Trustee will be able to seize the car and sell it at auction. She has also placed her mother's assets in jeopardy. This debtor would have saved money, time, and stress by hiring an experience bankruptcy attorney.

If you do not readily know what the exemption laws are regarding your home, personal property, and savings you should NOT attempt to file your own bankruptcy. The bankruptcy code is complex, and requires an attorney who is familiar with the code.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

8 comments:

  1. Hey! This is a good read. I will be looking forward to visit your page again and for your other posts as well. Thank you for sharing your thoughts about bankruptcy attorney in your area. I am glad to stop by your site and know more about bankruptcy attorney. Keep it up!
    The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency. Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times.
    By contacting an experienced bankruptcy lawyer like Theodore S. Collatos you can ensure that you are taking the right course of action for you and your family.

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  2. Well, the primary job of a bankruptcy lawyer is to help a person or company go through the lawful methods of filing for bankruptcy. They are expected to help deal with creditors and meet the court methods to setup payment plans. If you think you or your company needs these services, then you should definitely hire a bankruptcy attorney.

    Jaden Allred

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  3. Personal bankruptcy should be handled correctly to avoid charges. You should hire the best attorney in town. They can help us on finding a way on how we can resolve it.

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  4. Nice blog, thanks for sharing the information. I will come to look for update. Keep up the good work.

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