Bankruptcy lawyers do a lot to help relieve you of your debts and help you start over with a fresh, clean financial slate. While they play a large part in your bankruptcy proceedings, there is still a limit to what they can do. When you hire your own bankruptcy lawyer, do not expect him/her to do the following three things. He/she cannot do these things, and there are valid reasons why.
Itemize Your Personal Possessions and Place a Value on Them
A bankruptcy lawyer is not going to come into your home, itemize every last thing you own, and place a value on everything. For one, this is too time-consuming and most bankruptcy lawyers charge by the hour, which you could not afford if you expected your lawyer to do this part of the process for you. Two, your things may have very different values than what you might expect.
Placing a resale value on everything is the difference between saying that you have a motorcycle for sale and saying that you own a vintage, rare motorcycle for sale. The values are very different. If you have anything that may have significant value, you will also have to have it appraised because a bankruptcy lawyer is not qualified to do that for you.
Hold onto or Transfer Assets
Holding onto or transferring assets is typically not allowed during a bankruptcy proceeding. You have to be transparent about everything you own and why you cannot sell it or liquidate it to pay off your debts.
If you have any valuable assets, you cannot give them to or temporarily transfer them to your bankruptcy lawyer. He or she would be in a lot of legal trouble him/herself if he/she did this for you. You can either sell off the assets, or you can hold onto them and hope the judge does not rule that you have to sell them and use the money to pay some of your debts.
Prevent Your Creditors from Appearing at Your Bankruptcy Hearing
No matter how awkward or uncomfortable it may seem, your creditors have the right to appear or send representation to your bankruptcy hearing. That is a legal right for them, and your bankruptcy lawyer can do nothing to prevent it. Just remember that even though their presence (or their attorneys' presence) is awkward and anxiety-producing for you, your bankruptcy lawyer is right beside you to argue your case.
Share4 May 2017
The court system can seem frightening and confusing if you're not used to using it. Whether you've been accused of a crime and you're trying to navigate the criminal court system, or you're being sued or considering suing someone else in civil court, you need an advocate who knows their way around. That's why finding the right lawyer for the job is so important. In this blog, I'll be helping you learn how to choose the right lawyer for the job and sharing information about legal strategies and courtroom procedures that you may come across when you have a legal problem. You need accurate information to help you understand the court system, and this blog can help.