10 Questions to Ask a Bankruptcy Lawyer

Obviously when hiring an attorney for any services it is imperative ascertain their qualifications and experience in the field law of you need.  If you are looking for a bankruptcy attorney knowing where to start a conversation with them can make the interview process flow much more smoothly. Here are some questions to consider when interviewing a bankruptcy lawyer.

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Will My Employer Know if I File for Bankruptcy?

Some people become very concerned that filing for bankruptcy will somehow have negative consequences at work. The simple fact of the matter is that your employer doesn’t need to know if you file for bankruptcy and, more often than not neither your boss nor the company you work for will find out.

No one wants their co-workers, neighbors or friends to know their business when it comes to money. Most people are more likely to discuss anything else – from their love lives to other relationships to information that could make you blush – but won’t usually breathe a word about their financial situation. What it comes down to is that the only people who will know you’ve filed for bankruptcy are the ones you tell so be selective.

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What will my Credit Score be after Chapter 7 Bankruptcy?

Although, many of our customers ask us this question.  We can’t answer it definitively so instead we will examine the general effect of bankruptcy on your credit score.  The question of whether or not filing bankruptcy will have a lasting and adverse effect on your credit is one that is of particular concern to most first-time bankruptcy filers. If you are currently considering filing bankruptcy, chances are that your credit is suffering already. It stands to reason that the ideal way to repair your credit is to find a way to pay off your outstanding balances, pay any new debts incurred on time, and be careful not to over-borrow. Unfortunately, there are circumstances like job loss or illness that are unforeseeable and out of our control which can result in large and unmanageable debt.

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How often can i file Chapter 7 in Florida?

Even though the original question was how often you can file Chapter 7 in Florida we will also look at Bankruptcy proceedings under Chapter 13 as well.  If you have already filed for bankruptcy in the past and have received a discharge, the bankruptcy code specifies how long you need to wait between filings. If your previous bankruptcy case didn’t result in a discharge, you can file without attention to time limits.

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Limits of Power for Bankruptcy Judges

In bankruptcy cases, what legal matters need to be handled by federal district judges as opposed to being overseen and decided upon by bankruptcy judges?

The U.S. Supreme Court is preparing to hear a case that will determine which matters in a bankruptcy litigation can be rightly handled by bankruptcy judges and which must be presided over by full-fledged district judges as a matter of constitutional law. Bankruptcy judges have the benefit of specialized training for their field, but they lack the constitutional standing that is afforded to U.S. district judges.

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Freedom Industries Bankruptcy

The company that contaminated drinking water for thousands of West Virginians with a chemical leak into the Elk River filed for Chapter 11 bankruptcy on January 10.

According to official bankruptcy documentation, Freedom currently owes $3.6 million to 20 of its top unsecured creditors. They also owe over $2.4 million in unpaid tax debt dating back more than a decade. The IRS has at least three liens on the company’s property and are demanding payment.

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Atlantic Club Casino Bankruptcy

Atlantic City, New Jersey, once considered the Las Vegas of the East Coast has been hit hard in the past few years by a stagnate economy and lack of business to its dozen casinos. In the past six years, half of those casinos have filed for bankruptcy. The latest filing was made in November, 2013 by the once iconic Atlantic Club Casino (formerly the Atlantic City Hilton). The casino filed for Chapter 11 bankruptcy protection on November 6 and a spokesperson for the company stated at that time that the casino will remain open and operate on its regular schedule while they seek a buyer for the property. For right now, any internal problems are still transparent to visitors.

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USEC Files for Bankruptcy

United States Enrichment Corporation (USEC), based in Bethesda, Maryland is the only American company that deals in uranium enrichment. With that kind of power and responsibility, it is hard to believe that they would ever need to think about filing bankruptcy. In keeping with reports made late last year, however, the process has begun. The company is moving ahead with plans to seek bankruptcy protection in its efforts to continue operating.

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Clark vs. Rameker Bankruptcy

The Clark vs. Rameker Bankruptcy case has the potential to define how inherited individual retirement accounts are handled in the debt fulfillment process in a bankruptcy for future cases. The case involves a small business owner, Heidi Heffron-Clark with her husband, Brandon Clark. Heffron-Clark’s mother left her a $300,000 IRA account that creditors in their pizza shop’s bankruptcy case are looking to acquire to settle part of the debt. The lower courts have split on their rulings in this case, so the highest court in the nation now has the task of not only deciding on the case but also setting the precedent for other cases, impacting retirement as well as end of life planning for those facing similar circumstances.

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Fisker Automotive Bankruptcy

Circumstances can change in an instant, even for a company with strong backing and a good product. Fisker Automotive is a prime example. The company filed last week for bankruptcy after receiving a commitment for a $529 million loan from the United States Department of Energy. The DOE suspended funding in 2011 after Fisker failed to satisfy a number of milestones in the sale of their luxury vehicle, Karma. At the point when funds were suspended, Fisker had already received a disbursement of $192 million. The DOE managed to recover only $28 million of the loan from Fisker. It sold the remainder to Hybrid Technology, LLC for $25 million.

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