The Questionnaire

Since you are using the online facility to hire the online bankruptcy lawyer for your case, it is very important for you to ask lots of questions to them in order to ensure that they are experts and experienced in their specific field. Do not hesitate asking those questions that are important and be very careful of how the answers come up. If you find the answers evasive, it should probably be taken as a red flag, and you should look out for another bankruptcy lawyer. Following are some of those questions that will help you take an informed decision.

•The first thing that you should check with them is the certifications that they possess.
•The next step is to check out the number of bankruptcy cases that they have handled so far. Do not forget to ask that how many of those cases they were able to defend successfully.
•It is also important for you to know that how many cases they usually handle on a monthly or yearly basis.
•If you are looking out for a business bankruptcy lawyer, you should also ask them that out of the total number of cases they handled, how many were business filings.
•Now that you have got an idea regarding the experience and expertise of the attorney, this is the time you should ask questions related to some other aspects. For example, you may ask them whether they will easily be accessible directly during the proceedings of your case.
•Sometimes, especially with the bigger bankruptcy law firms, it is not easy to access the attorneys directly. In that case, you should ask them who exactly will you be working with. What is more, when you get to know about the representative, you should ask the same sort of questions to them as well. If the firm prevents you from interviewing the representative, do not think twice before rejecting that firm.
•Do not forget to ask the online bankruptcy lawyer about the expected time frame for successful handling of your case.

Overall, if you want to hire the right lawyer for your case, it is very important for you to get right answers for all the questions that you ask.

Properties Exempted Under Michigan Bankruptcy Laws

Following are some of the properties and their values that are exempted as per the Michigan Bankruptcy Laws.

•Residential properties up to $3500
•Personal properties including utensils, furniture, books and other household appliances – up to the value of one thousand dollars as a whole
•Insurance policies that are exempted include health benefits, society benefits, etc.
•Pension funds that are exempted include ERISA-qualified benefits, IRAs etc.
•Following are some of the individuals who pension funds are exempted as per the Michigan Bankruptcy Laws.
◦Public school employees
◦Police officers
◦State employees
◦Legislators
◦Judges, including Probate Judges
◦Firefighters, etc
•Tools of trade – up to one thousand dollars
•All types of clothing and family pictures are included in the exemption
•Wild card, however is not exempted under the Michigan Bankruptcy Laws
•You can keep all the properties that are exempted as per the Michigan Bankruptcy Laws.

Important Points Regarding The Michigan Bankruptcy Laws

Following are some of the other points that you need to know regarding the Michigan Bankruptcy Laws.

•If you do not want to use the exemptions as described in the Michigan Bankruptcy Laws, the same law also allows you the liberty to choose the federal exemptions statutes.
•Married couples are allowed to file the court petition for any kind of bankruptcy jointly and they can claim a complete set of exemptions individually, but they are supposed to mention it in the bankruptcy forms while they are filing bankruptcy.
•If you want to keep a property that is non-exempted, you will have to pay the value of that specific property to the trustee appointed by the bankruptcy court to handle your specific bankruptcy case.

Exemptions Allowed Under The Iowa Bankruptcy Laws

Following are the types and the amount of the properties and various funds that are allowed for exemption, under the Iowa bankruptcy laws.

•You are allowed to use federal supplemental exemptions along with the Iowa specific exemptions.
•The great thing about the Iowa bankruptcy laws is that the homestead exemptions are allowed for an unlimited amount. You can exempt any real property or apartment that you own; no matter what is its value. However, the laws have put some restrictions on its area. If the properties are located in a town or city, you can exempt half acre only while 40 acres are allowed to be exempted for the properties located elsewhere.
•Disability benefits, health benefits, etc are allowed for exemption of up to fifteen hundred dollars.
•As per the Iowa bankruptcy laws, if you have acquired any life insurance policy within two years of filing the court petition for bankruptcy, you are allowed to exempt its proceeds for up to the amount of ten thousand dollars.
•Pension funds and benefits are allowed only for the following individuals:
◦Police officers
◦Disabled firefighters
◦Peace officers
◦Public employees
◦Federal government employees
•Furniture and other home appliances can be exempted for up to the amount of two thousand dollars in total.
•All types of books, family portraits, pictures, and paintings are exemptible under the Iowa bankruptcy laws, but only up to the amount of one thousand dollars in total.
•Wild card is also exemptible. This includes any personal property or cash of up to the value of hundred dollars.

Properties And Funds That Are Allowed To Be Exempted Under The Idaho Bankruptcy Laws

Following are the specific ways in which Idaho bankruptcy laws allow the bankrupt individuals to exempt various kinds of properties:

•For both single individuals and married couples, the properties exemptible under the homestead section amount up to fifty thousand dollars.
•If there are any properties that have not yet been occupied by the debtor, the person is supposed to record homestead exemption for such properties.
•Under the insurance exemptions of Idaho bankruptcy laws, you can exempt annuity contracts up to the value of three hundred and fifty dollars.
•Other exemptible funds and benefits under the insurance exemptions include all types of health and disability fund, fraternal benefits, society benefits, and life insurance proceeds.
•Under the Miscellaneous section of the Idaho bankruptcy laws, the exemptible funds and properties include all kinds of child support funds and any such properties that you are using for some partnership business.
•Pension funds are also exemptible under the Idaho bankruptcy laws but only for the following individuals:
◦Public employees
◦Firefighters
◦Police officers
•Sentimental heirlooms are also considered as exemptible, under the personal properties section, but only at the rate of five hundred dollars per item.
•Other personal properties like books, family pictures, clothing, pets etc are allowed to be exempted for up to five thousand dollars in total.
•Jewelry products are also exemptible under the Idaho bankruptcy laws up to the value of one thousand dollars.

Chapter 7

Chapter 7 of the bankruptcy laws deals with the basic liquidation for individuals and businesses. The specific type of bankruptcy described in this chapter is also known as “Straight Bankruptcy” or just “Liquidation”. Following are some of the important points of Chapter 7 bankruptcy laws.

•The assets and properties as declared by the debtor are reviewed. A special trustee is appointed to do the job.
•Some of those assets may be sold off by the trustee in order to pay off the debts the debtors owe to various creditors.
•The bankruptcy laws vary from state to state and depending upon the state, the trustee may let the debtor keep some of their personal properties. The debtor may also be allowed to keep an interest in their home, but most likely, the debtor will not be able to hold ownership for all of the equity.
•However, the bankruptcy discharge will include most of the debts.
•In the last six months, if you have already filed and dismissed a chapter 7 bankruptcy petition, or if you have already been granted or denied bankruptcy in the last six years, you will be not be able to file for bankruptcy again.
•As per the new bankruptcy laws, there are certain income restrictions as well. Therefore, do consult with your bankruptcy lawyer before you file a petition.

Chapter 11

The chapter 11 of the bankruptcy laws deals with the rehabilitation or reorganization bankruptcy cases. It is available for both business and individual debtors, but because of the complexity of the laws in this chapter, individuals prefer to stay away from the same. Chapter 11 has been the favorites of the business debtors because it allows them some room to continue with their existing venture while paying off the debts partially and in an orderly manner.

Chapter 13

This chapter is very much similar to the chapter 11 of the bankruptcy laws. It also allows the business to continue with their operations while paying off the debts partially and in an orderly manner. The only addition is that the debtor will also be proposed a repayment plan for the debts and they are supposed to act accordingly. In most cases, the court appoints a trustee that takes care of the repayment actions of the debtors. The debtor may also be legally obliged to pay certain amount as trustee’s fee. However, there are certain restrictions to be eligible to use Chapter 13 Bankruptcy Law. For example, if your debts exceed certain limits, you will not be able to file for bankruptcy as per chapter 13. This limit varies from state to state. So do consult with your bankruptcy lawyers whether you qualify or not.

Chapter 12

The chapter 12 of the bankruptcy lawyers is very much similar to chapter 13. The only difference is that where chapter 13 is used by businesses or individuals with regular source of income, chapter 12 is primarily used by family farmers and fishermen.

Chapter 15

If an individual or business is engaged in some international operations, and they want to file for bankruptcy, they are supposed to use chapter 15 of the Bankruptcy Laws.

Not Every Lawyer Can Handle All Types Of Bankruptcy Cases

It is very important for you to understand that there are different bankruptcy laws for different types of cases. These laws have been described in various chapters, such as chapter 7, 13, 11, etc. The laws are very complex and it is not possible for a single bankruptcy law attorney to have expertise in all types of cases. What is more, you should also note that the laws vary from state to state. That is the reason why you should prefer to hire lawyers from your state only.

License

The license of these lawyers is very important. Because of the fact that the bankruptcy laws are different in different states, a single bankruptcy attorney usually gets license to handle cases in a specific state only. It is very rare to find an attorney who has the license to handle cases in more than one state. It usually happens at the places that are close to the border of two states. Therefore, just because an attorney is very popular and reputed, it does not make him or her the best bankruptcy attorney for you until he or she has the license to handle cases in your state.

New Bankruptcy Laws

You should also keep in mind that lots of law changes have come into effect since October 2005. Therefore, make sure that the bankruptcy attorney you are hiring is aware of the new laws that are applicable to your state. For example, if you are filing under chapter 13, you will notice that lots of rules and regulations have changed now. Therefore, make sure that the business bankruptcy attorney you are hiring must be capable of using all the law changes in your favor in the most efficient manner.

Overall, we can see that if you have been careful while choosing the right bankruptcy attorney for you, you simply maximize the chances of having the court judgment in your favor.