Ask a Bankruptcy Attorney Seattle WA Before Giving Gifts When Considering Bankruptcy

If you are thinking about filing for chapter 7 bankruptcy with the help of a bankruptcy attorney Seattle WA, it is very important to understand that you may be required to turn over assets to become part of the bankruptcy estate and to be sold in order to generate money to pay back the creditors that you are indebted to. There are some exemptions to this and some assets that you do get to keep, but these bankruptcy laws means that when you file for bankruptcy protection, some of the things that you own are no longer yours to keep.

Because you will need to turn over some of your assets in a chapter 7 bankruptcy, it is extremely important that you speak to a bankruptcy attorney Seattle before you give away any items in the weeks prior to your bankruptcy and, especially, after you have filed for bankruptcy. As your bankruptcy attorney Seattle WA can explain to you, giving gifts, transferring assets and even selling things for less than their fair market value can all be seen as attempts to get assets out of your name so that you do not have to turn them over to be resold to pay creditors. This, essentially, is seen a form of defrauding your creditors since they are not getting paid back as much as they could or should be as a result of your gifts.

Your bankruptcy attorney Seattle can explain to you what actions, if any, are appropriate as far as gifting of items before a bankruptcy filing and during a bankruptcy filing. Your bankruptcy attorney Seattle can also help you to better understand the consequences of gifts given during or immediately before a bankruptcy. It is important that you ask a bankruptcy attorney Seattle for the specifics on this subject since the consequences may vary depending upon exactly what type(s) and amounts of gifts you give and when and how you give them. In some cases, for example, it might be considered bankruptcy fraud while in other situations, the transaction simply might be reversed and the giftee would have to give the gift back to the bankruptcy estate.

What to Look for in a Bankruptcy Attorney Seattle WA

Hiring a bankruptcy attorney Seattle WA can be a confusing process for many people who may not have experience with legal proceedings. Fortunately, finding a good lawyer to represent you and guide you through the bankruptcy filing does not need to be complicated.

Bankruptcy Attorney Seattle WA Qualifications

The first thing to look for when hiring a bankruptcy attorney Seattle WA is a lawyer who has experience in bankruptcy cases and preferably one who specializes in bankruptcy. Lawyers have different areas of expertise, just as doctors do, and you want to make sure you get someone who is an actual bankruptcy expert.

Another key criteria for your bankruptcy attorney Seattle WA is finding a lawyer who handles the type of bankruptcy you are filing. For example, some attorneys will specialize only in Chapter 7 and Chapter 13, while others will specialize in Chapter 11 cases only. Still other attorneys will handle all types of bankruptcy. Be sure your attorney handles the chapter of bankruptcy that is right for you, and that your lawyer can explain why that particular filing is your best option.

You will also want to ensure that your bankruptcy attorney Seattle WA has a long history of successful bankruptcy filings. Bankruptcy can be legally complex, and the more clients your attorney has successfully represented, the greater the chance that your lawyer has the expert knowledge you need to ensure your bankruptcy filing goes as smoothly as possible.

Finally, you want to ensure that your bankruptcy attorney Seattle WA is someone you feel comfortable with and someone who you believe will be a true advocate for your interests. In chapter 13 filings, your bankruptcy attorney may be someone you turn to for that particular filing is your best option.

You will also want to ensure that your bankruptcy attorney Seattle WA has a long history of successful bankruptcy filings. Bankruptcy can be legally complex, and the more clients your attorney has successfully represented, the greater the chance that your lawyer has the expert knowledge you need to ensure your bankruptcy filing goes as smoothly as possible.

Finally, you want to ensure that your bankruptcy attorney Seattle WA is someone you feel comfortable with and someone who you believe will be a true advocate for your interests. In chapter 13 filings, your bankruptcy attorney may be someone you turn to for years, as the process can take up to five years for you to complete your repayment plan and discharge your debt. Your lawyer should be someone who you communicate well with and feel comfortable with in order to avoid unnecessary and uncomfortable complications during your bankruptcy proceedings.