Posts Tagged ‘duties of a bankruptcy paralegal’

Understanding The Duties Of A Bankruptcy Paralegal

Though the bankruptcy laws are very complex ones, you are still advised to have at least the basic understanding of the different things that are associated with this process. For example, you must also be aware of the duties of a bankruptcy paralegal. A paralegal here is an assistant professional who can work for any of the three parties that are often involved in a bankruptcy case – the trustee, creditor’s lawyer, and the debtor’s lawyer. Following is a brief overview on the different tasks that they perform for different parties.

Tasks Performed For Trustee

When court declares someone bankrupt, it also appoints a bankruptcy trustee to oversee the case. The duties of a bankruptcy paralegal that works for trustee include the following things.

- Preparation of the files for meetings and hearings that the trustee has to handle.
- Thorough review of the claims submitted by the creditors in order to determine whether the claims are sufficient.
- Thorough review of the forms submitted by the debtor to ensure everything is in the compliance of the laws.
- Preparation and filing of required reports.
- Filing objection to the allowance of inadequate claims.
- Collecting estate property
- Maintaining records
- Doing a thorough analysis of the feasibility of the debtor’s proposal
- Examining proofs and claims submitted by debtors and creditors

Tasks Performed For Creditors

Following are some of the common duties of a bankruptcy paralegal that works on behalf of a creditor.

- Drafting motions for complaints and examinations
- Drafting reaffirmation agreements
- Drafting motions for avoidance of liens
- drafting notices of appearance
- Attending the meeting of creditors
- Preparing the proof of claim
- Reviewing documents that prove the debt owed by the debtor
- Obtaining data from the creditor for proof of claim
- Reviewing statements of affairs and schedules of the debtor

Tasks Performed For A Debtor

Following are the duties of a bankruptcy paralegal who works on behalf of a debtor.

- Keeping the debtor apprised of court dates
- Preparing the debtor for depositions
- Preparing witnesses for hearings and conducting research
- Drafting attorney’s fee applications
- Drafting reorganization plans
- Drafting notices, proposed orders, agreements, motions, forms, disclosures, statements, schedules, and petitions
- Preparing the initial mass mailing to all creditors
- Ordering asset appraisals
- Prepare appropriate lists by obtaining debt and asset information from the debtor
- Discussing financial management and credit counseling class obligations
- Providing required forms and disclosures to the debtor

Overall, as we can see, the duties of a bankruptcy paralegal play a crucial role in the process of bankruptcy.

Custom Search

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?