Bankruptcy
Bankruptcy Basics: Chapter 7, Chapter 13
There are two basic types of consumer bankruptcy, Chapter 7 and Chapter 13. Chapter 7 cancels or “discharges” many types of debt. Most credit card, medical, and other unsecured debts are discharged, as are most court judgments and loans. Many filers find all of their debts discharged. Debts not discharged […]
Bankruptcy Discharge
The point of filing a bankruptcy, most often, is to discharge debt. What debts are discharged and what debts are not? A bankruptcy discharge means that the legal obligation to pay a debt is wiped away. For all intents and purposes, the debt is gone. This applies in a Chapter […]
First Meeting With Attorney: Bankruptcy – What To Take
First meeting with attorney: prior to giving advice a bankruptcy attorney needs facts. The more facts provided, the better the quality of the advice. So, here are some basics: Gather Documents Tuck all bills in a folder. Many people don’t even like looking at bills. That’s OK. Put them in […]
What Will The Bankruptcy Trustee Ask at the Creditors Meeting
A bankruptcy trustee is assigned to each petition filed in the bankruptcy court. The trustee conducts a creditors meeting approximately 30 days after Chapter 7 or 13 bankruptcy petitions are filed. But, despite the name, creditors often don’t show up. More important is preparing for questions by the trustee. Take your driver’s license or other government issued photo ID […]
What Address Do You Use For Creditors in Bankruptcy?
What address do you use from all of your bills in filing a bankruptcy? Bankruptcy rules require listing all creditors both on the right schedule for the type of debt but also on the matrix. A bankruptcy noticing center mails notices based on the matrix. The Secret In The Fine […]
Bankruptcy Case Timeline
Chapter 7 bankruptcy cases travel along a track, much like a train. Unless unforeseen problems get in the way, the cases generally stay pretty much on schedule. Here is the timeline, listing main events in a typical chapter 7 case. Credit Counseling Prior to filing, every debtor must take this, […]
Credit Counseling: Bankruptcy Requirement
Bankruptcy filings require preparation. Bankruptcy law makes credit counseling one step in the process. You can’t file a valid chapter 7 or chapter 13 without completing credit counseling, earning this step the name ‘Ticket In’ to bankruptcy. Credit Counseling: “The Ticket In” Under bankruptcy law people, not businesses, must take credit counseling before filing under Chapter 7 or 13. Credit counseling can […]
Keeping Cars in Bankruptcy: Asset Value and Exemptions
Most of my new clients asking about bankruptcy have one question: Attorney Myers: If I file bankruptcy can I keep my car? Answer: Most often the answer is yes. At the same time we need to check a few facts about your situation before we get to the right answer. […]
Must I Disclose Income In Bankruptcy?
Potential bankruptcy filers sometimes ask whether they really have to produce their income taxes and pay stubs when they file, isn’t this ‘nosey’ of the bankruptcy court? After a voluntary bankruptcy petition is filed and before the creditors meeting, the person filing must disclose income. The law requires submission of all pay […]
Should I File Bankruptcy? What Basics Should be Considered?
Should I file bankruptcy? Just the thought can overwhelm. Mountains of debt, collections and other pressing issues bring the issue into view, requiring a look at pros and cons. First, calculate how long it will take to pay off your debts. Throw all credit cards in a drawer. Figure how […]
