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What kind of control does the bankruptcy court have over your finances?

Wednesday, May 22nd, 2013

By filing for Chapter 7 bankruptcy, you are technically placing the property you own and the debts you owe in the hands of the bankruptcy court. You can’t sell or give away any of the property you own when you file, or pay off your pre-filing debts, without the court’s consent. However, with a few exceptions, you can do what you wish with property you acquire and income you earn after you file for bankruptcy. Read More

What does the trustee do?

Wednesday, May 22nd, 2013

The court exercises its control through a court-appointed person called a “bankruptcy trustee.” The trustee’s primary duty is to see that your creditors are paid as much as possible on what you owe them. And the more assets the trustee recovers for creditors, the more the trustee is paid.

The trustee (or the trustee’s staff) will examine your papers to make sure they are complete and to look for nonexempt property to sell for the benefit of creditors. The trustee will also look at your financial transactions during the previous year to see if any can be undone to free up assets to distribute to your creditors. In most Chapter 7 bankruptcy cases, the trustee finds nothing of value to sell. Read More

What happens at the 341 hearing?

Wednesday, May 22nd, 2013

Upon filing your bankruptcy petition you will be given the date for your 341 hearing which is also called the “meeting of creditors”. This hearing is not as scary as it sounds. Very rarely do any of  your creditors ever appear at the hearing. The bankruptcy trustee runs the meeting and, after swearing you in, may ask you questions about your bankruptcy and the papers you filed. You will be asked to produce your drivers license and social security card. The trustee will ask you the following questions: Read More

What happens after your 341 hearing?

Wednesday, May 22nd, 2013

If the trustee determines that all of your assets are exempt he will recommend to the court that your debts be discharged.  Approximately 90 days after your 341 hearing the court will order your debts discharged and your Chapter 7 will be completed.

At the end of the bankruptcy process, all of your debts are wiped out (discharged) by the court, except: Read More

What is the solution to my debt problems?

Wednesday, May 22nd, 2013

If you are reading this chances are you’re feeling overwhelmed by your debt and you are looking for a solution.  You are probably feeling stressed out with calls from bill collectors. You are worried you are going to be sued, have vehicle repossessed or lose your home.  You are doing the right thing by looking for a solution. The sooner you take action the sooner you can get this monkey off your back and move forward with your life.  Currently their are millions of people in the same situation as yourself. For the calender year 2010 well over 1,000,000 Americans will file for bankruptcy, and I guarantee that if you spoke to them almost everyone of them will tell you that they wish they had done it sooner.   But, for some people bankruptcy may not be the best solution.  Some solutions to consider other than bankruptcy are as follows: Read More

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