Personal bankruptcy is a legal action that can eliminate an individual’s legal obligations to pay certain types of debts, such as credit cards and medical bills. Bankruptcy can also stop, at least temporarily, a foreclosure, repossession of a property, or shutdown of utility services. By filing for bankruptcy, an individual can eliminate debt, protect future  … Read more

When you file Chapter 7 bankruptcy, you will be assigned a trustee to handle your estate. A trustee is a representative of the United States Department of Justice. The trustee is there to represent your creditors while also being fair to you and your financial situation. The appointed trustee will look over your bankruptcy paperwork and  … Read more

When you realize you will not be able to catch up on your debt and the creditors are calling. Your next question could be what type do I file when considering bankruptcy? Speaking to an experienced bankruptcy attorney can help you understand which type of personal bankruptcy would suit your situation best. Income Your attorney  … Read more

When you file Chapter 7 bankruptcy, your assets will be evaluated and your trustee could sell any nonexempt property. Any money obtained by selling your property will be distributed to your creditors to satisfy the debt. If you have sold any nonexempt property within the prior two years before submitting your bankruptcy papers, the court  … Read more

Filing bankruptcy can be a scary thing when you realize how much is involved. Bankruptcy has complicated laws and rules you must follow to avoid having your case dismissed or worse yet been charged with fraud. When your case is dismissed, this means the court rejects your case leaving you with all of your debt.  … Read more

When you file bankruptcy, your creditors must file a proof of claim with the court if they want to receive payments from your bankruptcy estate. The proof of claim forms must be submitted within 90 days after the 341 meeting (meeting of the creditors). All unsecured creditors must file a proof of claim listing the  … Read more

Bankruptcy contains a set of laws called exemptions that determine what assets you are allowed to keep when you file bankruptcy. Even though bankruptcy is governed by federal law with their own set of exemptions, you can “opt-out” of federal exemptions and choose the state you live in’s exemptions instead. Your state’s exemptions may be  … Read more

When you’re in a Chapter 13 bankruptcy case, you will need to make at least one appearance in the bankruptcy court. Soon after the creditor’s meeting, you will go before a judge for a confirmation hearing. Your plan will either be confirmed or sent back for adjustments. If your plan doesn’t meet the requirements of  … Read more

When you file bankruptcy, a court-appointed trustee will be assigned to your case. This trustee will remain active in your case for the entire proceedings. The trustee is there to protect your creditor’s interest and make sure you are being fair and honest regarding your debt. Chapter 7 In Chapter 7 bankruptcy, your trustee will  … Read more

If you are overwhelmed in debt and believe bankruptcy can give you financial relief, you should consider hiring an experienced bankruptcy attorney. You may be tempted to save some money by representing yourself in court. While this may seem like a good idea since you have so many other bills, the property, and money you  … Read more