When you first speak with an attorney about options for filing bankruptcy, you should know an average of your income or your hourly rate, or at least a best estimate of your income. Income is important, because it can determine which bankruptcy you will file.
When you file bankruptcy you must list everything you own or are entitled to. When you file, you create a bankruptcy estate. The estate owns everything you own or are entitled to until the exemption objection period passes or you buy back non-exempt assets from the estate.
While there is no such thing as medical bankruptcy cases, you can still discharge medical debt in bankruptcy. In fact, medical debt is fairly easy to include in bankruptcy, as long as you know where your medical debt was incurred. For example, the hospital or clinic you went to.
A 341 hearing is typically the only hearing you attend in your bankruptcy case. It is about a month after filing and will take about 5-10 minutes, depending on your case. The trustee of your case conducts the hearing and will go through yes or no questions with you to verify your case information.
When you file bankruptcy you have to list all of your creditors, both secured and unsecured. This is true, even if you plan on keeping your secured assets, like houses and vehicles, and will continue paying them.
Your bankruptcy discharge is the official court order, stating you do not have personal liability on the dischargeable debts anymore. The bankruptcy discharge is the end goal of bankruptcy. Since the discharge is the end goal in most cases, a lot of potential clients wonder what would cause a discharge to not go through.
The 341 hearing or Meeting of Creditors is, typically, the only hearing you attend during your bankruptcy case. It is about a month after filing and will, usually, last less than 10 minutes. This meeting is a chance for the trustee in your case and any creditors to ask questions. The questions you will be asked typically are regarding assets, income, debts, and expenses.
When you file bankruptcy, you are placed in a metaphorical bubble of protection from your creditors. This bubble is called the automatic stay. The automatic stay protects you from collection activity during the bankruptcy, until you receive your bankruptcy discharge, which is the court order saying you do not have personal liability on your debt anymore. What the automatic stay means for you, is bankruptcy can stop creditor collection harassment, collection lawsuits from moving forward, collection calls, and statements from coming.
Bankruptcy is full of nuances and terms you may not hear every day. This blog will explore common phrases you may hear during your case and what they mean or are referring to.
When you file bankruptcy, the debt you have incurred prior to filing, can be included in your bankruptcy case. After filing, any new debt you incur is your responsibility and is not subject to the automatic stay of bankruptcy or the bankruptcy discharge.
When you first speak to an attorney about filing bankruptcy and throughout your case, you may hear certain terms or phrases used frequently. This blog will explore some of the more common words and what they mean.
Appearing on your behalf may sound appealing to some due to not paying attorney fees, but the advantages to having an attorney represent you during your bankruptcy greatly outweigh the cost associated with filing.
You may hear a creditor of yours is secured or has a security interest and wonder what this means. Creditors with security interests are those who have a lien on assets. This means, that if the secured amount of debt is not paid, the lender can take back the asset, so they can recoup the amount of debt that is owed.
Amendments are an official adjustment, addition, or subtraction of information in your bankruptcy petition or other official court documents. Amendments can happen for all sorts of reasons, for example, errors, omissions, new information, or different circumstances.
A claim in bankruptcy is a claim of money owed to a creditor, filed by or for a creditor. Proof of claims is the document the creditor will file in the court, explaining the amount owed, why it is owed, and providing supporting documentation for the debt.
When you file bankruptcy, your creditors receive notice that you filed and are given the timeline of events during your case. This includes the timeline to object, bring motions, and attend hearings.
When you first speak with an attorney about options for filing bankruptcy, you should know an...
When you file bankruptcy you must list everything you own or are entitled to. When you file, you...
While there is no such thing as medical bankruptcy cases, you can still discharge medical debt in...
A 341 hearing is typically the only hearing you attend in your bankruptcy case. It is about a month...
When you file bankruptcy you have to list all of your creditors, both secured and unsecured. This...
Your bankruptcy discharge is the official court order, stating you do not have personal liability...
The 341 hearing or Meeting of Creditors is, typically, the only hearing you attend during your...
When you file bankruptcy, you are placed in a metaphorical bubble of protection from your...
Bankruptcy is full of nuances and terms you may not hear every day. This blog will explore common...
When you file bankruptcy, the debt you have incurred prior to filing, can be included in your...
When you first speak to an attorney about filing bankruptcy and throughout your case, you may hear...
Appearing on your behalf may sound appealing to some due to not paying attorney fees, but the...
You may hear a creditor of yours is secured or has a security interest and wonder what this means....
Amendments are an official adjustment, addition, or subtraction of information in your bankruptcy...
A claim in bankruptcy is a claim of money owed to a creditor, filed by or for a creditor. Proof of...
When you file bankruptcy, your creditors receive notice that you filed and are given the timeline...
