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.
Bankruptcy is full of fun and interesting facts. This blog will explore a few.
When you file bankruptcy you discharge your liability on unsecured debts (with some exclusions, for instance, taxes or student loans) and secured debts. Due to the lien on secured assets, you need to keep paying on the debt to keep the property, but your liability on the debt is discharged through your case. As long as you have not signed a reaffirmation agreement in the bankruptcy, you can surrender your filed secured assets back to the lender during or after bankruptcy, and not be liable for any balance owed on the loan, due to the discharge. This is the same regarding involuntary repossessions as well, if after filing you fall behind on payments and have a repossession, you will not be liable for the balance, due to your bankruptcy discharge.
There are quite a few parties to a bankruptcy case. If you are thinking about filing or in an active bankruptcy, you may be wondering which name belongs to which individual.
The median income for your household size is used in bankruptcy to determine whether you qualify for a Chapter 7 or a Chapter 13 and whether you are a three-year or a five-year Chapter 13 bankruptcy.
When you are filing for bankruptcy or in any financial predicament, you don’t want to pay for a consultation to see your options. At LifeBack Law, we offer free bankruptcy consultations. Typically, they are done by phone, Zoom, in-person, FaceTime or Skype. These consultations take about a half hour to an hour, and you will receive advice from a bankruptcy attorney.
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...
Bankruptcy is full of fun and interesting facts. This blog will explore a few.
When you file bankruptcy you discharge your liability on unsecured debts (with some exclusions, for...
There are quite a few parties to a bankruptcy case. If you are thinking about filing or in an...
The median income for your household size is used in bankruptcy to determine whether you qualify...
When you are filing for bankruptcy or in any financial predicament, you don’t want to pay for a...
