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FAQ

Bankruptcy

 

I paid in money to the trustee in my Chapter 7 because of unexempt assets. What happens to my money?

First, what are assets? Assets are items belong to or owed to you at the time your bankruptcy case was filed. There are exemptions for protect most property however sometimes there is unexempt assets that require the Debtor to either turn over property to the estate or funds to the estate. If property is turned over to the trustee the trustee then must go through the process of selling the asset so that the proceeds from the sale can be distributed to your creditors.

When there are unexempt assets and funds to be distributed to the creditors there is a process the trustee must go through in disbursing the funds and ultimately recommending discharge. Asset cases remain open long enough for the trustee to liquidate/sale unexempt assets, distribute the proceeds to your creditors, file a report with the court detailing what was disbursed to who, etc. If the trustee cannot sell an asset the trustee may choose to abandon the asset which means that the Debtor owns the property again.

The whole process of distribution is referred to as the administration of the estate. This process can often take a long time, sometimes even years, depending on the type of property and assets that are involved. Something that can be an asset that many Debtors to not realize is money that is owed to them on the day of filing even if the money is not yet collected. If someone owes a Debtor money when the bankruptcy is filed, the trustee can sue that person to try to collect the money to distribute it to the Debtors creditors. If the Debtor has already started suing someone to collect money owed to them, the trustee can take over the lawsuit on the Debtors behalf in an effort to obtain as much money as possible for distribution.

All of the steps mentioned above take time. Each trustee has many cases so you can imagine all of the work involved when a trustee has multiple asset cases at one time. However, the fact that the case is still open does not mean that your discharge is hanging somewhere in the future. Often times you will still receive your discharge as scheduled (usually 60 days after the 341 meeting), while this can be revoked at any time for failure to continue to cooperate with the trustee.

Category: Bankruptcy

If you find any open accounts on your credit reports that have a zero balance, you need not include them in your bankruptcy filing. However, make sure that you close these unused accounts to prevent any future finance fees and to clean up your credit. Consider it your first step toward establishing a better credit rating.
If you don’t find the address of your creditor and the creditor is not listed on your bankruptcy petition, he will not receive notice of your bankruptcy filing. As discussed above, if your case is a no-asset case, the debt will be discharged even if the creditor is not listed. Remember this is only the case in the Eastern District of Missouri, check with your local bankruptcy attorney how the local rules are in your district. However, if your creditor did not receive notice, he will continue to collect from you. When this happens, you would need to inform him about the bankruptcy filing. This is often time consuming as the creditor might ignore it or just won’t believe you. Your attorney might have to explain the situation then to the creditor. If you are living in the St. Louis Metro please call our Bankruptcy attorney in St. Louis Missouri for a free consultation.

Category: Bankruptcy

Yes, even though the creditor charged the debt off, it does not mean the debt won’t be collected. The creditor might have sold the debt to a collection agency or is in the process of transferring the debt to another creditor. Debt never goes away. Even if you don’t hear from a creditor for several years, in most cases a collection agency will contact you at some point to collect the debt that then might have increase due to interest and late fees.

Category: Bankruptcy

Yes, they can, the debt is still owed no matter how old it is. The creditor even could sue you, and if you would not respond or would not rise the statute of limitation defense, the creditor would obtain a judgement against you. 

Category: Bankruptcy

Answered by Bankruptcy Attorney in St. Louis Missouri Tobias Licker: In a chapter 13, it is important to know the correct amounts of your secured debt you will pay in your chapter 13 plan, and also of the unsecured creditors if you repay them in full (although this doesn’t happen very often). If you are not sure about the exact amout you can either contact your creditor, use your most recent statement, or give an estimate of the debt you owe. The creditor will only receive the notice of the bankruptcy filing and won’t see from the court notice, what the listed amount is. Whatever is owed to your creditor will be discharged, regardless of the amount listed on your petition.

Category: Bankruptcy

Yes, you should both. It is better to list more possible creditors than too few. Often, it is not known to the debtor if the collection agency owns the debt or is only collecting for the original creditor who might be in the process of hiring another collection agency. It is always good practice to list collection agencies and attorneys for the original creditor if known. Please contact our Bankruptcy attorney in St. Louis if you have more questions.

Category: Bankruptcy

Your list of creditors in your bankruptcy filing should be accurate and complete. The bankruptcy court defines a creditor as any person or company to whom you owe money. A creditor can be your bank, your health club, or even your parent. While a secured debt is tied to an asset, such as an automobile, an unsecured debt is not. It can be a credit card or other credit account or a personal loan. When you file for bankruptcy, you must complete Schedule F, a list of unsecured creditors, and Schedule D, a list of all secured creditors. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that can be answered through the general answers on this website.

Category: Bankruptcy

On Schedule F you must list everyone to whom you owe a debt, even those you have already partially repaid. Creditors have to be listed in order for the bankruptcy court to notify your creditor about the bankruptcy filing and subsequent discharge of your debt. When your attorney submits your petition to the court, you must fill out a Declaration Concerning Debtor’s Schedules in which you legally affirm the paperwork you are filing is true and complete. If you knowingly file an incomplete creditors list, you are committing perjury. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that can be answered through the general answers on this website.

Category: Bankruptcy

For each entry on your creditors list, you must provide your account number, the creditor’s complete address, and the current amount you owe. You must also fill in the date that your credit agreement started. If you have a co-borrower on an account, such as your spouse, you must provide his or her name and address. Court officials use this information to send notices to your creditors and co-borrowers as required by law so giving accurate and complete information is essential

Category: Bankruptcy

Before you file for bankruptcy, verify that your creditor list is accurate and up to date by taking a look at your current credit reports available online. You find your free credit report at www.annualcreditreport.com. Our firm also can provide you with a credit report. The credit report we receive from our credit report provides comes with a free 12 months credit monitoring after filing bankruptcy. If you find open accounts that you have forgotten about that still have a balance, you must add them to your list. You may discover that some of those creditors already listed have changed their addresses, so you should correct that information on your form. By verifying the accuracy of the creditors list in your filing, you can avoid problems later on when a creditor did not receive notice about your bankruptcy filing. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that can be answered through the general answers on this website.

Category: Bankruptcy

Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website. Preparing your petition starts with providing a list of your creditors to our office, and other information about your income, expenses, and property you own. We recommend that you check your credit report when providing information about your creditors. When we download your credit report, it will save you time as we will include all creditors from your credit report on your bankruptcy petition. In most cases, clients start their case after the initial consultation and have us download their credit report. You only would need to check which creditors are not listed on the credit report as not all creditors report to credit bureaus.
 

Category: Bankruptcy

Technically, any creditor that is not included in your bankruptcy filing can still approach you later to collect the debt. Alternatively, the credit company can sell your debt to a more aggressive collection firm that will contact you for payment. However, if you include the account on your Schedule of Unsecured Creditors, you cannot be legally pursued later. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website.

Category: Bankruptcy

While technically a creditor must appear in your original filing list, you can add an account later. Adding a creditor and notifying the creditor of the bankruptcy filing is time consuming. Most bankruptcy attorneys in St. Louis and around the country charge an additional fee for additing creditors after filing. The court cost for adding a creditor to your petition is currently $30, regardless of the number of creditors you add. This means you want to make sure that you add all missed creditors at the same time. Every time your add new creditors regardless of how many, the court will charge you the $30 fee.

The creditor can be added as long as the case is not closed. After the case is closed by the court, it is questionable whether the court would reopen the case to add creditors. If it is an asset case, meaning the trustee recovered some money from the debtor, the debt might not be discharged because the creditor was not listed on the petition and was not aware that the trustee distributed money to creditors.If the debt is not discharged, the court might not have a reason to reopen the case to add the creditor.

Most cases are no-asset cases, that means the debtor had no un-exempt assets which the trustee could have distributed to creditors. In the Eastern District of Missouri (this is the St. Louis area), the debt is discharged even if the creditor was not listed. The court would not have a reason to reopen the case because the debt was discharged.

However, this might be handled differently in other bankruptcy districts. Your bankruptcy attorney will know whether the court will reopen the case and if it is advisable to do so.Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website. 

Category: Bankruptcy

If you pay your brother that $650 you owe him a week before filing, you may experience a legal problem. According to bankruptcy regulations, any debt repayment you make within the year prior to filing for bankruptcy can be reversed by your bankruptcy trustee so that the trustee can distribute the money equally to all of your creditors. The reasoning behind this rule is that the debtor should not favor one creditor over another. The rule does not apply to regular debt payments in the ordinary course of business, for example, your monthly mortgage or car payment.

We often hear the question in these situations: How does the trustee will find out? The trustee finds out from you because you have to state on your bankruptcy petition whether you paid friends or family members (insiders) anything within the last year. At the trustee’s meeting the trustee will ask you the question again. Not telling the truth to hide transfers and assets, would be a federal felony. No money is worth committing a federal crime. 
This applies to non-family debt repayment as well. If you pay a creditor who is not an insider within 3 months before filing of the bankruptcy petition, the trustee might be able to avoid the trunsfer if the it was made not in the ordinary course of your business, for example, you pay off one of your credit card accounts.

If your trustee avoids a transfer, it does not create the situation before the transfer happened when you possibly were able to apply exemptions to the property you transferred. If the tansfer is avoided, you can’t apply exemptions anymore.  Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website.

Category: Bankruptcy

GAL fees are in the nature of support and are non-dischargeable. No adversary proceeding in bankruptcy court is required to determine non-dischargeabilty. 

Can a debtor file an adversayr proceeding to determine whether the debt is dischargeable?
Even if the bankruptcy court rules that the debt is discharged, the bankruptcy jurisdiction would be non-exclusive. The family law court can later rule differently.

Category: Bankruptcy

When a creditor sends you a copy of the IRS Form 1099, it means the creditor cancelled this debt and reports this to the IRS. Cancelled debt can be treated by the IRS as income that you would have to pay income tax on. However, there are several circumstances in which someone does not have to pay income tax on cancelled debt. One of these circumstances is when the debtor filed for bankruptcy. You still would have to inform the IRS that the debt was included in your bankruptcy filing. You or better your tax consultant would do this by filing Form 982 with the IRS. We see it every so often that receiving the 1099 notice causes confusion for our clients but also caused by their tax consultants who sometimes don’t know how to handle the situation. Bankruptcy attorneys don’t want to give tax advice and will leave it up to your tax consultant to give proper advice. But the bottom line is, you don’t have to pay income tax on debt that is discharged through bankruptcy and you need to let the IRS know about it through filing form 982 with your income tax return.

Category: Bankruptcy

You cannot list your expenses for your basic phone and internet services in line 37, because this is already deducted as an expense on line 25a of the B22 Form. If you list your utility expenses again you would double tip. However, you can list expenses that exceed the basic services if they are necessary for the health and welfare for you or your dependents. So the question is, what is “necessary for the health and welfare”? There are no clear guidelines. I think in general having cell phone and internet is important and perhaps necessary for the welfare. If you don’t overstate your actuall expenses and they are resonable you should be able to deduct some of your expenses. You also can adjust your utility expenses in line 26, but you can’t use both, line 26 and line 37 for the same expense.

Category: Bankruptcy

Bankruptcy allows debtors to pay back creditors when the debtor owes more money than they can pay via a repayment plan or an elimination of most of the debts.

Category: Bankruptcy

Any person or business, with a few exceptions, can file bankruptcy if money is owed to a creditor.

Category: Bankruptcy

Chapter 7 can be filed every eight years from a prior chapter 7 or six years after a prior chapter 13. Chapter 13 can be filed four years after a previous chapter 7 or two years after a previous chapter 13.

Category: Bankruptcy

The bankruptcy court mails out notifications to creditors. The notifications contain: the case number, the name of the trustee assigned to the case, the date of the meeting of creditors, the deadline for filing objections to any dismissal of debts, and whether and when to file claims.

Category: Bankruptcy

The trustee oversees the bankruptcy estate, assures that the creditors get paid what is owed to them, run the meeting of creditors, gather information from the debtor regarding their bankruptcy. Chapter 7 trustees also sell non-exempt property to satisfy debts, and chapter 13 trustees collect money and disperse it via the repayment plan.

Category: Bankruptcy

The debtor is placed under oath, and their assigned trustee asks them questions about how they got in their financial situation, their income, their debts, and their personal and real property.

Category: Bankruptcy

When a debtor reaffirms a debt they made to a creditor, they voluntarily sign an agreement that waives the discharge of a debt such as a mortgage or a car loan. The debtor re-enters the payment contract with their creditor, usually with the same terms as the original contract.

Category: Bankruptcy

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Car Accidents

 

I paid in money to the trustee in my Chapter 7 because of unexempt assets. What happens to my money?

First, what are assets? Assets are items belong to or owed to you at the time your bankruptcy case was filed. There are exemptions for protect most property however sometimes there is unexempt assets that require the Debtor to either turn over property to the estate or funds to the estate. If property is turned over to the trustee the trustee then must go through the process of selling the asset so that the proceeds from the sale can be distributed to your creditors.

When there are unexempt assets and funds to be distributed to the creditors there is a process the trustee must go through in disbursing the funds and ultimately recommending discharge. Asset cases remain open long enough for the trustee to liquidate/sale unexempt assets, distribute the proceeds to your creditors, file a report with the court detailing what was disbursed to who, etc. If the trustee cannot sell an asset the trustee may choose to abandon the asset which means that the Debtor owns the property again.

The whole process of distribution is referred to as the administration of the estate. This process can often take a long time, sometimes even years, depending on the type of property and assets that are involved. Something that can be an asset that many Debtors to not realize is money that is owed to them on the day of filing even if the money is not yet collected. If someone owes a Debtor money when the bankruptcy is filed, the trustee can sue that person to try to collect the money to distribute it to the Debtors creditors. If the Debtor has already started suing someone to collect money owed to them, the trustee can take over the lawsuit on the Debtors behalf in an effort to obtain as much money as possible for distribution.

All of the steps mentioned above take time. Each trustee has many cases so you can imagine all of the work involved when a trustee has multiple asset cases at one time. However, the fact that the case is still open does not mean that your discharge is hanging somewhere in the future. Often times you will still receive your discharge as scheduled (usually 60 days after the 341 meeting), while this can be revoked at any time for failure to continue to cooperate with the trustee.

Category: Bankruptcy

If you find any open accounts on your credit reports that have a zero balance, you need not include them in your bankruptcy filing. However, make sure that you close these unused accounts to prevent any future finance fees and to clean up your credit. Consider it your first step toward establishing a better credit rating.
If you don’t find the address of your creditor and the creditor is not listed on your bankruptcy petition, he will not receive notice of your bankruptcy filing. As discussed above, if your case is a no-asset case, the debt will be discharged even if the creditor is not listed. Remember this is only the case in the Eastern District of Missouri, check with your local bankruptcy attorney how the local rules are in your district. However, if your creditor did not receive notice, he will continue to collect from you. When this happens, you would need to inform him about the bankruptcy filing. This is often time consuming as the creditor might ignore it or just won’t believe you. Your attorney might have to explain the situation then to the creditor. If you are living in the St. Louis Metro please call our Bankruptcy attorney in St. Louis Missouri for a free consultation.

Category: Bankruptcy

Yes, even though the creditor charged the debt off, it does not mean the debt won’t be collected. The creditor might have sold the debt to a collection agency or is in the process of transferring the debt to another creditor. Debt never goes away. Even if you don’t hear from a creditor for several years, in most cases a collection agency will contact you at some point to collect the debt that then might have increase due to interest and late fees.

Category: Bankruptcy

Yes, they can, the debt is still owed no matter how old it is. The creditor even could sue you, and if you would not respond or would not rise the statute of limitation defense, the creditor would obtain a judgement against you. 

Category: Bankruptcy

Answered by Bankruptcy Attorney in St. Louis Missouri Tobias Licker: In a chapter 13, it is important to know the correct amounts of your secured debt you will pay in your chapter 13 plan, and also of the unsecured creditors if you repay them in full (although this doesn’t happen very often). If you are not sure about the exact amout you can either contact your creditor, use your most recent statement, or give an estimate of the debt you owe. The creditor will only receive the notice of the bankruptcy filing and won’t see from the court notice, what the listed amount is. Whatever is owed to your creditor will be discharged, regardless of the amount listed on your petition.

Category: Bankruptcy

Yes, you should both. It is better to list more possible creditors than too few. Often, it is not known to the debtor if the collection agency owns the debt or is only collecting for the original creditor who might be in the process of hiring another collection agency. It is always good practice to list collection agencies and attorneys for the original creditor if known. Please contact our Bankruptcy attorney in St. Louis if you have more questions.

Category: Bankruptcy

Your list of creditors in your bankruptcy filing should be accurate and complete. The bankruptcy court defines a creditor as any person or company to whom you owe money. A creditor can be your bank, your health club, or even your parent. While a secured debt is tied to an asset, such as an automobile, an unsecured debt is not. It can be a credit card or other credit account or a personal loan. When you file for bankruptcy, you must complete Schedule F, a list of unsecured creditors, and Schedule D, a list of all secured creditors. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that can be answered through the general answers on this website.

Category: Bankruptcy

On Schedule F you must list everyone to whom you owe a debt, even those you have already partially repaid. Creditors have to be listed in order for the bankruptcy court to notify your creditor about the bankruptcy filing and subsequent discharge of your debt. When your attorney submits your petition to the court, you must fill out a Declaration Concerning Debtor’s Schedules in which you legally affirm the paperwork you are filing is true and complete. If you knowingly file an incomplete creditors list, you are committing perjury. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that can be answered through the general answers on this website.

Category: Bankruptcy

For each entry on your creditors list, you must provide your account number, the creditor’s complete address, and the current amount you owe. You must also fill in the date that your credit agreement started. If you have a co-borrower on an account, such as your spouse, you must provide his or her name and address. Court officials use this information to send notices to your creditors and co-borrowers as required by law so giving accurate and complete information is essential

Category: Bankruptcy

Before you file for bankruptcy, verify that your creditor list is accurate and up to date by taking a look at your current credit reports available online. You find your free credit report at www.annualcreditreport.com. Our firm also can provide you with a credit report. The credit report we receive from our credit report provides comes with a free 12 months credit monitoring after filing bankruptcy. If you find open accounts that you have forgotten about that still have a balance, you must add them to your list. You may discover that some of those creditors already listed have changed their addresses, so you should correct that information on your form. By verifying the accuracy of the creditors list in your filing, you can avoid problems later on when a creditor did not receive notice about your bankruptcy filing. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that can be answered through the general answers on this website.

Category: Bankruptcy

Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website. Preparing your petition starts with providing a list of your creditors to our office, and other information about your income, expenses, and property you own. We recommend that you check your credit report when providing information about your creditors. When we download your credit report, it will save you time as we will include all creditors from your credit report on your bankruptcy petition. In most cases, clients start their case after the initial consultation and have us download their credit report. You only would need to check which creditors are not listed on the credit report as not all creditors report to credit bureaus.
 

Category: Bankruptcy

Technically, any creditor that is not included in your bankruptcy filing can still approach you later to collect the debt. Alternatively, the credit company can sell your debt to a more aggressive collection firm that will contact you for payment. However, if you include the account on your Schedule of Unsecured Creditors, you cannot be legally pursued later. Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website.

Category: Bankruptcy

While technically a creditor must appear in your original filing list, you can add an account later. Adding a creditor and notifying the creditor of the bankruptcy filing is time consuming. Most bankruptcy attorneys in St. Louis and around the country charge an additional fee for additing creditors after filing. The court cost for adding a creditor to your petition is currently $30, regardless of the number of creditors you add. This means you want to make sure that you add all missed creditors at the same time. Every time your add new creditors regardless of how many, the court will charge you the $30 fee.

The creditor can be added as long as the case is not closed. After the case is closed by the court, it is questionable whether the court would reopen the case to add creditors. If it is an asset case, meaning the trustee recovered some money from the debtor, the debt might not be discharged because the creditor was not listed on the petition and was not aware that the trustee distributed money to creditors.If the debt is not discharged, the court might not have a reason to reopen the case to add the creditor.

Most cases are no-asset cases, that means the debtor had no un-exempt assets which the trustee could have distributed to creditors. In the Eastern District of Missouri (this is the St. Louis area), the debt is discharged even if the creditor was not listed. The court would not have a reason to reopen the case because the debt was discharged.

However, this might be handled differently in other bankruptcy districts. Your bankruptcy attorney will know whether the court will reopen the case and if it is advisable to do so.Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website. 

Category: Bankruptcy

If you pay your brother that $650 you owe him a week before filing, you may experience a legal problem. According to bankruptcy regulations, any debt repayment you make within the year prior to filing for bankruptcy can be reversed by your bankruptcy trustee so that the trustee can distribute the money equally to all of your creditors. The reasoning behind this rule is that the debtor should not favor one creditor over another. The rule does not apply to regular debt payments in the ordinary course of business, for example, your monthly mortgage or car payment.

We often hear the question in these situations: How does the trustee will find out? The trustee finds out from you because you have to state on your bankruptcy petition whether you paid friends or family members (insiders) anything within the last year. At the trustee’s meeting the trustee will ask you the question again. Not telling the truth to hide transfers and assets, would be a federal felony. No money is worth committing a federal crime. 
This applies to non-family debt repayment as well. If you pay a creditor who is not an insider within 3 months before filing of the bankruptcy petition, the trustee might be able to avoid the trunsfer if the it was made not in the ordinary course of your business, for example, you pay off one of your credit card accounts.

If your trustee avoids a transfer, it does not create the situation before the transfer happened when you possibly were able to apply exemptions to the property you transferred. If the tansfer is avoided, you can’t apply exemptions anymore.  Your bankruptcy attorney St. Louis MO Tobias Licker offers a free consultation for more information about any question that cannot be answered through the general answers on this website.

Category: Bankruptcy

GAL fees are in the nature of support and are non-dischargeable. No adversary proceeding in bankruptcy court is required to determine non-dischargeabilty. 

Can a debtor file an adversayr proceeding to determine whether the debt is dischargeable?
Even if the bankruptcy court rules that the debt is discharged, the bankruptcy jurisdiction would be non-exclusive. The family law court can later rule differently.

Category: Bankruptcy

When a creditor sends you a copy of the IRS Form 1099, it means the creditor cancelled this debt and reports this to the IRS. Cancelled debt can be treated by the IRS as income that you would have to pay income tax on. However, there are several circumstances in which someone does not have to pay income tax on cancelled debt. One of these circumstances is when the debtor filed for bankruptcy. You still would have to inform the IRS that the debt was included in your bankruptcy filing. You or better your tax consultant would do this by filing Form 982 with the IRS. We see it every so often that receiving the 1099 notice causes confusion for our clients but also caused by their tax consultants who sometimes don’t know how to handle the situation. Bankruptcy attorneys don’t want to give tax advice and will leave it up to your tax consultant to give proper advice. But the bottom line is, you don’t have to pay income tax on debt that is discharged through bankruptcy and you need to let the IRS know about it through filing form 982 with your income tax return.

Category: Bankruptcy

You cannot list your expenses for your basic phone and internet services in line 37, because this is already deducted as an expense on line 25a of the B22 Form. If you list your utility expenses again you would double tip. However, you can list expenses that exceed the basic services if they are necessary for the health and welfare for you or your dependents. So the question is, what is “necessary for the health and welfare”? There are no clear guidelines. I think in general having cell phone and internet is important and perhaps necessary for the welfare. If you don’t overstate your actuall expenses and they are resonable you should be able to deduct some of your expenses. You also can adjust your utility expenses in line 26, but you can’t use both, line 26 and line 37 for the same expense.

Category: Bankruptcy

Bankruptcy allows debtors to pay back creditors when the debtor owes more money than they can pay via a repayment plan or an elimination of most of the debts.

Category: Bankruptcy

Any person or business, with a few exceptions, can file bankruptcy if money is owed to a creditor.

Category: Bankruptcy

Chapter 7 can be filed every eight years from a prior chapter 7 or six years after a prior chapter 13. Chapter 13 can be filed four years after a previous chapter 7 or two years after a previous chapter 13.

Category: Bankruptcy

The bankruptcy court mails out notifications to creditors. The notifications contain: the case number, the name of the trustee assigned to the case, the date of the meeting of creditors, the deadline for filing objections to any dismissal of debts, and whether and when to file claims.

Category: Bankruptcy

The trustee oversees the bankruptcy estate, assures that the creditors get paid what is owed to them, run the meeting of creditors, gather information from the debtor regarding their bankruptcy. Chapter 7 trustees also sell non-exempt property to satisfy debts, and chapter 13 trustees collect money and disperse it via the repayment plan.

Category: Bankruptcy

The debtor is placed under oath, and their assigned trustee asks them questions about how they got in their financial situation, their income, their debts, and their personal and real property.

Category: Bankruptcy

When a debtor reaffirms a debt they made to a creditor, they voluntarily sign an agreement that waives the discharge of a debt such as a mortgage or a car loan. The debtor re-enters the payment contract with their creditor, usually with the same terms as the original contract.

Category: Bankruptcy

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