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Understanding Bankruptcy Court

April 9, 2012 By Bankruptcy Leave a Comment

When you have mounting debts and decide to declare bankruptcy, that isn’t the end of your troubles. In reality, that opens a whole new set a challenges, beginning with bankruptcy court. In order to mediate your debts, determine your eligibility for the bankruptcy chapter you filed for, and determine what property of yours has to be liquidated, you will go to bankruptcy court where a judge will rule on all of these things.

Bankruptcy court is a satellite court of the United States District Court. The US District Court is divided into several districts, as the name suggests, and each of those districts has one or several bankruptcy courts that deal exclusively with bankruptcy cases.

Though the district court does have jurisdiction over all bankruptcy since bankruptcy is a federal matter, it will usually hand the case to the specialized court, unless it’s a case dealing with an unusually high amount of debt.

While there are only 94 US District Courts, there are many more bankruptcy court locations. In Florida, there are eight locations: Tampa, Jacksonville, Orlando, Tallahassee, Pensacola, Miami, Fort Lauderdale, and West Palm Beach. Your case is usually heard in whichever court is the shortest distance from you.

Under federal law, each bankruptcy court is allowed to have its own local rules. Since proceedings can vary from court to court, it is important to hire an experienced bankruptcy lawyer that operates in your state, as he or she will have a better knowledge of the local rules and how to work within them. This will help you get the best settlement possible, which is important when filing for bankruptcy.

You will usually appear before the bankruptcy judge on the day of your hearing. Unless your case is sealed by the judge, a rare occurrence, your hearing is open to public, just like any other court case. Since your case is open to the public, there may be reporters at your hearing, especially if you are a prominent citizen or have an unusual amount of debt.

During the trial, your attorney will present your case and, at the end, the judge will rule on your case. Though the judge’s ruling is considered final, you can appeal the decision with the United States District Court if you feel your case was ruled unfairly.

No matter the circumstances, bankruptcy is a difficult process. To learn more about getting bankruptcy representation, contact the Boca Raton bankruptcy attorneys of Eric N. Klein & Associates, P.A.

Michael Enfield

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About Corporate Bankruptcy Attorney

April 5, 2012 By Bankruptcy Leave a Comment

By Raymond D’souza -

Most of the companies facing financial difficulties turn to a corporate bankruptcy attorney for advice. Making a decision on whether or not to file for a bankruptcy petition is a complicated issue. There are many issues you need to consider such as whether you want to wind up company and liquidate all the assets by filling a bankruptcy petition or whether the management want to stay in business, keep the company assets and reorganize its debt. When an organization or a company needs a corporate bankruptcy attorney, the owners need to be familiar with the law firms that represent business organizations when they are experiencing financial hard times in order to determine which law firm would best represent the needs and interests of the company. Since bankruptcy petitions are among the most complex areas of law across the globe, companies need to hire expert corporate bankruptcy attorney who can help the company find its way through the legal landmines.

Indeed, when filling the bankruptcy petition, the corporate lawyer is required to deal with tax law, contract law, real estate law and corporate law. If the winding company owns real estate or other assets the importance of hiring a corporate bankruptcy attorney becomes crucial in order to preserve these assets. Once the company has filed for protection under the bankruptcy law, the bankruptcy court administers a legal protection from creditors. Nevertheless, the paperwork for bankruptcy filling must be done properly by corporate bankruptcy attorney so that the court do not refuse to hear the bankruptcy petition, otherwise the company will be left open to more actions from the creditors. During bankruptcies, the company devises a plan to handle its debt while it continue doing business in order to be able to raise revenue and thereby adhere to debt payment plan as agreed to in a court proclamations. Decline in company sales may lead to a business accumulate debts it cannot repay.

A corporate lawyer examines and advises the company on how to approach the court. Corporate lawyer helps the company owners to file emergency bankruptcy in situation where the creditors are harassing them. A corporate lawyer advises the organization he or she represents on how the laws are drafted in the country where the company is located. This is an important part of representation, therefore, a corporate lawyer need to practice in the state or country in which the petition will be filed. The corporate lawyer arranges for a debt adjustment plan to repay the debts that the company can be able to handle with its current financial situation. Some of debts are discharged leaving the company with less financial burden. Hiring a corporate lawyer is a major undertaking which requires careful consideration before taking it.

Advantages of hiring a corporate bankruptcy attorney:

• The corporate bankruptcy attorney is able to assist you with other options to filling a bankruptcy petition such as debt restructuring and financial workouts.

• The corporate bankruptcy attorney handles all the company paperwork and leads the negotiation with the company creditors to find an amicable solution.

• The corporate bankruptcy attorney handles all the harassing phone calls from the company creditors instead of the company managers.

• The corporate bankruptcy attorney handles the company’s debt resolution or arrange for debt adjustment or repayment plan thus getting some of the company debt to be reduced or discharged all together.

• Finally the corporate bankruptcy attorney focuses on the legal issues as the company management focus on running the day-to-day affairs of the company; also the attorney is in charge of preparing all the important paperwork and represents the company in the court.

About the Author:
The Bankruptcy Attorney will definitely help those people if they have filed for bankruptcy so that, the common people do not get over burdened with the debt which will be impossible for them to pay back.
Click here for Bankruptcy lawyer

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Pre-Bankruptcy Planning

April 2, 2012 By Bankruptcy Leave a Comment

By Aaron Kellly -

What can bankruptcy do for you?

As we all know, times are tough. Many people are having problems with their investments and have been inquiring about their options. Unfortunately, however, many clients have tried “go at it alone” and have gotten themselves in even more financial distress. Some clients, which were successful business owners in the community, are on the verge of losing their homes.

In many cases, before it’s too late, we can help clients recover financially without the need of filing bankruptcy. However, even when we cannot, we can help with pre-bankruptcy planning, as well file the bankruptcy when it comes time. Pre-bankruptcy planning can help you save significant property!!!

The longer clients wait to take action, the less options they are likely to have when they do decide to take action. Surprisingly, most clients don’t even know what their options are!!! People cannot make educated and informed decisions when they aren’t aware!!!

There are also those clients who fall for the marketing ploys of debt relief agencies. These agencies generally do not have attorneys that work on your case. Typically, these agencies will charge you a couple of thousand dollars, will try obtain a mortgage and/or loan workout program, and then, when they cannot obtain such a loan workout agreement, will tell you to go see an attorney because it appears that you may need to file bankruptcy. Also, even if these agencies are successful with obtaining a loan workout agreement, the agreements are usually very one-sided (in favor of the lender), are poorly written, and empower lenders even more than before. Frequently, such loan workout agreements compel the client to reaffirm the debt, which eliminates any chance of contesting the debt.

Furthermore, such agreements are usually unfavorable because they are only a temporary solution. These agreements are usually written by banks, and the banks are aware that the person is likely to continue having problems in the future and will likely file bankruptcy at some time in the future. This is exactly what banks want! Banks make out better this way because they get to keep all the money that was paid under the terms of the loan workout agreement, in addition to the collateral (in many cases) after the person files for bankruptcy! Thus, all the money that was paid under the terms of the loan workout agreement is lost.

If you are in financial distress, we can help you make an informed decision. You cannot make educated and informed decisions when they don’t even know what their options are!!! And if you need to file bankruptcy, we can also do that as well.

I am an Arizona Bankruptcy Lawyer and an Internet Law Attorney

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What Questions Will My Arizona Bankruptcy Attorney Ask During My Initial Consultation?

March 28, 2012 By Bankruptcy Leave a Comment

By Christopher Ariano -

I’ve had many clients confess, part way through the bankruptcy process, that they were extremely nervous prior to our initial consultation. To their own detriment, I believe that several even postponed filing because of this anxiety. I have to say that my feelings were just a little hurt when I realized that many people have a sort of attorney-phobia.

If you ask any long term clients, you will find that this fear is quickly diminished. One of my top priorities is creating a comfortable and relaxed environment for my bankruptcy clients. However in hopes of appeasing future clients that haven’t yet gotten to know me, I have provided a list of questions I may ask during our initial consultation. See? It isn’t so bad:

Have you lived in Arizona for longer than 2 consecutive years? Are you currently a U.S. citizen?

Have you ever filed for bankruptcy before? What was the date it was filed? Do you understand that 8 years must pass from the date of your past chapter 7 filing before you can file again?

Can you estimate your current debt amount? Assets? Do you know the approximate proportion of secured vs. unsecured?

Do you own your home? What is the current mortgage balance? What is the estimated value? Do you understand that the Arizona chapter 7 bankruptcy housing exemption is $150,000?

Do you regularly file taxes? Are you currently owed a refund from the state or federal government? Do you understand that tax refunds are generally not exempt when filing bankruptcy in Arizona?

Do you currently own a car? Do you own several cars? What is the equity in said cars? Do you understand that the Arizona chapter 7 bankruptcy automobile exemption is $5,000?

Are you filing bankruptcy to discharge student loans, alimony payments, or child support payments? Do you understand that these debts cannot be discharged in chapter 7 bankruptcy?

Is there any chance that you may be receiving an inheritance or other windfall in the near future? You realize that your bankruptcy can still be opened after debts are discharged and monies acquired after discharge may still be considered part of the bankruptcy estate? Do you realize this also includes any judgments you are granted?

Have you recently made any large purchases on your credit cards? Have you recently made any large gifts or repayments to a friend of family member? Have you recently transferred any assets?

Have any friends of family members co-signed on your debts? Do you understand that bankruptcy will only remove your personal liability, and not that of your co-signers?

Do you currently have a sort of savings account? Do you understand that some account forms (such as IRAs, 401ks) may not be considered part of the bankruptcy estate? Do you realize that only the first $150 in your savings/checking account is considered exempt?

Do you realize that there are substantial fees associated with filing bankruptcy and completing the mandatory credit counseling? Do you understand that, unless specifically addressed in our fee agreement, these fees are in addition to attorneys fees?

And while we are on the subject, do you realize that there are attorneys fees associated with filing bankruptcy? Do you realize that these fees will often be required upfront?

Are you wages currently being garnished? Is your Arizona primary residence facing foreclosure? Are you being sued?

Are you married? If so, will your spouse also be filing? Do you realize that Arizona is a community property state, which can complicate the filing of bankruptcy by only one spouse?

Do you realize that bankruptcy does not happen overnight? Are you ready to complete the seemingly endless amounts of paperwork I will send your way? Do you understand that you must completely document all of your debts and your assets?

Do you currently own a business? Are you currently a member of a partnership agreement? Do you own any patents?

Don’t hold me to this list, as some of them may not come up during our initial bankruptcy consultation and I may think of a few more along the way. But, in any case I hope your realize that there is nothing to be worried about. Most of these questions are pretty easy if you have taken the time to organize your personal documents.

My name is Christopher H. Ariano and I am a Phoenix bankruptcy attorney and managing partner of Ariano & Reppucci, PLLC. We are a boutique law firm located in Phoenix, Arizona that focuses on the preparation and filing of consumer bankruptcy petitions. If you are in need of an experienced and dependable Phoenix bankruptcy lawyer, don’t hesitate to contact me today.

The information contained on this web site may provide general legal information but is not intended to give legal advice or counsel on any specific legal matter. It does not create an attorney-client relationship and should not be relied upon in lieu of legal counsel. The links provided in this web site are for the information and enjoyment of on-line readers and do not constitute an endorsement of products or services represented there. The hiring of a lawyer is an important decision and you should consider the information contained on this Website as well as other factors in making your own decision.

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What Debtors Should Know About the Arizona Bankruptcy Court

March 26, 2012 By Bankruptcy Leave a Comment

By John N. Skiba -

Bankruptcy is not a decision that many look forward to making. In most cases they are forced into a situation where they must file bankruptcy. Bankruptcy, for a majority of people, can be the recommended resolution for debt that does not seem to have an end.

You will hear two arguments regarding bankruptcy. First that it is recommended, that bankruptcy is the best option and can give you a fresh start. Others will advise that bankruptcy should never be filed, that it goes against basic economics and hurts all parties involved.

Determining if bankruptcy in Arizona is the correct choice to make depends on many scenarios. It depends on the ability to pay, the time frame and budgeting it would take to get out of debt and if the decision is out of your control, if it is the only option.

When researching information regarding bankruptcy court and how to make it happen, keep these things in mind, there are many debts that Bankruptcy cannot remove through a bankruptcy court. Student loans, back taxes, alimony and child support are some examples.

Other debt that will not be forgiven in bankruptcy are: Any Cash advances for $825 or more taken within 70 days of filing, fraudulent debts, any purchase of $550 or more for luxury items purchased within 90 days of filing and amounts owed to government agencies.

There are two ways to file for bankruptcy in Arizona. Bankruptcy in Arizona can be filed as either Chapter 7, straight bankruptcy or chapter 13, wage earner bankruptcy. Chapter 7 bankruptcy is designed to eliminate all debts immediately, excluding those listed above. Chapter 13 bankruptcy is set up to allow the borrower to repay the debt. Chapter 13 works to set up payment arrangements over several years.

Bankruptcies have become more common as many people get into far too much debt without having a worst case scenario plan. There are many who have used bankruptcy as a way out of mistakes made. The Bankruptcy Abuse Prevention and Consumer Protection Act was signed in 2005 to limit individual access to the United States bankruptcy courts. This made it harder to file bankruptcy by increasing payments needed for Chapter 13 bankruptcy, created new bans for Chapter 7 bankruptcy and increasing penalties.

Each state has separate rules regarding what a person can keep after bankruptcy. Filing bankruptcy in Arizona court means you are able to keep only certain items according to the state code. Arizona bankruptcy laws state that you may keep specific amounts of what is owned. Some examples are: Furniture and appliances up to $4,000, a motor vehicle no more than $5,000 and up to $10,000 if disabled, retirement funds and no more than $150 in a single bank account. The complete list can be found in the Arizona State Code regarding bankruptcy court.

There are a few things that are recommended to keep in mind when working with the Arizona bankruptcy courts according to the State Code of Judicial Administration. Arizona bankruptcy courts prohibit a bankruptcy petition preparer from engaging in any activities that are prohibited by law. The Supreme Court of the State of Arizona enacted to Rule 31 that governing the general rule that to practice law in the State, they must be an active member of the State Bar of Arizona.

Debtors should know many things about the Arizona Bankruptcy Court. In depth research should be done on the type of bankruptcy to file, Chapter 7 or 13. After that has been decided, it is important to conduct a thorough review of the Arizona State Code on what can be kept after bankruptcy and a complete review of the debts that will not be forgiven in bankruptcy.

If there is no way out of the debt, then bankruptcy would be the option. If with a strong budget, the debts can be overcome, this is highly recommended. Each individual knows what choice is right for them and what can be done, but don’t go into bankruptcy blind. Know your rights, know the effects it will have on your credit and future, know which debts you can eliminate or not. By doing this you will be in a better position to make the right choice, with a clear future.

John Skiba is an Arizona bankruptcy attorney who helps individuals and companies file for bankruptcy relief under the bankruptcy code. John works out of the JacksonWhite Law firm in Mesa Arizona and has helped hundreds over the years receive their fresh start through filing for bankruptcy. You can read more about John and his practice at http://www.jacksonwhitelaw.com/arizona-bankruptcy/.

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Filing Bankruptcy Is Not A Mark Of Shame

March 23, 2012 By Bankruptcy Leave a Comment

By Bob P Jones -

Many Americans these days that are experiencing financial difficulties and are seriously considering filing bankruptcy should seek consultation with a bankruptcy attorney. They can then factor in all of their options, weighing the advantages and disadvantages that come with filing bankruptcy. The most obvious and common reason that individuals file bankruptcy is to gain a fresh financial start. Filing a Chapter 7 bankruptcy will wipe out all of an individual’s unsecured debts, allowing them a chance to start over.

As with many good things, there is some bad as well. For many people, one of the most difficult parts of filing bankruptcy is the psychological effects it has on the debtor. Many people see filing bankruptcy as a failure and a mark of shame. Plus many debtors have a tough time knowing that all of their credit cards will be shut off and cancelled, even if they do not owe a balance on a card, due to the bankruptcy filing. Debtors feel that they have lost their financial freedom, not taking into account that the crushing debt they are saddled with is what is ultimately taking away their financial freedom and literally sucking the life out of them. After filing bankruptcy most debtors overcome the emotional effects quickly, and experience a huge sense of relief knowing that they will soon be debt free or close to it.

Once the individual receives their bankruptcy discharge they will discover that they will soon start to receive offers for credit again. The debtor will be eligible for a secured credit card usually within months of their discharge from number of cars issuers. With a secured card the individual would deposit an agreed upon amount of money into an account and they will receive a major credit card that is secured by the deposited money. As the debtor makes their scheduled payments over the coming months, their credit limit will be increased at regular intervals. The debtor must be diligent to always make their payments on time to show they are responsible and their credit worthiness will be rewarded. More offers for credit will flow in and the debtor will be eligible for an auto loan or home loan within the near future. Filing bankruptcy is not meant to be a punishment, but on the contrary, a means of gaining a fresh start at financial freedom and responsibility.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

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Knowing When You Should File for Personal Bankruptcy

March 22, 2012 By Bankruptcy Leave a Comment

By Bennie F Sawrey -

Spending on luxury goods or personal wants is not really a bad thing–especially if you have the money to pay for it. This is true even if the lifestyle seems lavish. But what if you constantly find yourself running out of money when you need it most or making a purchase using a credit card mostly? Indeed, some people can be unmindful about their finances and cross the line of spending more than what they could possibly earn.

Thus, some people experience personal bankruptcy, or the inability to pay for financial commitment to their creditors. Additionally, bankruptcy is often stereotyped negatively by associating the victim with poor credit and lack of financial management. However, in reality, bankruptcy can happen to anyone: even those who are honest, thrifty, and hardworking and might just have a hard time budgeting wisely.

Signs of Personal Bankruptcy

Firstly, people who may be experiencing or at the brink of bankruptcy may have a passive or apathetic approach to it – a form of denial. This can come in manifested actions like ignoring or avoiding calls from creditors, not replying to urgent notifications, or simply putting off their payments. Victims initially ‘ignore’ the problem for fear of losing credibility or respect form colleagues, families, or loved ones.

Another is frequently maxing out credit cards or incurring overdrafts. Although significant card debts are now socially acceptable, they should not be used as temporary solutions to long-term debt problems. The problem of overdraft can also be alarming when a person’s pay check is just enough to meet a debt payment. If these problems persist, the victims should set an appointment with professionals who specialize in personal bankruptcy.

Last and most prominent manifestation of pending personal bankruptcy is hiding bank statements. This is the highest form of denying bankruptcy since urgent concerns can easily be stashed out or simply ignored. The act of hiding these accounts not only affect the victim but also his loved ones or partner as suspicion or doubt may arise from them.

Seeking Legal Help

As stated above, it can be seen that bankruptcy does not only affect the victim but his or her family as well. It affects relationships since bankruptcy fosters doubt and fear which can escalate to undesirable measures, like banks freezing their client’s bank account. However, this need not go this far if people can turn to a trustee in bankruptcy who can help find plausible arrangements for victims even before declaring bankruptcy.

If you have questions, please visit us at http://www.BankruptcyCalgary.com for complete details and answers.

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Finding A Bankruptcy Attorney: How To Choose The Right One

March 21, 2012 By Bankruptcy Leave a Comment

By Chris A. Harmen -

If you’re facing financial difficulties, you probably understand the benefits you can get from hiring a bankruptcy attorney. Attorneys can help with the paperwork that’s necessary and they’ll make sure you’re not missing any vital information that could cause your petition to be rejected by the courts. However, how do you know if you’re using the right lawyer? Before hiring one, consider these points to ensure you’re getting the best possible experience.

Look For A Free Consultation

Lawyers aren’t free. After all, they’re highly educated professionals who are performing a valuable service. However, that doesn’t mean you should pay for your first meeting. Many attorneys offer potential clients an initial consultation without charge.

During this initial consultation, a bankruptcy attorney will be able to tell you if you’re a good candidate for filing, as well as give you a timeline for when the entire process will be completed. A good lawyer will also make sure you understand the ramifications of filing. Filing can have a negative effect on your credit report for seven years, and your attorney will be able to explain what this can mean for you. They’ll also be able to go over the different types of bankruptcy, which is ideal if you’re not sure which is right for you.

A Bankruptcy Attorney Should Give You A Price Up Front

A good bankruptcy lawyer should be able to explain up front what it will cost to file. The cost to file should be standard from attorney to attorney, but the fee charged by each can vary greatly depending on the experience of the lawyer and even your geographical location. The national average for a bankruptcy lawyer is around $1000.

It’s not uncommon for lawyers to require payment up front, before all the paperwork is filed. Look for one that lets you know what his or her fee will be when you sign your contract. This way you know there won’t be any surprises once the paperwork has been filed.

Look For One With Local Experience

It’s a good idea to find lawyers with local experience. Finding someone who’s geographically close to you means that you’ll be able to contact them easily if you have questions about your case and its progress. Local lawyers will also know the people who work in the courts, which might just come in handy depending on your situation.

Consider The Size Of The Firm

Some people want a big firm, while others are more comfortable with a smaller one. A small firm might be able to offer more personal service, since you’ll have one or two points of contact whenever you have questions. There’s no right or wrong choice here so interview a number of different firms before deciding which one is right for you.

Finding the right bankruptcy lawyer is vital. This person will be the one to help you recover from your financial difficulties. Because of this, it’s important to find a lawyer that you can trust with your most personal financial information.

If you’re concerned about your finances and facing bankruptcy, Honolulu bankruptcy lawyer Blake Goodman can help. Goodman is a CPA and bankruptcy lawyer in Hawaii with the experience necessary to help clients in a number of financial situations. To see the services from this top Hawaii bankruptcy attorney, visit his site.

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Do I Have to Give Up My Tax Refund When Filing For Bankruptcy?

March 19, 2012 By Bankruptcy Leave a Comment

By German Yusufov -

The answer depends on what kind of bankruptcy you are filing. If you are filing under Chapter 7 (called “liquidation ” or “fresh start”), then any refund for 2009 and earlier (assuming you are filing in 2010), has to be turned over to the trustee (a court officer responsible for overseeing bankruptcy cases and distributing money and property to the creditors). The way to avoid this result is by waiting until after you receive your refund before filing for bankruptcy. You can then spend the refund on necessary expenses or convert it into exempt property. However, you have to be careful about how you spend the tax refund – if a court determines that you improperly tried to hide your assets, there may be serious consequences, including possibly a denial of discharge. If you are going to choose this approach, it is best to consult with an experienced bankruptcy attorney in your area.

If you are filing under Chapter 13 (called “debt adjustment” or “reorganization”), you will not have to give your refund for pre-bankruptcy tax years to the trustee. However, you will have to pay your creditors the value of the refund over the length of the Chapter 13 plan, unless, again, you receive the refund prior to filing bankruptcy and either spend it on necessary expenses or convert it into exempt property. To learn more about the bankruptcy process and the differences between Chapter 7 and Chapter 13 bankruptcy, take a look at the link below.

The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.

German Yusufov is a bankruptcy attorney at Yusufov Law Firm, PLLC, in Tucson, Arizona. If you would like to learn more about bankruptcy, you can visit the law firm website by clicking here.

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Bankruptcy – Understanding Chapter 7 Bankruptcy

March 16, 2012 By Bankruptcy Leave a Comment

By Sergei Tokmakov -

This article covers the main stages of the Chapter 7 bankruptcy process.

Chapter 7 bankruptcy basics

Chapter 7 the most frequently filed type of bankruptcy. It is also sometimes called “liquidation bankruptcy” because it will liquidate most, or all, of your debt. Your nonexempt property will be sold by the bankruptcy trustee in order to pay the proceeds, if any, to the creditors. You will be able to keep your exempt property. To begin Chapter 7 bankruptcy, you have to get a long list of forms from the bankruptcy court and fill them out. After you have filed the forms with the bankruptcy court, the automatic stay kicks in.

The automatic stay

The automatic stay precludes your creditors, secured and unsecured, from trying to collect what you owe them. It’s called “automatic” stay because court issues this injunction on its own initiative without you even asking for it. This is to give you some peace of mind and to ensure that the bankruptcy trustee, and not your creditors, will decide what you get to keep. Even non-dischargeable loans are subject to the automatic stay.

Mandatory credit counseling

Within the 180-day period prior to filing, you must receive mandatory credit counseling form an approved nonprofit agency and file a certificate of completion with the bankruptcy court. Credit counseling will last about an hour, the agent will go over your budget with you and give you suggestions and possible alternatives to bankruptcy. You don’t have to follow the advice given by the agency but you do have to obtain the certificate of completion. If the agency does come up with an alternative plan for you, you have to file it with the rest of your paperwork. You don’t have to participate in counseling if your disability prevents you from doing so.

The Meeting of creditors (“341 meeting”)

After you’ve filed all the required paperwork with the bankruptcy court, the court will send out a notice to all of your creditors in order to give them an opportunity to file objections and attend a scheduled hearing. This notice is called “341 notice,” which is a reference to Section 341 of the bankruptcy code. At the meeting, the bankruptcy trustee will ask you a few questions about your paperwork. For example, how you came up with your property value figures, whether this is your first time filing for bankruptcy and whether all the information in your papers is true and accurate. The meeting typically lasts a few minutes. Creditors rarely attend the meeting of creditors.

The Discharge

Approximately two months after the meeting of creditors, you will receive a Notice of Discharge from the bankruptcy court. You will then be free to move on with your life. If you receive proceeds from divorce, insurance or inheritance within 180 days of your filing date, you must report to the bankruptcy court. Failure to do so may result in bankruptcy court revoking your bankruptcy discharge.

To find out more, please contact San Diego business and employment attorney Sergei Tokmakov. Call now (858) 205-5665 for a free consultation or business and employment law info.

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