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Call: 888-297-6203 Attending court Any debtor who files for bankruptcy must appear in person once, regardless of the chapter they choose. At the initial creditors' meeting, that appearance is made. Since the judge isn't there, it isn't truly "court"; rather, it is a conference with the trustee and any creditors who wish to attend. It's most likely not even in a courtroom, but rather in a meeting room. The majority of consumer lawsuits have no creditors at all. the initial creditors' meeting Each case's creditors' conference is scheduled by the court, typically 30 days following the filing. After [...]

Call: 888-297-6203 Chapter 7 Trustee The trustee is in charge of Chapter 7 cases. He must assess if the debtor qualifies for a discharge, whether any assets need to be sold, and exemption claims. He serves as the creditors' collective representative. He also defends the legality of the bankruptcy system. He is appointed by the United States Trustee, a representative of the Department of Justice, who is also in charge of overseeing his performance. He is not employed by the government. The trustee is in charge of the initial meeting of creditors. Disputed matters are decided by the [...]

Call: 888-297-6203 Who is the bankruptcy trustee? Each named creditor receives notice of the first meeting of creditors in a Chapter 7 case, along with the trustee's name. Additionally, in some districts, that information is available over the phone and in the case file of the bankruptcy court. The debtor often assumes the trustee's duties in Chapter 11 cases that don't have one. The United States Trustee (UST) oversees bankruptcy cases rather than managing them on a daily basis. Unlike the case trustee, USTs work for the Department of Justice. Until the job is done, the assets are [...]

Call: 888-297-6203 Some claims made against a specific debtor survive discharge without any action on the part of the creditor. Examples include child support, student loans, criminal restitution, and drunk driving judgments. Only if the creditor acts quickly after the bankruptcy, do other claims survive. Rolling stones don't collect moss: By timely filing an action for non-dischargeability, a creditor whose claim against the debtor resulted from fraud, dishonesty, or other types of willful activities may contest the discharge of that claim in a Chapter 7 bankruptcy. In bankruptcy jargon, this action is referred to as a "adversary proceeding." The [...]

Call: 888-297-6203 It might be difficult to decide whether to give up when business isn't doing well. Let’s examine some crucial details that can restrict the net advantages a company might experience after bankruptcy. What percentage of the company's debt is secured? What a reorganisation may do for the company depends on how the debt is split between secured and unsecured. Unless they are inescapable and recently finalised, liens are typically impossible to avoid in bankruptcy. Therefore, bankruptcy may restrict the changes that can be made to the business debt or operation if a lender or vendor to [...]

Call: 888-297-6203 Making the choice to file for bankruptcy can be challenging. Almost everyone who is faced with this choice oscillates between "Fight" and "Flee": fight to pay off the debts vs escape the ongoing strain and start afresh. Our judgement.   Various bankruptcy options To make a choice, you must be aware of your options. On your own, are you able to prevent bankruptcy: Make a budget for your actual, monthly living expenses before exploring non-bankruptcy options. Include mortgage and auto payments, but disregard any other outstanding debt. Can you pay off your obligations other than your [...]

Call: 888-297-6203 A creditor who received payment on the eve of bankruptcy may be required to return the funds. Payments made within 90 days of the bankruptcy filing may be recouped by a bankruptcy trustee (or a debtor in possession). The creditor must have received more from the payment than comparable creditors in a similar situation would get through the bankruptcy proceedings. The statute's objective is to limit the benefits that a creditor could obtain through legal action or aggressive collection efforts. The intention is to deter collecting efforts that may push the debtor into bankruptcy. This is [...]