I was upset to hear recently from a friend
who was facing bankruptcy chapter 7 Placentia and even more upset when he mentioned a mutual friend who had
just gone through a bankruptcy chapter
13 Placentia. This second friend had handled his case by himself and been
successful so my friend was thinking about filing for chapter 7 bankruptcy Placentia without
professional help.
I was roped in to help with the research
and must admit that I found reading up on bankruptcy
laws chapter 7 Placentia to be very boring. In my opinion bankruptcy laws chapter 13 Placentia,
or chapter 7 and anywhere, should be left for the attorneys to deal with. I did
learn quite a lot and was happy to be able to assist my friend who went on to
do well in his case.
What
Happens After I File For Bankruptcy?
The Bankruptcy Court sends out a notice of
your bankruptcy filing to all of the creditors listed in your schedules. This
notice advises the creditors that you have filed for protection, which chapter
you filed and advises them that an "automatic stay" is in effect,
preventing creditors from pursuing any further efforts to collect the debt.
This would include staying a foreclosure sale, wage garnishment and even a
civil court proceeding or trial. Criminal cases are not stayed, nor are child
support hearings. Also on the notice is the date and time of your meeting of
creditors and/or confirmation hearing with the court, as well as the deadline
for taking certain action against creditors. Prior to the 341 meeting, your
bankruptcy attorney will discuss any potential issues and help you prepare for
any questions that the trustee is likely to ask.
At the meeting of creditors, a Trustee,
appointed by the court, will examine you under oath as to the accuracy of the
information contained in your schedules. Creditors have a right to be present
at this hearing and may ask you questions pertaining only to your assets and
liabilities, income and expenses. If they wish to challenge a particular debt
from being discharged, most creditors are required to file an adversary
proceeding within sixty days of the meeting of creditors in a Chapter 7 case,
or the debt is discharged. There may be debts that will survive your
bankruptcy, such as student loans, personal tax liability and domestic support
obligations.
No comments:
Post a Comment