Navigation

Search

Categories

On this page

Chapter 7 - What's the Procedure?
Chapter 13 - What's the Procedure?

Archive

Blogroll

Disclaimer
The opinions expressed herein are my own personal opinions and do not represent my employer's view in any way.

RSS 2.0 | Atom 1.0 | CDF

Send mail to the author(s) E-mail

Total Posts: 13
This Year: 0
This Month: 0
This Week: 0
Comments: 4

Sign In
Pick a theme:

# Saturday, July 12, 2008
Saturday, July 12, 2008 7:59:37 AM (Central Daylight Time, UTC-05:00) ( Chapter 7 )

Under Chapter 7, you submit a list of your debts, and a list of your assets.  I only file Chapter 7 cases where your assets are exempt from creditors, and you will keep them. After your attorney files this list, or petition, the Clerk of the U.S. Bankruptcy Court sends notice that you will appear at a "meeting of creditors" to testify about your petition.  That meeting is short, your attorney goes with you, and any creditors that want to ask you questions relating to your debt, can do so.  Typical questions are:  "Do you have a car?, What happened to the merchandise you bought?" and How much is your house worth?"  These are questions you have already answered in your petition, so the "meeting of creditors" is often very short and painless.

Next, under Chapter 7, the creditors have 60 days to object to your discharge in bankruptcy.  Your attorney will be working on any deals, or "reaffirmations", which creditors who financed your house or car or other things will want. Then the Bankruptcy Judge will issue a notice of a hearing on these "reaffirmations", at which time you will appear to state that you want to make these deals, and then, the Court will issue a "Discharge", which states that all dischargeable debts are gone.  Of course, debts which are exempted from discharge will remain, such as certain taxes and student loans.

Comments [0] | | # 
# Friday, July 11, 2008
Friday, July 11, 2008 8:22:41 AM (Central Daylight Time, UTC-05:00) ( Chapter 13 )

Under Chapter 13, you file a similar list of assets and debts, but at the first meeting of creditors, the purpose is to examine your proposed repayment plan.  After that, the Bankruptcy Judge holds a hearing to approve or "confirm" your plan. Then, you simply make the payments until the plan is complete, and then the Court issues a discharge.

So, while there is ya lot of work in figuring out what to do, preparing your petition, and dealing with your creditors, almost all of that is done by your attorney.  All you have to do is show up where you are supposed to, and, for Chapter 13 cases, make your payments in full and on time.

Comments [0] | | #