Blog Posts in November, 2012

  • F is for First Meeting

    || 28-Nov-2012

    In both types of consumer bankruptcy cases - Chapter 7 or Chapter 13 - you will be required to appear at your " first meeting " or " first meeting of the creditors " or " 341 hearing " (341 being the section of the Bankruptcy Code that sets out the details of this hearing). This is your initial Court date. In Chapter 7 cases, it should be your only Court date. Many of ...
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  • E is for Exemptions

    || 20-Nov-2012

    When you file a bankruptcy petition ALL of your property becomes property of your 'bankruptcy estate'. Exemptions are what the bankruptcy code allows you use in order to KEEP or PROTECT certain property. In the context of a Chapter 7 bankruptcy, any non-exempt property is subject to liquidation by a Chapter 7 Trustee (the party who appointed by the Court to convert all non-exempt property ...
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  • D is for Discharge

    || 13-Nov-2012

    Obtaining a Discharge is the goal in every individual Chapter 7 case and it's also the goal in about 99% of Chapter 13 cases too. It's the final Order of the Court indicating that your case has completed successfully and you are legally 'Discharged' of all of your debts....with certain exceptions. It's a piece of paper that's symbolic of your 'fresh start '. In a ...
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  • C is for Cars

    || 7-Nov-2012

    A common first question I'll get over the phone or via email from a perspective Chapter 7 or Chapter 13 client is something along the lines of "if I file bankruptcy, can I keep my car?". The answer is almost always YES. In a Chapter 7 bankruptcy you're able to protect a certain amount of assets by using the applicable exemptions available under the bankruptcy code. The most ...
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