Debtors frequently feel like bankruptcy is an obstacle course. The goal is to receive a bankruptcy discharge. Along the way, there are many hurdles to pass. Clients often ask whether they have to go to court in bankruptcy cases. The answer is hardly ever. In fact, most debtors in bankruptcy cases will never go to [...]
bankruptcy trustee
Debtors are frequently scared of chapter 7 trustees. They don’t have to be. The general idea of bankruptcy is pretty simple. An honest debtor gets a discharge in bankruptcy. The price of a discharge in bankruptcy is that the non-exempt assets of a debtor may be sold (liquidated) and the proceeds distributed to creditors. In [...]
Bankruptcy is like an obstacle course for debtors. You can’t become a debtor without first taking credit counseling from an approved not-for-profit agency. The credit counseling must be no more than 180 days prior to the bankruptcy case. Most courts want you to have taken the credit counseling at least a day before your case. [...]
A 32-year-old single mother of two filed for chapter 7 bankruptcy in Kansas and lost her $900 monthly lifetime annuity payment. This week she lost her attempt to protect the annuity from her creditors and the bankruptcy trustee. The chapter 7 bankruptcy trustee likely will sell the future stream of annuity payments for a lump [...]
Lawyers have a saying about trying a case: Put the skunk on the table. It means if you’ve got something really bad going on in your case, it’s best to just deal with it. Tell the judge or jury before the other side does so you can minimize the damage. It’s really no different with [...]
Chapter 7 bankruptcy is a wonderful way to eliminate your debts, but a complex process. You may be wondering how the process works. For many filers, bankruptcy can be an overwhelming process, but understanding how bankruptcy works can make the process a bit less frightening. Here are the 9 steps involved with filing Chapter 7 [...]
