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The Creditors Meeting – All That You Need To Know!

The creditors meeting or the 341 hearing indicates the commencement of the case. This is mandated by the United States Bankruptcy Court for the specific states and is scheduled 30 days after the bankruptcy filing. The date and the time for this meeting of creditors along with the debtor is notified within a couple of weeks of filing. Here’s how you need to plan for the meeting as a debtor – The meeting generally happens over a span of 2-3 hours. Also, take into account the travel time needed to reach the court There is no imperative dress code needed to bead hered to or to dress up fancily Getting through the [...]

2019-05-10T13:31:10+00:00
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Reducing Your Car Debt – Chapter 13 Bankruptcy

Have did you buy your car using finance options over the last two and a half years ago? Then if you are struggling with paying back the car loan, the Chapter 13 bankruptcy in most cases help you reduce the rate of interest on the car loan or reduce the total balance of it. Let’s understand further with a scenario – if your car loan balance is $20,000 at the end of three years and if the value of your car is just $10,000, then the remaining $10,000 converts as an unsecured debt (since the car doesn’t secure this). A percentage of this unsecured [...]

2019-05-10T13:29:10+00:00
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Meeting of the Creditors – Chapter 7 Bankruptcy

The meeting of creditors has to be formally attended by all the debtors who have filed for bankruptcy within 30 days of the filing. Once a bankruptcy filing has been done, a law firm such as Recovery Law Group puts to work their best attorneys for formalizing the documentation needed for the bankruptcy hearing. These set of documents will be checked by the bankruptcy trustee and meticulously reviewed at the hearing of the case. In the hearing, the bankruptcy trustee performs the verification whether the debtor really qualifies for Chapter 7 bankruptcy. Also, the status of the assets of the debtor is checked. There is nothing [...]

2019-05-10T13:29:20+00:00
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Know the Chapter 13 Payment Plan

The ‘Wage Earner Bankruptcy’ or Chapter 13 bankruptcy, is designed for those individuals who seek to repay their debts over a period of time. They have the ability to execute the repayment with a designated plan and hence seek the protection using the Chapter 13 of the U.S. Bankruptcy Code. These individuals or debtors are The kind of people who are owners of properties that cannot be exempted under Chapter 7 The ones who possess mortgage amounts, past dues or car loans and seek towards the repayment over time without being enforced to foreclose The type of folks who have debts from student loans which cannot be discharged using Chapter [...]

2019-05-10T13:29:34+00:00
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Know Everything about PayDay Loan

The name might be confusing for people who have not faced any financial problems. A payday loan is a short term loan which is due when you get your next paycheque. Most of the times, the loan is taken due to some financial problem causing an unexpected increase in expenses (medical ailments, etc.) It is a difficult time as once you have taken a payday loan, you are continuously living in the terror of harassing debt collectors. You also constantly worry whether you will be able to make essential payments like bills etc., have enough to eat while [...]

2019-05-10T11:21:09+00:00
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Eligibility For Chapter 7 Bankruptcy Filing

It is an imperative process to understand at first whether as individuals we can file for Chapter 7 bankruptcy and get our debts discharged or not. The ability to file for bankruptcy under Chapter 7 clauses majorly depend on your household income (drawn monthly at the time of filing). The monthly income includes The average gross income (prior to taxes deduction) that you have drawn in the last six months The gross income of your spouse All contributions to household expenses by other members of the family The monthly income excludes the amount arising out of Unemployment Social [...]

2019-05-10T13:29:54+00:00
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Effect of Bankruptcy on Credit

The effect of filing bankruptcy will remain on your record of credit for a period of ten years. But there is nothing to panic, as this statement doesn’t conclude that you will not be able to further get any debts or finances. In effect, the bankruptcy filing will not be the end of your credit journey. A new start to your financial status Eliminating the debts through the filing of a bankruptcy will give you the provision to start afresh and start saving too! Routine household expenses of groceries, clothing needs and automobile needs can now be accomplished [...]

2019-05-10T13:30:06+00:00
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Means Test of Bankruptcy

Before you want to file for bankruptcy, you may be required to take the means test. The means test can help you conclude the type of bankruptcy that you are eligible for – so in case that you pass this test, you can file for a Chapter 7 bankruptcy and if you do not clear this, you are still eligible to file Chapter 13 bankruptcy. The means test has to be calculated precisely so as to know which chapter to file the bankruptcy case against. Typically, there are two types of personal bankruptcies. Chapter 7– In this chapter of bankruptcy, most of the debtor’s assets are liquidated by a bankruptcy [...]

2019-05-10T13:30:26+00:00
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More About Emergency Bankruptcy Filing

The process of filing for bankruptcy usually involves the filling of various forms along with your bankruptcy petition – these forms are mandated by the court. Along with the forms, the debtor needs to gather all supporting information or documentation. This can take up a lot of his time. In cases, where the debtor is really stuck with a crisis situation like the foreclosure of a home or a wage garnishment, then he can file an emergency bankruptcy by filling a few of the needed forms to get the process started. Why an emergency bankruptcy? As soon as you file [...]

2019-05-10T13:31:29+00:00
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Duties of a Bankruptcy Trustee – Chapter 13 Bankruptcy

The notice of appointment of a bankruptcy trustee is sent to the debtor after the filing of bankruptcy has been received by the court. The notice carries the information about the name, address and phone number of the trustee. Moreover, if your trustee needs additional financial information, such as bank statements, and details of tax returns, and cancelled checks, it is intimated to the debtor in this notice along with the date on which these are due. Here’s a detailed description of the duties of a bankruptcy trustee: Administration of the bankruptcy estate– The assets and properties of the debtors are cumulatively [...]

2019-05-09T12:28:36+00:00
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