Bankruptcy

The last step we talked about was the 341 hearing. It is dreaded for the debtors to go through. If you have done everything back here, and you qualify, and you have listed everything, and in the process your petition is clean and straight, and everything correctly noted and signed, the 341 hearing shouldn’t be a big deal. Be honest and tell the truth. Walk through those steps make sure you are working with an attorney who will actually go to the hearing themselves. More

This is the unique step in this set of videos. I am doing a walk through of the bankruptcy process.  Also, I am going to do some of this for the state planning process and tax and really uniquely tax resolution. I am talking about the audit and a situation with just the IRS collection process. We will see how you can work to try and resolve your tax issues. In these videos, we are focused more on the bankruptcy. We have talked about the initial consultation  in video one. In video two we have talked about the second appointment and video three we talked about the signing the petition. In video 4 we talked about the filing date and how important that is. Now, in video five, we are talking about what’s called the 341 hearing. More

This is the fourth video in, I am doing the each of the process parts of the various practice areas I am involved in including tax, bankruptcy, state planning we will do some on other more unique situations that I have run into so this is the fourth video.

The first one we did on the initial consultation just talking about chapter 7 versus chapter 13 talking about income expenses assets liabilities and qualifications for the bankruptcy and you should work with a good attorney really who is good at explaining this thing sand in the initial consultation and walk you through the process so that you get a good result at the other end.

The second appointment is really on you in making sure you have done an adequate more than adequate job on the questionnaire filling out the information bringing all the relevant documents from the list doing the credit counselling the interview and of course your first payment. More

The third appointment obviously follows the second appointment follows the initial  consultation which we covered in video 1 the initial consultation talking about income expenses, assets and liabilities and that you qualify and you to qualify in the income side and we can talk about those tests later and then you have to also have the correct expenses meaning allowable expenses until you either qualify for a chapter 7 or chapter 13 we really focussed on these videos the chapter 7 and I will talk a little bit about chapter 13 difference a little later on. More

We are doing a series of videos related to the bankruptcy process. We did the initial consultation and now we are moving forward with video two which talks about the second appointment.

In the first appointment, we are talking about your income, assets, liabilities and your assets. When we are looking at that, we make sure that they fit together and whether bankruptcy is an option. More

In the initial consultation what we are dealing with is trying to determine if it’s a chapter 7 or chapter 13.  Chapter 7 is a discharge of debt. You are asking the court to discharge the debts you are unable to pay. Generally, we are looking at unsecured debts. You can discharge secured debts house or car or other assets if you are willing to give those assets up. That’s the normal way that would happen. More

If you’re married, you have two choices when considering filing a Bankruptcy.  You can file by yourself, but your spouse will still be liable for any joint debts or you can file together and be able to double your exemptions.  In cases where one spouse holds most or all of the debts, it may be advisable to have only one spouse file.  Something else to consider:  If there are joint debts, the fact that one spouse discharged the debt through Bankruptcy,  may still show up on the other spouse’s credit report.

Are you wondering which way is better for you?  We can help.

Call Todd Courser 810-245-0813.

Unfortunately, if you have not been paying your bills, your credit may already be bad.  In these cases, a Bankruptcy will not make your credit worse.  Your credit report will show that you went through a Bankruptcy.  However, this has prepared you for a fresh start.  You have wiped the slate clean from your old debts.  Hopefully, you will be in a better position to pay your current bills.  If you continue to keep up on your bills, you may be able to get new credit over time.  If you continue to keep up with your new credit  payments, you will have a record that you do pay your bills and your credit will begin to improve.  You may need to make some lifestyle changes, to live within your means, but there is a light at the end of the tunnel of Bankruptcy.

Can a Bankruptcy get you back on track?  We can help.

Call Todd Courser 810-245-0813.

In most cases you will need to go to court when filing a bankruptcy.  This meeting is called a Meeting of Creditors.  The Bankruptcy trustee will be there, along with any of your creditors who choose to come.  If you have hired an attorney, he/she will be present.  If the petition is filled out properly, the meeting should be short and simple.  The trustee will ask you questions about the information is your petition and about your financial situation.  If complications occur, you may need to attend a hearing with a judge.

It is better to handle any complicating situations before the Meeting of Creditors, so that it runs smoothly.  We do Bankruptcies everyday.  Let us help you.

Call Todd Courser 810-245-0813.

People sometimes believe that everything they own disappears after a Bankruptcy.  That is not really the case.  You can keep anything that was exempted in your Bankruptcy.  You can also keep anything that you obtained after you filed for Bankruptcy.  There is a certain time limit when you may have complications if you come into an asset not exempted in the Bankruptcy, such as an inheritance, property settlement or life insurance benefits.  If this happens soon after your Bankruptcy, the money or property may have to be paid to your creditors.

Do you have questions about your exemptions in a Bankruptcy?  We can help.

Call Todd Courser 810-245-0813