Chapter 7 is a liquidation fresh start type of bankruptcy whereby a person who has very little in the way of assets and a lot of unsecured debt can file a Chapter 7 and get a fresh start. Under Chapter 7, debtors typically keep all of their properties such as houses, cars, personal belongings provided […]
Monthly Archives: April 2013
A 341 Meeting is a meeting of creditors we acquired and mandated by the Bankruptcy Code whereby a debtor will be examined under oath by a Chapter 7 trustee regarding assets and liabilities. The Chapter 7 trustee has the duty to examine the debtor and determine whether or not there are any assets that can […]
Chapter 7 bankruptcy can last anywhere from 100 to 120 days from start to finish. It basically works like this: once the Chapter 7 bankruptcy case is filed, there is a notice that goes out to all creditors, the debtor and the debtor’s attorney advising of an upcoming meeting called a 341 Meeting of Creditors. […]
You definitely have the ability to keep your house and car in a Chapter 7 Bankruptcy if you are current on your payments, provided you do not have significant nonexempt equity in those properties. Most people who come to see me for a Chapter 7 and who may be homeowners do not have significant equity. […]
There are some cases under Chapter 7 where I will file a case prior to being paid in full. Those cases involve wage garnishments, bank citations or other court appearances required that would be a burden to the debtor and would actually hinder the debtor’s ability to pay the law firm in the long run. […]