Once you file your bankruptcy papers, your case will be assigned a number and a trustee. Your attorney will help you prepare for a court hearing and also assess your property values. Most individuals filing for a Chapter 7 bankruptcy can expect to be discharged within three to five months after filing.
Dec 21, 2017 · What happens when you file bankruptcy and receive your case assignation, a date for your creditor’s meeting will be set. Any of your creditors can come to this court meeting. The creditors meeting will give the trustee a chance to walk you through a series of questions. It also permits any creditors to ask you any questions. Typically, the date for this meeting will be set …
Feb 01, 2014 · 341 Hearing. After your bankruptcy papers are filed, the court will send a Notice of the Appointment of a Trustee and Notice of the Section 341 (a) Meeting of Creditors. Your next step is to make sure you keep any paycheck stubs, direct deposit stubs, bank statements, etc. We will let you know about any other payments that need to be paid within a month or two after …
Jun 13, 2013 · The meeting is conducted by the trustee, who asks all the questions. Once the case is filed, your attorney will send copies of your papers to the trustee. If you have any property, he will also send appraisals or other valuations of your property to the trustee.
May 25, 2010 · You have finally gone into your attorneys office and signed your bankruptcy papers for your chapter 7, so like most debtors you are probably wondering What happens next? The first thing that happens is your attorney files the case electronically (or if you are filing pro se, meaning without an attorney, then you file the case in person at the courthouse), and you get a …
The automatic stay stops your creditors immediately and prohibits them from initiating or continuing any collection activities against you. In other words, it stops your creditors in their tracks.Feb 7, 2019
The court will grant your bankruptcy discharge 60 - 90 days after the meeting. If the trustee filed a no-asset report, the case will be closed pretty soon after the discharge is entered. Until your case is closed, make sure to keep an eye on any mail from the court or the trustee so you don't miss anything important.Oct 1, 2021
Your creditors have 60 days from the date of your initial meeting of creditors to object to your discharge. If no creditors object and you've completed all other requirements (such as filing your certificate of debtor education), then you'll receive your discharge after the deadline for filing objections passes.
about four to six monthsFor most filers, a Chapter 7 case will end when you receive your discharge—the order that forgives qualified debt—about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can't protect (nonexempt assets).
At the 341 meeting, the trustee will continue to assess the case by: checking your identification to ensure you are the person named on the petition. asking standard 341 hearing questions all debtors must answer, and. exploring any unexpected issues the trustee comes across in your petition.
Resolve a Creditor Objection After the 341 Meeting Even if the trustee is satisfied with your bankruptcy papers and concludes the 341 hearing, creditors can file an objection to your discharge up to 60 days after your initial meeting of creditors. Objections to discharge are the exception rather than the norm.
about 60 daysAssuming that everything goes according to schedule, you can expect to receive your bankruptcy discharge (the court order that wipes out your debts) about 60 days after your 341 meeting of creditors hearing, plus a few days for mailing.
At the creditors' meeting, the trustee checks the debtor's identification and asks a series of questions about the bankruptcy paperwork. Creditors who attend can ask about financial matters, although it's rare for creditors to appear.
In both Chapter 7 and Chapter 13 bankruptcies, it's the trustee's duty to review your bankruptcy forms and investigate and verify your financial information. One of the trustee's responsibilities in doing this is to make sure your bankruptcy claim is not fraudulent.Nov 20, 2020
8 Kinds of Debt You Can't Lose in BankruptcyMost back taxes and customs. ... Child support and alimony. ... Student loans. ... Home mortgage and other property liens. ... Debts from fraud, embezzlement, larceny, or from “willful and reckless acts” ... Your car loan, if you want to keep your car. ... Debt that doesn't belong to you.More items...
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.
Dischargeable DebtsDischargeable debt is debt that can be eliminated after a person files for bankruptcy. ... Some common dischargeable debts include credit card debt and medical bills. ... In Chapter 7 cases, a discharge is only available to individuals but not to corporations or partnerships.More items...
The Chapter 7 meeting of creditors (also called the 341 hearing) is a meeting at which the bankruptcy trustee and your creditors get to ask you que...
There won’t be a judge presiding over the meeting of creditors. In fact, most Chapter 7 debtors don’t see a judge at any point throughout the case....
When your case is called, you will go up to the trustee’s desk to be examined under oath. Before your examination can begin, you will provide your...
When you file for Chapter 7 bankruptcy, all of your creditors are notified of and invited to attend your meeting of creditors. If a creditor choose...
The bankruptcy trustee will conclude the meeting after asking questions if no further information or documentation is required from you. If the tru...
After the court grants a discharge, most unsecured debts are erased. Credit scores improve because there are no more missed payments and discharged accounts show a zero balance. After Chapter 7 and Chapter 13 bankruptcy is filed, you will get credit card offers in the mail.
If you accidently leave something out or make a mistake, you'll need to make changes to your forms.
As soon as you file your Chapter 7 bankruptcy, you are given a case number and a bankruptcy trustee is assigned to your case. The bankruptcy trustee will oversee your bankruptcy filing, will review your bankruptcy forms, and may ask for additional documents to verify your information.
A completed Chapter 13 bankruptcy stays on your credit report for 7 years after the filing date, or 10 years if the case was not completed to discharge . As a result, filing bankruptcy will initially lower your credit score. How much your credit score will drop depends on how high or low it was before bankruptcy.
Jenni Klock Morel is a writer, nonprofit leader, and Social Justice Law Scholar. For years she practiced consumer bankruptcy law exclusively as a debtor's attorney, helping individuals and families file for Chapter 7 or 13 bankruptcy protection. Jenni left the practice of law to... read more about Attorney Jenni Klock Morel
Generally, a decrease between 100 to 200 points can be expected. The good news is that you can begin rebuilding your credit as soon as your bankruptcy discharge is entered. It's possible to have a better score within 1–2 years of filing.
You can reaffirm the debt, keep your vehicle, and continue making payments. This means the debt will not be discharged and you will continue making monthly payments during and after bankruptcy. If you miss future payments the lender will have the right to repossess the vehicle and possibly try to collect on any deficiency between the balance you owe and the amount they get when selling the vehicle.
In a chapter 7 case this must be completed within 45 days after the first date set for the 341 (a) meeting of creditors. In chapter 13, you must do this no later than the date of the last payment in your plan. Sometimes clients will need to petition for a hardship discharge during their chapter 13 plan. If this is necessary, you still need to complete the financial management course before we file the motion for the hardship discharge.
When you redeem property, you pay the value of the property to the company or person who holds the loan on the property. We may also avoid having to transfer exempt property that has a loan attached to it. There may be times after we file your bankruptcy where a creditor makes a claim of a priority or secured debt.
Although the trustee has the right to take possession of all non-exempt property, this doesn’t happen very often in many consumer cases. Because in most cases the value of the property is low, the costs to sell the property would be wipe out any proceeds that could be paid to your creditors.
You should remember that once you file, creditors are not allowed to contact you seeking payments and if any do, you have steps you can take to inform them of your bankruptcy filing and report them if they continue to contact you. Sometimes creditors may not have received the notice yet when they contact you.
This is part of what is known as the automatic stay, which prevents creditors from taking any action against you once the bankruptcy case is filed. If you give them a case number, they will know you have actually filed and you will not hear from them again.
The trustee is a lawyer appointed by the bankruptcy court to administer your case. In addition to assigning a trustee, the court will also set a date for your court appearance about 4 to 5 weeks after the filing. This is called a creditors meeting. Your creditors receive notice of your filing and can come on this court date and ask you questions.
Unless there is some type of objection to your case, an extremely rare occurrence, you will be entitled to a discharge in 60 days. When the 60 days are up, the court will issue a discharge, which will be mailed to you and all of your creditors.
The trustee’s job is to make sure your case was filed properly, that all of the necessary papers were filed, and to see if there are any assets that are not exempt that he should take control of and sell for the benefit of your creditors.
This second counseling session must be completed within 45 days of your first court date, but can be done any time after the petition is first filed.
If you cannot find your social security card, you can go to the Social Security Administration and ask for a replacement. While you are there, ask them to issue a letter to verify your social security number. They will do this for you, but you have to ask.
The meeting of creditors gives the Chapter 7 trustee appointed to your case the opportunity to fulfill some of the Chapter 7 trustee's primary duties —that of fact-checking your bankruptcy petition. The trustee looks for red flags that suggest that the debtor engaged in fraudulent activity such as hiding assets or undervaluing property ...
Creditors can appear at the 341 meeting and ask questions about your financial affairs, too, but creditors rarely attend. The bankruptcy trustee will conclude the hearing after resolving all outstanding issues. Otherwise, the trustee will continue the meeting to another date.
The bankruptcy trustee will conclude the meeting after asking questions if no further information or documentation is required from you. If the trustee concludes your hearing, you don't have to come to another hearing. You'll receive your discharge after meeting all other requirements.
The Chapter 7 bankruptcy trustee's role at the meeting of creditors is to verify the accuracy of the information disclosed in your bankruptcy papers. Since a Chapter 7 trustee is authorized to sell your nonexempt assets (the property you can't keep) to pay your creditors, most questions will usually involve your assets.
A creditor uses the proof of claim to prove that it's entitled to payment. On the form, the creditor will list the type of debt, the date incurred, and the total amount owed, along with other information. After the deadline expires, the trustee will examine each claim before dispersing payment.
What Is the Purpose of the Chapter 7 Meeting of Creditors? The Chapter 7 meeting of creditors (also called the 341 hearing) is a meeting at which the bankruptcy trustee and your creditors get to ask you questions under oath about your bankruptcy petition and the documents you're required to provide the trustee.
If you're one of the millions laid off due to COVID-19, bankruptcy can erase bills while keeping most retirement accounts intact. And you don't need to worry about losing your stimulus funds—the new bankruptcy "recovery rebate" law protects stimulus checks, tax credits, and child credits. Bankruptcy lawyers will consult with you virtually, ...
The 341 notice tells you the date, time, and place of the meeting. (You can view a blank copy of the form by visiting the U.S. Court's bankruptcy website.) The notice provides you with other relevant information, too, so it's a good idea to keep it in a handy place. For instance, you'll also find the following:
When you file for Chapter 7 bankruptcy, all of your creditors are notified of and invited to attend your meeting of creditors. If a creditor chooses to come to your hearing, it can examine you under oath as well. However, since time is limited, creditors aren't allowed to conduct a lengthy examination at the creditors' meeting.
However, this doesn't mean that you will receive your discharge immediately. Your creditors have 60 days from the date of your initial meeting of creditors to object to your discharge.
When you file for Chapter 13 bankruptcy, you're responsible for filing a proposed repayment plan that spells out the amount you'll pay each creditor. Because you'll file it before the creditors' meeting, if the trustee sees a problem, it will likely be brought up at creditors' meeting.
In Chapter 13, you'll go to a repayment confirmation hearing and, if the court confirms (approves) your plan, you'll make the required payments over three to five years. For more articles and Q&As, see The Meeting of Creditors (341 Hearing).
If you're one of the millions laid off due to COVID-19, bankruptcy can erase bills while keeping most retirement accounts intact. And you don't need to worry about losing your stimulus funds—the new bankruptcy "recovery rebate" law protects stimulus checks, tax credits, and child credits. Bankruptcy lawyers will consult with you virtually, ...