What Will A Debtor Get to Filing A Chapter 7 Bankruptcy?
Is there a bankruptcy help near me? What’s in it for me and how can it lift me from my financial situation? These might be your questions if you are in the midst of a difficult situation. In this article, we are going to talk about filing chapter 7 bankruptcy and what’s in it for you.
Filing a request for chapter 7 bankruptcy positions the borrower in “automatically stays” (stops) most collection activity from the debtor or the property of the debtor. However, filing the request doesn’t stay specific types of activity under 11 U.S.C section 362(b), and the stay might be in effect for a short period of time in specific situations. The stay occurs by operation of land and doesn’t need judicial action. As long as the effect of the stay is present creditors normally cannot initiate or pursue lawsuits, or even make phone calls asking for payments. The bankruptcy specialist provides notice of the chapter 7 case to all creditors provided by the debtor.
The Moreno Law Firm practitioners can efficiently help debtors about his financial condition. Within 21 and 40 days, after the request is filed, the trustee will call a meeting of creditors. If the bankruptcy administrator or the trustee plans an appointment at a place that has no regular bankruptcy administrator or trustee, the meeting can be held not more than two months after the order for relief.
The trustee position under oath and both the creditors and the trustee may ask questions during the meeting. The debtor should join the meeting and respond to the questions about the financial affairs and property of the debtor.
If a spouse filed a joint request, the couple should join the creditors’ meeting and provide answers to questions. The trustee will submit the report to the court no more than 10 days of the creditors’ meeting whether the bankruptcy case should be presumed to be an abuse under the means test.
It is imperative for the debtor to work together with the trustee and present all the financial records or documents requested by the trustee. The bankruptcy code will require the trustee to ask questions to the debtor at the meeting of creditors. It is to guarantee that the debtor knows the possible consequences of pursuing discharge in bankruptcy like credit history record, the capability to file a request under different bankruptcy chapter, receiving discharge effect, and the debt reaffirming effect.
Consult only the experts when filing bankruptcy in Moreno Valley. Avoid bankruptcy “mills” that can be promising at the beginning. Choose the professional and the highly experienced practitioners in bankruptcy cases for best results. Give us a call today and let’s work together and make your financial condition better.