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How long after meeting with creditors do you know if you can declare bankruptcy?
Wiki User
∙ 15y ago
That meeting, the 341 meeting...is normally sometime after you have filed BK. They don't decide if you can declare BK, obviously because they would always say NO.
Wiki User
∙ 15y ago
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Will your mortgage company know if you filed bankruptcy?
Yes. When you file bankruptcy you are required to fill out a number of forms. Schedule D is the form for Creditors holding secured claims and a home mortgage is a Secure Debt. You will have a complete list of all your creditors names, addresses, account numbers on a form called the Creditor's Mailing Matrix. The Bankruptcy court sends notification to all the creditors listed that you have filed bankruptcy.
What does bankruptcy status awaiting first meeting mean Ive already had the 341 meeting?
No, it means the 341 meeting has yet to be scheduled. You'll know when you have it as you have to be there.
What does bankruptcy do to you?
Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. http://freshstartsolutions.com.au/bankruptcy/ It is really important to seek an advice before making decisions.
When should you tell creditors you have retained a lawyer for bankruptcy?
When the bankruptcy is filed the BK court will contact all the creditors listed. If the debtor is receiving collection calls he or she should inform the collector that legal counsel has been obtained. When a creditor has been informed that the debtor is represented by an attorney the creditor cannot contact the debtor directly.
If you are say a year into a 60 month chapter 13 bankruptcy and you receive a small inheritance not enough to pay debts what is your obligation?
Your obligation is to let your attorney and/or bankruptcy trustee know about this. They will decide if the asset needs to be divided among creditors or included in your payments.
During chapter 7 can the creditors take your house in South America that you bought for 20k?
No, the creditors can't take the South America property. But, the Bankruptcy trustee can. The only exemption for real property is a homestead exemption and obviously your homestead cannot be in South America if you are filing bankruptcy in the US. So this property would be taken by the trustee and liquidated to pay your creditors. Directly the creditors can't take the property. Failing to list this property (Hey, it is in South America, how will they know????") can lead to charges of Bankruptcy fraud if found out. It is possible that the trustee would allow you to make a monetary offer to keep the property, especially as selling a foreign property is not easy. You would have to provide a valuation of the property proving the value to the trustee.
What questions will the judge ask in bankruptcy?
I asked a bankruptcy lawyer friend your question and here is what she said.It usually surprises people to find out that they may go through an entire bankruptcy case without ever seeing the Judge.Although practice differs between districts, in a typical chapter 7, most folks never see the Judge. In chapter 7, the one court appearance is your "341 Meeting of Creditors," named for the Bankruptcy Code section that proscribes the meeting. In most cases, no creditors appear. Instead, you are questioned under oath by a Bankruptcy Trustee, who is a lawyer appointed to that position. The purpose of the Trustee's questions are to be certain that you have properly disclosed all items you are required to disclose and that you have been honest in answering all of the questions in your bankruptcy petition. If anything was omitted from your petition or stated incorrectly, this is the time to be sure that you let the trustee know! Your lawyer's job is to be sure you have properly disclosed and to be with you to assist at the 341 meeting. If any creditors do appear, the Trustee will let them ask you questions about the truthfulness of the information you have given in your filing, or about your intent to repay when you took a loan.In a chapter 13, the 341 meeting process is similar but your case will last for several years. During that time, you may run into trouble and have to appear in court with your attorney for a motion filed by a creditor, your trustee, or even on your own behalf.In any case, your attorney will prepare you for the court appearance with your Trustee and will not allow any objectionable questions to be asked of you. As long as you have honestly answered all the information asked of you, not held anything back, and checked your bankruptcy papers to insure that everything was included, you have nothing to worry about. Most of my clients who were nervous about their court appearance looked at me afterward and said "is that it?" Everyone is a little nervous, but there's really no need to be.source : http://www.bankruptcyquestionsfaq.org
Is it fishy if your bankruptcy was filed on Friday morning and the next Wednesday your car disappeared in the early morning?
Not necessarily. Depending on the work load of the bankruptcy court, it might be up to a week between the time you file your bankruptcy and the time your creditors receive notice in the mail. It is possible that the lender repossesed the vehicle or it may have been stolen. Contact the lender right away to make sure they know about the bankruptcy and that you were protected by the automatic stay and report the car as stolen.
I filed for bankruptcy in 2001now I need a cosigner for my new apartment will the cosigner know about the bankruptcycan the bankruptcy creditors link the cosigner to me damage their credit?
I am in the same boat due to illness and I am looking for a co-signer so I can rent an apt. The bankruptcy has been discharged per the court, and it is hard to rent an apartment sometimes with a co-singer. Everyone has different rules. I believe if you filed a bankruptcy, then had a co-signer, it would have no effect on them, only what you do after they co-sign
You owe a debt from over 20 years ago they are still sending you summons for depositions is this against any law for them to keep bugging you after so many years?
I don't think so. YOU owe THEM money. You have to pay this debt, or else declare bankruptcy... otherwise, as far as they know, you CAN pay your debt, but are simply choosing not to. Sometimes, it's a better idea to declare bankruptcy than to not, which not many people know. declarations of bankruptcy exist for a reason... they can help. Talk to a financial advisor, or a person at the bank you use, they'll be able to help you. The reason I brought up bankruptcy is because that is the inability to repay debts. If you aren't paying a debt but are not officially bankrupt, anyone you owe money to is allowed to continue "bugging you".
Is the petitioner in an involuntary bankruptcy entitled to future sums coming from lawsuits initiated by debtor?
if YOU are the petitioner...how would WE know the answer? If your NOT...how would anyone else know the answer to a question about them? If a bankrupt has a potential asset, as in a payment from a lawsuit, then they must list it as such and it may be considered as something to pay creditors...if someone wants it.
How long does it take to be discharged from chapter 7?
Chapter 7Roughly, it takes 5-6 months after filing of the petition to get a discharge if it is a no-asset case. If there are assets or questions about the value of assets, it may take longer. More information:There is no court hearing in a no-asset case, and the discharge in Massachusetts is usually about 6 weeks after the 341 meeting/first meeting of creditors. The federal rule requires no-problem no-asset cases to be closed within 6 months of filing, after the filing of the certificate that the debtor(s) have taken the class in financial management.A debtor is eligible to receive Discharge 60 days after Meeting of Creditors (also called the "341 hearing"). In most jurisdictions, it is my understanding that the issuance of the Discharge is pretty much automated, so it actually gets issued around 61 days after the hearing, and you get it in the mail around 64 days after the hearing. I know this is the case in Southern Indiana, but I don't know about other jurisdictions. However, there are certain things that can hold up a Discharge, such as if there are complications in the case, or if there is an asset the trustee wants to sell, etc.I am a bankruptcy attorney in Kentucky. The discharge here gets issued on about the 61st day after your meeting of creditors in Kentucky, so long as there are no issues that arise that would prevent discharge. I believe that other states operate on pretty much the same time frame.
