What Will Happen in a New York Bankruptcy Court?
Filing a Chapter 7 bankruptcy is scary, and most people are falsely convinced that it would ruin them financially. But the reality is that bankruptcy can often improve your credit score because a person who declared Chapter 7 in the past is not as high a credit default risk as one who is suffocating under a mountain of debt. Events happen that are out of our control. Job loss, foreclosure, illness - there is a multitude of reasons why you may need the help of a New York bankruptcy lawyer.
Ultimately, filing for a Chapter 7 bankruptcy protection may the right choice for you. Chapter 7 is known as a "straight liquidation bankruptcy" and is the most common type of consumer bankruptcy. It has generally been the bankruptcy used by those with few or no valuable assets.
To help you understand Chapter 7 bankruptcy, Storobin & Spodek LLP, a bankruptcy law firm in New York, is publishing a series of articles. This one will deal with the meeting with the U.S. Trustee in the bankruptcy court, a meeting also known as the 341 hearing.
At the New York bankruptcy court 341 hearing, the United States Trustee asks the person filing for bankruptcy several questions. You should keep in mind that the Trustee is not a judge and does not rule on your bankruptcy case.
Answer these questions directly, without elaborating unless asked to clarify by the Trustee. Make sure to bring your driver's license and social security card.
Please note you must bring your social security card and Drivers' license [it must have the same address that is on your petition] to the hearing.
QUESTIONS THAT ARE USUALLY ASKED:
1. Name, social security number, and address.
2. Did you read the Bankruptcy Information Sheet?
3. Did you sign the petition, schedules, statements, and related documents you filed with the New York bankruptcy court?
4. Have you read the petition, schedules, statements, and related documents?
5. Are you personally familiar with the information contained in these documents?
6. Is the information in these documents accurate?
7. Do you see any errors or omissions in these documents?
8. Are all of your assets identified on these documents?
9. Have you listed all of your creditors?
10. Did you ever file bankruptcy before?
POTENTIAL PROBLEMS
A. There are several types of loans that are nearly impossible to be discharged. One of them is the student loan. For such loans, one must prove inability to pay, which sounds much simpler than it really is. There would have to be an adversarial proceeding proving much more than what one would normally need to prove in a bankruptcy.
Likewise, parking tickets, child support, alimony and income taxes are not discharged via a Chapter 7 bankruptcy. Large payments to family, as well as anything related to fraud, may not be erased by declaring a bankruptcy.
You should also remember that your loan co-signers won't be discharged just because you filed a bankruptcy. They may be forced to pay your debt even though your Chapter 7 bankruptcy was approved.
Questions and Answers
If you are considering filing for bankruptcy, you need to first discuss all options available with an insolvency counsel. There are several options to be explored before one files insolvency, and an insolvency lawyer can go over the benefits and disadvantages of every option before you file Chapter Seven or Chapter 13. If you're attempting to find info about Denver bankruptcy lawyer, you will find the below similar article actually helpful. It gives a refreshing perspective that's m...
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While filing for a bankruptcy claim, you must ensure that you have the right lawyer to represent your case in the court. While the merit and validity of your claim are important for winning the case, at the end of the day it is the lawyer's expertise and experience that determine the outcome.
The bankruptcy lawyers at our law firm have been handling complex Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases. The legal experience of our bankruptcy lawyers can be invaluable in helping you navigate the tough economic landscape that we are all experiencing. Most importantly, that experience and knowledge can help you determine if a bankruptcy is the right option for you and if so, then whether a Chapter 7, Chapter 11 or Chapter 13 is the proper and most beneficial form of bankruptcy
Filing Bankruptcy is a difficult decision to make. In 2008 over 1 million Americans filed personal bankruptcy in order to improve their financial situation. Bankruptcy can help you prevent foreclosure of your home, stop debt collector harassment and get a fresh financial start.
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Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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