The first thing to remember when filing for bankruptcy is that you need to list all of your creditors. This includes any debts you owe to family members or friends. You also need to list any non-dischargeable debts. it is important to list all debts that the debtor wishes to have discharged in bankruptcy
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Chapter 7
If you’ve filed for chapter 7 bankruptcy, it’s important to know exactly what will happen. A trustee will review your assets and decide whether you can sell some to pay your debts. You can protect your exempt assets. The proceeds of the sale of nonexempt assets will go to your creditors. Once your debts are paid, you’ll be free from debt.
During the process, you’ll meet with the trustee and your creditors. You’ll need to respond to questions about your property, and you’ll also need to meet with them to discuss whether you’ve made good on your promises regarding your secured debt.
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Chapter 13
If you want to file a Chapter 13 bankruptcy with an attorney, you’ll need to have a detailed financial plan in place. This will include your assets, monthly income, and expenses. It is important to calculate these figures carefully because they will need to be used to determine how much you can afford to pay each month. You’ll also need to provide documentation of your income and expenses, such as pay stubs and bank statements. It’s also important to keep all records organized on court-approved forms.
Before filing for bankruptcy, you should review the laws and guidelines. For instance, in April 2022, the debt limit for secured debt is $1,395,875. This limit applies to liquidated and non-contingent debt. In addition, a debtor must own or have an ownership interest in real property in distress.
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Pre-Discharge Debtor Education Requirement
If you want to avoid any possible delays when filing for bankruptcy with an attorney, it is important to take the Pre-Discharge Debtor Education requirement. This program is free and requires no additional investment. After completing the course, you’ll receive a certificate from InCharge.
This debtor education course, also known as financial management training, is required as part of the bankruptcy process. It teaches you about your financial future after filing for bankruptcy and provides strategies to avoid financial problems in the future. You must complete the course within 60 days after your initial meeting with your creditors, and it must be completed before you file your motion for discharge.
While the course differs from credit counseling courses, it provides crucial tips and strategies for surviving after bankruptcy. It teaches you how to budget your money, how to use credit cards wisely, and how to avoid unexpected financial disasters. At the end of the course, you’ll receive a certificate that allows you to complete the entire bankruptcy process.
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Keep Collateral After Filing
The main reason why people file for chapter 7 bankruptcy is to wipe out all unsecured debt. However, there may be some secured debt that a debtor cannot afford to pay off and can keep as collateral. If you are in this situation, you will need to decide whether you can afford to keep the collateral or whether it would be better for you financially to surrender it.
You can keep some types of collateral, such as bank or debit cards, while paying off your debt. However, there are also conditions you have to meet in order to keep this property. First of all, the property must be tangible. It cannot be stocks, investments, or intellectual property. Second, the property cannot be worth less than its current value. Finally, it must meet criteria set by the state and the trustee.
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Contact Attorney Christopher G. Frey, Esq
The first thing to remember when filing for bankruptcy is that you need to list all of your creditors. This includes any debts you owe to family members or friends. You also need to list any non-dischargeable debts. It is also important to list any debts you do not want discharged in your bankruptcy. Contact Us Now.
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