Before filing your bankruptcy case, it is important to decide if bankruptcy is your best option. Depending on the specifics of your financial problems, we will gather and discuss as many of the facts in your case. We will want to know all aspects of your financial situation and what your desired outcomes are. It may be difficult to discuss all the circumstances you are facing in bankruptcy. However, if you are to take full advantage of the protections offered you under the United...
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When you have successfully completed your chapter 13 plan, you receive what is referred to as a discharge. When you receive a discharge, it means that all of the debt you included in your chapter 13 filing has been legally paid. After the discharge, creditors who were part of the process are not allowed to come after you to collect any additional payments. In order to receive a discharge, you must meet certain requirements. If you are required to pay child support or spousal...
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You’ve filed your chapter 13 bankruptcy paperwork and submitted your schedules and payment plan. The meeting of creditors is completed and you’ve answered the trustee’s questions. The next step in the process is your confirmation hearing. In some courts, the confirmation hearing will happen on the same day as the meeting of creditors. In other cases, the confirmation hearing will occur within the next 45 days, depending on the circumstances and the practices of the particular court where your hearing is held. At...
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As soon as you file, your chapter 13 bankruptcy case has officially started. Your case will be assigned to the trustee who serves your county in Arizona. If you filed paperwork to pay your filing fee in installments the court will “enter” the order, meaning the order is signed and filed with the clerk of the court. The Automatic Stay If you have banks and other creditors calling or sending you letters about late payments, filing bankruptcy will immediately put into effect what is...
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What is Chapter 13 Bankruptcy? Unlike a chapter 7 bankruptcy, where you must sell your assets to pay off creditors, chapter 13 allows you to reorganize your financial life so that you can keep your property. In chapter 13, you create a payment plan to pay off your debts. You submit the plan to the court for approval. You can also choose to pay your debts from any current assets you have. As chapter 13 allows you to keep and use all your possessions,...
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Handling Creditor Claims, Distributing Property and the Discharge After the meeting of creditors, the trustee will begin to sell or convert to cash any of your property available in a Chapter 7 bankruptcy. While this is happening, the trustee handling your bankruptcy case will evaluate the claims made by your creditors. A claim is made by a creditor to establish their right to get money from the sale of your assets. If the trustee decides that a claim by a creditor is improper, the...
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Many people filing Chapter 7 bankruptcy wonder what happens after they have completed the meeting of creditors. What are the timelines for wrapping up the bankruptcy process and what else do you have to do? What happens to my property after the meeting of creditors? As part of your filing, you were required to list all of the property you were trying to keep out of the bankruptcy process. This is often referred to as exempt and excluded property. Property that is excluded includes...
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Chapter 7 Bankruptcy – More of the Basic Steps in Your Bankruptcy Where to File – Residency Requirements Under U.S. bankruptcy laws you can file in any federal court district where you have had a “domicile, residence, principal place of business or principal assets for the last 180 days.” For long-time Arizona residents who own a home, business or are employed in Arizona this won’t be an issue. If you have a business elsewhere, have recently moved, or are considering moving, then...
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Understanding the Basics of Chapter 7 Bankruptcy General Overview Chapter 7 bankruptcy is often referred to as a straight or liquidation bankruptcy. In a Chapter 7 case all property of any significant value that is included in your bankruptcy is sold. Money from the sale of property is then distributed to whomever you owe money. At the end of the bankruptcy you (the debtor) receives what is a called a discharge. When you receive a bankruptcy discharge you are no longer legally...
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What is a “Bankruptcy Trustee”? It is common for clients considering bankruptcy or who have already filed, to ask what a “bankruptcy trustee” is. This question is usually followed quickly by, “What does the bankruptcy trustee do?” The trustee is a person assigned to your bankruptcy case to represent the interests of the people and companies to whom you owe money, your creditors. Each state has trustees that are appointed by the court to your bankruptcy case. In Arizona trustees usually specialize in...
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