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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 […]
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 […]
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 […]
Introduction to Bankruptcy for Individuals in Phoenix and Tucson Bankruptcy is often a confusing subject. As with most issues involving the law, it can be hard to dig through all the legal jargon used. Especially when you’re feeling stressed about your finances, it can be even harder to understand the process. We’re here to walk […]
You lost your job or your pay was cut. You have medical bills pilling up. You paid for your living expenses with your credit cards and they are now maxed out. Calls are coming in from creditors and you’ve been threatened with repossession of your car or foreclosure of your home. As you fight large […]
When you file for bankruptcy, which type of bankruptcy you can qualify for and how much you can keep are all dependent on the amount of income you are deemed to have under the eyes of federal bankruptcy law. Many people depend on Social Security to survive from month to month, and still others use […]