What Happens After the Creditor's Meeting?

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At your Creditor’s Meeting, the Trustee sometimes asks for additional documents. You will have a specific time frame (usually no later than 15 days) to get these documents in to him or her. These need to be sent certified mail, and also mail a copy of what you are sending to the Trustee to our office. If you have not taken your financial management course already, this needs to be done ASAP! You will need to have that notarized and pay your fee ($8 per person). This needs to be turned in to our office, so that we may file that with the court.

*YOUR CASE CANNOT BE DISCHARGED WITHOUT HAVING THE FINANCIAL MANAGEMENT COURSE FILED WITH THE COURT*

Once you have tied your loose ends with the Trustee and have taken the financial management course online, it is more of a waiting game. Normally a Chapter 7 bankruptcy lasts 4-6 months. Your creditors’ meeting is roughly 30 days after you file, so you can guesstimate yourself another 2-5 months of wait time. A Chapter 13 bankruptcy usually lasts 60 months (5 years), with the creditor’s meeting happening roughly 45 days after you file. In Chapter 13’s, continuation of timely payments is essential to staying in the Chapter 13 bankruptcy and receiving a discharge.

Can I Wipe Out Student Loans in Bankruptcy?

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Many people wonder whether or not student loans can be discharged in a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. In almost all circumstances, student loans cannot be discharged. The only time a student loan can be discharged is when there is a hardship on the debtor that makes it impossible for him or her to ever be able to pay off the loan.

This does not apply to a debtor that is unable to pay the debt back in a reasonable time, this applies to debtors that have faced some extreme hardship. This means the debtor would have to become completely incapacitated either physically or mentally, or the hardship is such that the debtor is required to be the main caregiver of an immediate family member because of an injury or accident. It is only in very extreme circumstances that a debtor can discharge student loans in a bankruptcy.

In order to qualify for the ability to wipe out student loans in bankruptcy, there would also have to be a hearing to prove the debtor’s hardship. The ability to wipe out student loans because of hardship is not something that is automatic. It should be understood that in almost all bankruptcy cases student loans will not be discharged.

If we can help you file your Chapter 7 bankruptcy or Chapter 13 bankruptcy contact us today.

What is an ERISA Qualified Plan and Why Do I Need it for My Bankruptcy Case?

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What Happens After My Free Bankruptcy Consultation?

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After your free bankruptcy consultation, you may choose to sign a contract.  We will thoroughly explain each section of the contract, answer any other questions that you may have and allow you as much time as necessary to review our work agreement.  At this time we can set you up on an easy payment plan, which allows you to give us an estimate of a time frame of when you expect to file and allows you to make payments toward the attorney fees.

We will then give you your paperwork, along with an example of the paperwork as a quick reference guide.  We will explain in detail the documents needed to file, and the process of turning them in.  Lastly, you’ll get an email contact of someone in the office should you have any further questions.  No matter what, we want you to be as informed as possible and we want this process to be smooth and efficient for you!

In other words, you choose what the next steps are after your consultation.  You may choose to file bankruptcy with our law firm or you may wish to think about some of your options.  Again, we are here to answer questions as they come about.  We hope we get the opportunity to earn your business and we look forward to working with you. Contact us to get your fresh financial start today!

Important Issues When Completing Your Bankruptcy Paperwork

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The foundation of your bankruptcy starts with your paperwork.  We find it easier to gather all of your documents and then start to fill out your workbook.  When gathering all of your documents, make sure that they are all there.  We would rather receive too much information than not enough.  The documents themselves determine quite a few things in your bankruptcy- your pay determines whether you qualify for a Chapter 7 bankruptcy or not;  or how much you can pay back in a Chapter 13 bankruptcy.  Papers from the purchase of vehicles show whether or not to pay the car back in full or at the value of the vehicle.  These all have an impact on your bankruptcy plan.  Sometimes one piece of paper can save you several hundred dollars in your Chapter 13 plan  (well worth the effort of gathering them!).

Make sure that you list anything and everything that is in your possession, especially if there is a papertrail to it; we will try to protect everything that you have.  Leaving things out only hurts you in the future.  You definitely do not want to be called to court because you were trying to keep a possession hidden.   List all creditors’ account numbers and addresses; if they cannot locate your account, it may not be taken care of.  Above all, just make sure to fill out the workbook completely; if it is not filled out, we will ask for the answer either way,  it makes it less work for you if it is done correctly in the first place.

What is the Means Test in Bankruptcy?

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With major changes in the bankruptcy laws in 2005, you are required to undergo a “means test.” Simply put, your household’s income for the six months prior to filing bankruptcy (your income, your spouse’s income and any contribution to your household from others) is annualized and compared to the Census Bureau’s median income for the same size household within your state.

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