Filing
a bankruptcy is not easy and most of us do not have sufficient
knowledge regarding how to file bankruptcy?
There are a few things that all debtors should know before filing a
bankruptcy. Every bankruptcy case has a judge assigned to it though
they do not interact much with the debtors. According to the law,
everything is looked upon by the trustee who is appointed for
handling your case.
Of
course, if there are any disputes, the judge can settle. No matter
whether your case is a chapter 7 or chapter 13 bankruptcies, debtors
are required to attend one meeting of creditors. The trustee is also
present in this meeting and there is fixed places for holding these
meetings. The government issues the debtors ID cards and the debtors
need to prove their identity and social security number using this
card or some other document. The chapter 7 debtors are asked to
complete a questionnaire that has questions regarding their financial
assets and other information relating to their finance.
The
bankruptcy act protects you and allows you to make a fresh start free
of debt or some other repayment plan that suits you. Your ultimate
goal is no doubt bankruptcy discharge as that would release you from
your debts and stops your creditors from taking any action for
collection of their debts.
In
case of chapter 7 bankruptcies, you get a discharge about three and
half months after you file your case and in case of chapter 13, you
get discharge after a month or two after you complete your
repayments. Some debts do not get discharge land that is why you
should consult a good lawyer before filing your bankruptcy
form.
Since
the trustee has the right to auction your properties to pay your
debts, it is important to hire a good attorney to protect your
family’s assets.
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