There are filing fees with the court, there is some counseling you must go through, before your petition is filed, and after. It’s about $400 for filing fees, and then the question is whether or not, you wish to engage the services of an attorney, and that varies with how complicated your bankruptcy is,… Read More »
A 341 hearing refers to Chapter 341 of the Bankruptcy Code. It’s where you sit down with the trustee, and perhaps some creditors, to go over your assets and liabilities.
In automatic stays placed by the bankruptcy court after you have filed your petition for bankruptcy, it simply means that no one will be contacting you anymore to ask you to pay for any of your debt.
Bankruptcy is a legal proceeding where a court and a trustee evaluate the assets and the income as well as the debt that a particular debtor has. They make a determination as to whether or not that particular debtor can discharge certain debts that they have.
The means test is used to determine whether or not you are allowed to apply for Chapter 7 bankruptcy. They’ll evaluate your assets and expenses, but most importantly your wages. If you come below the median income for Florida that is set for that year, then you probably would be able to proceed with… Read More »
An attorney in bankruptcy can determine whether or not the Federal and/or State laws apply to your particular case. They also can help you determine which debts you might be able to show can be discharged, and also what assets you might be able to hold onto. It’s very important that someone filing for… Read More »
If you are current on your payments, you will be able to keep your home. However, if you’re behind on your payments and you can’t get caught up, it’s possible the home could be taken from you and then they would sell it and you would be able to either keep or they would… Read More »
There are some debts that you can’t discharge in bankruptcy. That includes child support and alimony payments, student loans, and income tax that goes back at least three years and maybe more.
If you’re current on your payments, you can probably keep your car. If you’re not current on your payments, the car will be taken, and usually the equity that you have in your car will be applied towards other debt that you already have.
The bottom line is, whether or not you can pay your bills. If you find, or feel as though you probably can’t pay your bills off in total, in the next five years or so, you may want to consider whether or not, you should apply for bankruptcy. Now, if you apply and if… Read More »