What are non-exempt assets?
Non-exempt assets are assets that the trustee could look at to try to satisfy your outstanding debt. That includes cash, bank accounts, stocks, coin collections, second cars, second homes.
What does Chapter 7 bankruptcy involve?
Chapter 7 is known as a liquidation bankruptcy. That’s where if your debt is discharged it’s wiped clean and you don’t worry about it anymore. The first thing you should do is look at your assets and your liabilities, and then if you actually wish to pursue it you would then seek credit counseling,… Read More »
What does it cost to file bankruptcy?
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 »
What is a 341 hearing?
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.
What is an automatic stay?
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.
