What Is A 341 Meeting Of Creditors In A Bankruptcy
A 341 Meeting of Creditors occurs approximately a month after you file for bankruptcy. At the meeting the trustee will call a first meeting of creditors, which the debtor must attend. This meeting is also referred to as the § 341 meeting, named after the corresponding section of the bankruptcy code.
Creditors rarely attend a Chapter 7 bankruptcy meeting. However, for a Chapter 13 bankruptcy, one or two creditors may attend, especially if there is some question regarding the plan. If there are objections they are typically resolved by negotiation between the debtor or the debtor’s counsel and the creditor. If a compromise cannot be reached, a judge will intervene. Continue reading
Filing Bankruptcy On Tax Debts
Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Filing for bankruptcy is one of five ways to get out of tax debt, but you should consider bankruptcy only if you meet the requirements for discharging your taxes.
Chapter 7 provides for full discharge of allowable debts. Chapter 13 provides a payment plan to repay some debts, with the remainder of debts discharged. Under the current bankruptcy tax debts are treated identically in both Chapter 7 and Chapter 13 bankruptcies. Continue reading
The purpose of filing bankruptcy is normally to discharge as many dischargable debts. However, not all debts are dischargable. Such as student loans and maintenance. Or, if you decide to reaffirm a debt then it will survive the discharge.
Can My Property Still Be Taken If I Get A Chapter 7 Bankruptcy Discharge?
Yes. Secured creditors may retain some rights to seize property securing an underlying debt even after a discharge is granted. If the property, like a car, was financed and the creditor took a security interest in the property, if money is still owed on the property then it is subject to repossession.
If you want to keep secured property after a Chapter 7 Bankruptcy you need to speak with a Bankruptcy lawyer about a reaffirmation. Continue reading
What Does A Chapter 7 Bankruptcy Discharge Do In Kentucky?
A bankruptcy discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor.
Because a Chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge.
Generally, (excluding cases that are dismissed or converted) individual debtors receive a Continue reading
A New Bill Is Before Congress That Would Allow People To Discharge Student Loan Debt Through Bankruptcy
Here at Hurst & Hurst Law we like to try to keep people informed about potential changes in the law that are likely to affect people across the state of Kentucky. Such a change may be on the horizon. As many are already aware, Americans are currently unable to file for bankruptcy protection on student loan debt. Congresswoman Frederica Wilson of Florida is trying to change that with her proposed new bill, the Student Borrowers Bill of Rights Act. If passed, this bill would do far more than just allow Americans to discharge student loan debt through bankruptcy. Continue reading
What Is Bankruptcy And What Can It Do For You?
Bankruptcy is a legal process that is available to people who are unable to pay their debts and allows them to make a fresh financial start. Bankruptcy is a creation of Federal law, as such it is controlled by Federal Law and handled in Federal Bankruptcy Courts. The filing of bankruptcy stops creditors from collecting debts, at least until after a person’s debts are sorted out according to applicable bankruptcy laws.
Bankruptcy allows people to discharge or eliminate the obligation to repay some or all of their Continue reading