Many people don't know or understand who a trustee is or what there purpose is in a bankruptcy. The simplest answer, is a bankruptcy trustee manages your bankruptcy estate. If you have questions about filing bankruptcy contact us at (859)209-2101 to set up a free consultation with our bankruptcy attorney at Hurst & Hurst Law.
Public utilities, such as the electric company, cannot refuse or cut off service because you have filed for bankruptcy. However, the utility can require a deposit for future service and you do have to pay bills which arise after bankruptcy is filed.
Exempt property is property which Bankruptcy Law considers protected and allows you to keep. There are specific categories of exempt property. Different categories have different dollar amounts for the amount of property that can be exempted or protected. You can exempt any property that falls into one of the exemptions categories, up to the dollar amount allowed.
Debt negotiation or settlement can have a negative impact on your credit score, at least temporarily. There are options that allow a person to negotiate their debt and have no negative impact on their credit score.
Debt negotiation is the process of contacting your creditors and making arrangements to pay less than the amount you owe on a debt. When a creditor accepts less than what you owe them, it's called a settlement.