After Filing Bankruptcy
What happens after filing bankruptcy?
As soon as the bankruptcy has been filed, an automatic stay protects you from your creditors. An automatic stay is a temporary injunction to all creditors to stop all collection efforts. The debtor protection is automatic. Automatic stay stops phone calls, letters and other form of creditor harassment. Learn more about stopping creditor harassment. Under Chapter 7 if you have a lot of credit card debts, credit cards companies cannot call you to obtain debt payments. Under Chapter 13 your bankruptcy lawyer can hlep you to re-negotiate your morgage and loan. Learn more about foreclosure and short sales . Chapter 13 bankruptcy attorneys can force creditors to accept plans and obtain debt reliefs that allow you to keep your properties and assets. The automatic stay remains in effect until your bankruptcy case is finished
For a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today to know more about after filing bankruptcy or give us a phone call 209-910-5291
After filing bankruptcy, should I write a statement of intention?
After filing bankruptcy, you have to provide a statement of intention only if you filed under Chapter 7. A statement of intention is not required under Chapter 13. In this written statement you specify the secured assets you want to keep and the ones you do not want to keep. You also indicate the exemptions you claim. This statement has to be filed within 30 days of the bankruptcy filing.
Under Chapter 13 a statement of intention is not needed since you have to provide a repayment plan. In your payment plan you describe how you will repay your debts. Learn more about Chapter 13.. Usually a repayment plan specifies your monthly payment made to your trustee. The trustee will pay your creditors.
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After filing bankruptcy, should I go to the creditor meeting?
After filing bankruptcy under Chapter 7 or Chapter 13, you have to go to a creditor meeting and be questioned by your bankruptcy trustee and your creditors. Under Chapter 7 your trustee may ask questions about your schedules. Schedules are lists of assets and liabilities. A bankruptcy trustee is a government employee who will sell your non exempt assets for the benefit of your ceditors. Creditors may or may not attend the meeting. Under Chapter 7 creditors have 60 days after the meeting to object to discharges.
Under Chapter 13 your trustee or your creditors may ask questions about your repayment plan. Your trustee or your creditors may object to the repayment plan. If no objections are raised the repayment plan is approved.
After filing bankruptcy, what my trustee will do?
After filing bankruptcy, your trustee manages your bankruptcy. He runs the creditor meeting. He will make sure that your creditors get the maximum payments. In Chapter 7 he collects and sells the non-exempt property. In Chapter 13 he collects and pays the creditors according the payment plan. In Chapter 13 , the trustee takes a percentage on the transactions performed; in chapter 7 he does not.
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If you would like a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
We have years of experience helping people file for bankruptcy under the US Federal Bankruptcy Law.
We primarily service clients in the Northern California region with our office in Stanislaus County. Many of our happy clients include residents from