Having these documents organized upfront is crucial. For one, it can help you determine which type of bankruptcy you should file for. Two, these documents — and possibly more — may be requested by a bankruptcy trustee, who will be appointed to your case. 3. Understand your debt and sett...
Debtors are eligible to file for Chapter 7 bankruptcy if they pass the New York bankruptcy means test. This test compares an individual's income with the median of a comparable household in the state. Generally, those with yearly income that is less than the median New York income qualify fo...
This is why you need to make sure you’re up to date on your monthly payments. If the car is nonexempt property, or if you owe more than the exemption limit in your state on the car, then the bankruptcy trustee may sell your car. This is part of being able to repay creditors to...
In Chapter 7 bankruptcy, a court-appointed trustee will sell the non-exempt assets, and the funds generated will be distributed to creditors to satisfy a portion of the outstanding debt. The remaining eligible debts are then discharged, providing the filer a fresh start. One key advantage of ...
All of the debtor's nonexempt property is moved into an "estate." The Chapter 7 trustee's job is to sell this property in a way that gets the most money, then distribute the proceeds equitably to the creditors under section 726 of the Bankruptcy Code. The statute sets up six levels of...
bankruptcy trustee. The automatic stay remains in effect from the date that you file for bankruptcy until your Chapter 13 case is completed, which is usually at the end of your repayment plan. If your case is dismissed, however, the automatic stay ceases to offer protection, as of the date...
A pro se filing means that you file for bankruptcy without a lawyer. You may choose to do this if your case is very simple. A paralegal may be able help you complete the forms and do the calculations needed for the filing for much less than a lawyer would charge. ...
HOW TO FILE A CHAPTER 7 BANKRUPTCY CASE District of New Jersey Debtor Assistance Resource Guide How to File a Chapter 7 Bankruptcy Case - Pro-Se Resource Guide GENERAL WARNING ABOUT PROCEEDING WITHOUT AN ATTORNEY Filing for bankruptcy may be done without an attorney. However, it is highly recom...
They might do this if they discover that the owners are selling off all of the company's assets and preparing to dismantle the company without paying their debts. A creditor might also force a bankruptcy if the company is already making large payments to a different creditor. Next, we'll ...
The services of a bankruptcy lawyer in the United States or a bankruptcytrusteein Canada and Europe is required to declare bankruptcy. A free evaluation meeting can be scheduled to meet with the lawyer and discuss your personal situation. They may suggest other options to resolve your debt issues...