When it comes to filing for bankruptcy under Chapter 13 in Memphis or wherever you live, you may also need to figure out which of your debt is exempt and how you can keep your home and car. These are all important reasons for having a bankruptcy lawyer helping you through the process.
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Be honest. Don't try to hide debts or money, because if you are found out, your entire bankruptcy filing can be revoked, and you could face jail time. Just be honest about what your financial life is like, and your lawyer should be able to help you make smart choices.
Much of the debtor's case information is made available on the trustee's website. This feature is extremely helpful in determining which creditors have filed claims and to what extent those claims are being paid. Lastly, the trustee can be reach via telephone for any additional questions from either the debtor or his counsel.
The Office of the U.S. Trustee is an executive branch agency that is part of the Department of Justice explains Ogden Bankruptcy Attorney. Its responsibilities include monitoring the administration of bankruptcy cases and detecting bankruptcy fraud. It is also responsible for appointing interim trustees to administer chapter 7 cases from a previously appointed panel of private individuals, lending support to and overseeing the debtor-in-possession in chapter 11 cases, and appointing and supervising standing trustee in chapter 13 cases.
There are different bankruptcy sites located on the web to help inform a person about the process. There are specific websites for each state. Find articles written about what a person can expect as well as what will be expected from the person who is declaring. Use the provided worksheet to gather all the financial and personal information which will be needed to file. Take the Means Test to find out whether or not you qualify for Chapter 7 Bankruptcy or if you will need to file Chapter 13 instead.
With Chapter 13, a debtor may see their debt consolidated into a single monthly payment which can continue over a period between 36 and 60 months. A payment plan would not extend longer than five years, and debtors pay as much as they can afford to pay. Monthly payments are likely to reflect all of the assets a debtor plans to keep, and any debt leftover after the last payment is made is voided.
The filing goal varies among debtors in accordance with the type of filed bankruptcy. The properties of a company can be sold in order to pay the recipient or allow the court to seize it. Among the number of chapters on 'Bankruptcy Codes', three main ones include the chapter 7th, 11th and the 13th chapter. Chapter 7 grants the borrower a chance to eliminate most of their credit by liquidating or converting the properties that are non-exempted to repay the recipient. Chapters 7 and 13 are concerned with the personal bankruptcies and Chapter 13 permits the debtor to keep all of their belongings, but is allowed a period of 3 to 5 years for repaying the debts back. The Chapter 7 deals with the bankruptcy filing of the business and however, chapter 11 allows a company to continue their business only if they pay their debts from the business income.