Chicago Bankruptcy Lawyer

Recent Posts in 341 Meeting Category

  • Preparing for the 341 Meeting of Creditors

    The idea of going to court can bring trepidation to even the calmest individuals. This is especially true in bankruptcy situations, where financial issues are in play for those who might not be accustomed to the legal arena. At the same time, however, most Chapter 7 bankruptcies only involve one court-like proceeding, and that is the 341 meeting. We've covered the 341 meeting at length in previous ...
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  • The Role of the Chapter 7 Trustee

    The primary role of the Chapter 7 trustee is to administer your bankruptcy case. Once you file your Chapter 7 bankruptcy, a trustee is appointed to your case. This trustee is an impartial administrator appointed by the United States Trustee's office. This trustee is assigned to both administer your case and also liquidate any unexempt assets you have for distribution to your unsecured creditors. ...
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  • Social Security and Personal Injury in Bankruptcy

    If you recall, a major theme of these posts, and bankruptcy in general, is the fact that assets can make a major difference not only in what chapter you file your case in, but the success that the case can have in general. Two major assets, social security cases and personal injury cases, are considered in this same analysis but also treated differently at the same time. Social security has a ...
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  • Chapter 7 Bankruptcy - Prefiling Requirements

    Prior to filing for Chapter 7 Bankruptcy, there are various documents that must be provided to your attorney in order to be able to complete your bankruptcy petition. Above anything else, you must provide your most recent 4 years of tax returns, the previous 6 months of paystubs, and statements from your bill collectors. In addition to these, those filing bankruptcy must complete a credit ...
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  • The Trustee's Motion to Dismiss

    When someone files for bankruptcy, their case is assigned to an interim trustee who handles the administering of the case from the onset to discharge. In Chapter 7 cases, this is usually a short period of time, unless the case is determined at the 341 hearing to have assets that can be distributed to creditors. In Chapter 13, however, the trustee works on the case for three to five years and has a ...
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  • Winning the Lottery in Bankruptcy

    Bankruptcy deals, in large part, with assets. Before each Chapter 7 and Chapter 13 case, there is a determination of what assets the debtor has. In Chapter 7 cases, this is largely to determine which exemptions are needed to protect those assets and whether they are able to be protected at all. In Chapter 13 cases, a large amount of assets can determine how much you will pay back to unsecured ...
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  • Converting From a Chapter 13 to a Chapter 7

    With the advent of the income median level and the means test, debtors who previously might have been able to file a Chapter 7 bankruptcy have been forced to file Chapter 13. These debtors most often fulfill their bankruptcy case en route to a successful discharge. And yet there are those, along with those who needed to file Chapter 13 anyways, who encounter situations during their active Chapter ...
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  • What Happens in a Chapter 7 Asset Case?

    The basis of every Chapter 7 case is a liquidation. The analysis involved looks at the assets listed by the debtor on the bankruptcy petition, along with any liens, encumbrances, or exemptions, to determine if there is any equity in property that would be worth liquidating for the benefit of the debtor's unsecured creditors. The appointed interim trustee also examines the debtor at the 341 Meeting ...
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  • The Chapter 13 Meeting of Creditors

    On a fundamental level, the 341 Meeting of Creditors is the same regardless of chapter. The meeting presents an opportunity for creditors to be present while the debtor or debtors is being examined under oath by the trustee administering the case. Most of the time, creditors do not show. In Chapter 7 341 Meetings, the meeting is driven by the trustee's examination of the debtor to determine ...
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  • Chapter 13 Basics

    When most people think of bankruptcy , they think of Chapter 7's. Bankruptcies filed under that chapter are far more common than any other, as it involves discharging unsecured debt and liquidating assets. Chapter 13, however, is also available to consumer debtors. This form of bankruptcy is a debt consolidation/repayment plan. People may choose to file this chapter if they cannot qualify for a ...
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  • Key Differences Between Chapter 7 and Chapter 13

    One question that is asked, at nearly every single 341 Meeting of Creditors, is whether the debtor has reviewed the bankruptcy information sheet. This document, included in the bankruptcy petition, in large part explains some of the differences between the various chapters of the bankruptcy code. It briefly mentions what a Chapter 11 is (large-scale reorganization) and a Chapter 12 (bankruptcy for ...
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  • Death of a Debtor in Bankruptcy

    As if the process of filing bankruptcy and going through the bankruptcy procedures aren't stressful enough for some debtors, circumstances can arise if there is a death of a debtor in an active bankruptcy case. Questions arise at that point as to what procedures need to be filed, and much of it depends on which stage the bankruptcy is in at the time of the death of the debtor. Federal Bankruptcy ...
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  • Common Bankruptcy Questions, Part II

    Picking up where we left off yesterday, we continue our discussion of common bankruptcy questions by discussing the concept of pro se bankruptcy filings. What pro se means in common English is filing a case by yourself. The question is, then, whether someone can get the bankruptcy forms themselves and file their own case. While this is always an option for anyone, I would highly recommend that you ...
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  • Anticipating Questions at the 341 Meeting

    The idea of going to court can bring trepidation to even the calmest individuals. This is especially true in bankruptcy situations, where financial issues are in play for those who might not be accustomed to the legal arena. At the same time, however, most Chapter 7 bankruptcies only involve one court-like proceeding, and that is the 341 meeting. We've covered the 341 meeting at length in previous ...
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  • Navigating the 341 Meeting of Creditors

    The thought of attending a meeting of creditors can be daunting to those unfamiliar with the process. In reality, however, the process of the meeting is usually straightforward and relatively brief. You should discuss the specifics of the meeting in regards to your particular case with your attorney prior to attending the meeting, but the framework of the meeting is usually along the same lines ...
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  • Post Filing Requirements

    Once a bankruptcy case is filed, there are still a few requirements needed from the client before they are discharged free and clear and ready for their fresh start. First, it is important that the client call and obtain from their attorney their case number right after filing their case. With their case number, they can then proceed to complete their Debtor's Education course, as well as give ...
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  • Waiting for the Bankruptcy Discharge

    The final stretch before your Chapter 7 Bankruptcy case is completed is waiting for the discharge. This period comes after your initial 341 Meeting of Creditors. After your meeting, creditors will have an opportunity to object. This is standard procedure and the primary reason that your case takes approximately 60 additional days after the trustee meeting to be closed out. Assuming that no one ...
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  • What Does the Chapter 7 Trustee Do?

    We discussed previously that the primary role of the Chapter 7 trustee is to administer your bankruptcy case. The key question, then, is what does that specifically mean? At the onset, the trustee will review your bankruptcy petition and schedules. His primary role in this regard is to review the schedules where you have listed property to see if there is unexempt property that can be distributed ...
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  • Who Appears at My 341 Meeting of Creditors?

    Although notice of your meeting is creditors is mailed to all of your creditors, in the majority of Chapter 7 bankruptcies, the only people present at your trustee meeting are yourself, the bankruptcy trustee, and your bankruptcy attorney. Most unsecured creditors, like credit card companies, unsecured loan companies, and medical services companies, are so commonly included in Chapter 7 ...
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  • What do I Bring to My Meeting of Creditors?

    Regardless of whether your case is a Chapter 7 or Chapter 13 bankruptcy, you will need to bring your driver's license and social security card to your meeting of creditors. If you do not have a driver's license, you must bring a government issued photo I.D. If you filed a Chapter 13 bankruptcy, you will also need to bring paystubs earned between the period you filed your case and the actual date ...
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  • What is a 341 Meeting of Creditors?

    The 341 Meeting of Creditors is a meeting scheduled shortly after your Chapter 7 bankruptcy case is filed. At this meeting, your Chapter 7 bankruptcy trustee, which was assigned to your case when you originally filed, will take sworn testimony from you regarding the information you included on your petition when you filed your case. The reason this is called a Meeting of Creditors stems from what ...
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