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Posted By
Dave Johnsen
In some Chapter 7 bankruptcies, particularly those where assets are found and thus available for distribution to unsecured creditors, and all Chapter 13 bankruptcies, creditors get paid by filing proof of claims. These proof of claims. These claims are governed by Bankruptcy Rule 3001, which states on a basic level that it is "is a written statement setting forth a creditor’s claim." Rule 3001(c) ...
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Posted By
Bankruptcy Lawyer in Chicago
Unlike Chapter 13 bankruptcy , which is available to everyone, you must be eligible to file under Chapter 7 of the U.S. Bankruptcy Code. Since this process eliminates most, if not all, of your debt in a very short period of time, certain measures have been taken to limit the amount of people that qualify. In fact, this form of bankruptcy has been strictly reserved for those who truly cannot repay ...
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Posted By
Dave Johnsen
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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Posted By
Dave Johnsen
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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Posted By
Dave Johnsen
A common misconception in Chapter 7 bankruptcy is that the debtor's property will be lost when they file their case. For the majority of cases, this is not true for a couple reasons. First, if a person has a lot of assets they probably won't be filing in the first place. Secondly, though, even if a person does have assets when they file a Chapter 7 bankruptcy there are exemptions that can shield ...
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