djamal-soft
السبت، 13 أكتوبر 2018
It is important for one to be versed with what chapter 7 involves. There is the initial consultation that is very critical and can last for 2 to 4 hours. You are usually required to come with all the necessary documents. The benefit of the consultation is that it will help you to understand what the effects of your decision are, the benefits and disadvantages. The consultation will also help in understanding other options that might be there. In consideration of chapter 7 Monterey residents can benefit from some tips.
Credit counseling is mandatory before the process starts. The debtor is required to complete a credit counseling course within 6 months after filing the bankruptcy. The classes are handled by authorized service providers. After completion of the course, there is a certificate that is provided. It is important that when considering application for this bankruptcy, they get to understand what steps are involved.
In general, it will be a process that takes approximately 6 months, costing some hundreds of dollars. The charges are what cater for administrative costs. The person will also need to attend court. Moreover, you will be required to complete credit counseling. It should be remembered that not all people do qualify. If for instance you received bankruptcy discharge in the past 8 years, you will not be qualified. Other people that do not qualify are are the ones with less income and a huge debt burden.
In order to be qualified, there is a petition that should be filled out, plus other forms. The filling should be done from a court. The forms have details like the current income of the individual, monthly expenses, debts and property that you have owned in the last 2 years. After filing, there will be what is called automatic stay. The stay stops most creditors from having to collect what they are owed.
Filing for this bankruptcy means that you are technically placing your property at the hands of the court. That means you are not allowed to sell or give away whatever you own unless the consent is granted by the court. With some exception though, you will be allowed to you will be allowed to do whatever you want with property that is earned after you get to file for bankruptcy.
Courts exercise their control through court-appointed persons known as trustees. The primary duty of a trustee is to ensure that creditors are paid what they are owed. The more assets that a trustee gets to recover from creditors, the more they will be paid. Trustees examine the papers to ensure they are complete. They will also be on the lookout for non-exempt property to be sold for benefit of creditors.
Trustees also have the responsibility of examining your financial transactions for the previous year to check whether there is anything that can be undone to have assets freed up. In most cases however, trustees never find anything of value that can be sold.
A week after filing is done, a meeting of creditors is called. The trustee runs the meeting. The meeting is used to ask for clarifications and any questions that the trustee might have.
Credit counseling is mandatory before the process starts. The debtor is required to complete a credit counseling course within 6 months after filing the bankruptcy. The classes are handled by authorized service providers. After completion of the course, there is a certificate that is provided. It is important that when considering application for this bankruptcy, they get to understand what steps are involved.
In general, it will be a process that takes approximately 6 months, costing some hundreds of dollars. The charges are what cater for administrative costs. The person will also need to attend court. Moreover, you will be required to complete credit counseling. It should be remembered that not all people do qualify. If for instance you received bankruptcy discharge in the past 8 years, you will not be qualified. Other people that do not qualify are are the ones with less income and a huge debt burden.
In order to be qualified, there is a petition that should be filled out, plus other forms. The filling should be done from a court. The forms have details like the current income of the individual, monthly expenses, debts and property that you have owned in the last 2 years. After filing, there will be what is called automatic stay. The stay stops most creditors from having to collect what they are owed.
Filing for this bankruptcy means that you are technically placing your property at the hands of the court. That means you are not allowed to sell or give away whatever you own unless the consent is granted by the court. With some exception though, you will be allowed to you will be allowed to do whatever you want with property that is earned after you get to file for bankruptcy.
Courts exercise their control through court-appointed persons known as trustees. The primary duty of a trustee is to ensure that creditors are paid what they are owed. The more assets that a trustee gets to recover from creditors, the more they will be paid. Trustees examine the papers to ensure they are complete. They will also be on the lookout for non-exempt property to be sold for benefit of creditors.
Trustees also have the responsibility of examining your financial transactions for the previous year to check whether there is anything that can be undone to have assets freed up. In most cases however, trustees never find anything of value that can be sold.
A week after filing is done, a meeting of creditors is called. The trustee runs the meeting. The meeting is used to ask for clarifications and any questions that the trustee might have.
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