If you have made the decision to file chapter 7 bankruptcy, you may be justifiably concerned about losing your home. Chapter 7 bankruptcy carries with it the potential for property losses. While it doesn’t happen to everyone, some filers may have to surrender their vacation home, vehicles, boat, and even their primary family residence. It doesn’t necessarily have to happen that way, though. Read on to find out how you can get through your chapter 7 bankruptcy and keep your family home.…
Did you know that the state you reside in can totally change your bankruptcy experience? Your legal state of residence (known as your domicile) affects several issues even though you declare bankruptcy using the federal court system. Read on to find out more.
State Exemptions
Almost all states choose to put forth their own set of exemptions for filers to follow. If you are not familiar with exemptions, they are extremely important for filers who want to keep as much personal property as possible.…
If you are in the process of working with a bankruptcy lawyer to file for Chapter 7 bankruptcy as a way of finding relief from your debt, you should understand that you will be required to attend a court hearing. This hearing is called a 341 meeting of creditors, and it is mandatory in a Chapter 7 case.
What is the purpose of this meeting?
The 341 meeting of creditors is a meeting that is required for all bankruptcy cases, and its primary purpose is to give a person’s creditors a chance to object to the bankruptcy filing and discharge.…
