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.…
You might be startled at the interest the bankruptcy courts show in your tax filing status. Your income, the taxes you might owe, and other aspects of your tax situation play a role in your bankruptcy in several ways. Read on to learn more.
Chapter 7 and Tax Return Status
In most cases, the bankruptcy trustee will want to see a copy of your most recent tax return. If you have not yet filed your taxes, be ready with an explanation as to why not.…
