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At the meeting of creditors – or a 341 meeting – the debtor, who has filed Chapter 7 bankruptcy, meets with the trustee who will be overseeing his or her case.
When people hear the word “bankruptcy” they might envision a situation where the court seizes their home, cars, and other possessions to pay off their debts thereby leaving them with only a few assets.
Consolidating debt is the process of combining high-interest debts from student loans, credit cards, or car loans with a single lender.
Most bankruptcy cases are caused by financial hardship – not irresponsible spending habits – which disproportionately affect low-income individuals and neighborhoods.
Whether you plan to file for Chapter 7 or Chapter 13 bankruptcy, and whether you are filing as an individual or a couple, you will no doubt have many questions and concerns.
As people overwhelmed with credit card bills, loan debt, mortgage payments, and other forms of secured and unsecured debts assess their options for getting their finances back to a manageable place, they often consider filing for bankruptcy protection.
Filing for bankruptcy protection is a complicated and often overwhelming process.
One of the key phases of filing for bankruptcy is taking a thorough inventory of your financial status.
Despite the generally negative connotation of debt, there are important benefits to carrying debt and eventually paying it off.
According to New York’s Civil Practice Law and Rules (CPLR) section 213 and understanding that most debts are considered “a contractual obligation or liability,” creditors have six years in which to file a collection lawsuit against a debtor.