Tag Archives: Bankruptcy
Bankruptcy: Discharge versus Dismissal
Posted on 16. Nov, 2009 by emmettjones.
Bankruptcy cases usually end one of two ways. Debtors either receive a discharge, or they receive a dismissal. So…which one is good and which one is unwanted? A discharge in bankruptcy occurs at the end/completion of your bankruptcy proceedings. It is the bankruptcy discharge that takes away your obligation to pay back outstanding debts as [...]
Continue Reading
Refinancing in Bankruptcy
Posted on 31. Mar, 2009 by emmettjones.
Refinancing is generally defined as a replacement of an existing debt with a new debt that has different (usually better) terms. People use refinancing or a “re-fi” for a myriad of different reasons; using extra money to pay off credit card debt, turn adjusted rate mortgages into fixed rate mortgages, consolidation of loans, etc. But [...]
Continue Reading
Frequently Asked Questions (Bankruptcy)
Posted on 12. Mar, 2009 by emmettjones.
If most debtors had the option, they would choose to file a Chapter 7 bankruptcy as opposed to a Chapter 13. Why isn’t that option available to everyone? Debtors that have disposable income are usually unable to file a Chapter 7 bankruptcy. In part because the bankruptcy trustee is unwilling to let the debtor keep [...]
Continue Reading
Chapter 7
Posted on 12. Mar, 2009 by emmettjones.
Chapter 7 is typically known as the “liquidation” bankruptcy. The liquidation refers to the liquidation of unprotected assets in order to pay off a debtor’s debts (NOTE: depending on the assets you have, you may not lose any of your assets with a Chapter 7 filing. Schedule a consultation with an attorney to discuss your [...]
Continue Reading
Chapter 13
Posted on 12. Mar, 2009 by emmettjones.
Chapter 13 is typically known as the “reorganization” bankruptcy. The reorganization usually applies to the debtor’s secured and unsecured debts. In a Chapter 13, debtors are put into a plan that looks to pay back only a portion of what is owed to their unsecured creditors, while either continuing to keep current on their secured [...]
Continue Reading
341 Meeting
Posted on 12. Mar, 2009 by emmettjones.
The bankruptcy meeting of creditors, (sometimes called the “Creditors Meeting” or “341 Meeting”) is a meeting that occurs between the debtor(s), their attorney, the bankruptcy trustee, and the creditors of the debtor(s). The meeting occurs approximately 4-6 weeks after the debtor(s) petition has been filed, and it is primarily used to determine whether or not [...]
