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The Kokolakis Law Firm, PLLC.
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#BankruptcyLaw - What Is The 341 Meeting Of Creditors?

The meeting of creditors is a meeting that is required by Section 341 of the Bankruptcy Code which is why it is also referred to as the 341 meeting. The bankruptcy code requires that every debtor personally attend a meeting of creditors and answer certain questions under oath.

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#BankruptcyLaw - What Is An Automatic Stay In Bankruptcy?

When you file a bankruptcy petition, you trigger, among other things, an automatic stay. The automatic stay, found in Section 362 of the Bankruptcy Code, enjoins most collection and enforcement actions, like creditors, collection agencies or governmental agencies, against you, the debtor and your property.

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#BankruptcyLaw - How Long Does It Take For Either Chapter Of Bankruptcy To Be Discharged?

A Chapter 7 bankruptcy case may take anywhere from four to six months from when the petition is filed. How quickly the petition is filed depends on the results of our strategy session where we will discuss our client’s goals and analyze their financial affairs.

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#BankruptcyLaw - How Does Secured And Unsecured Debt Apply To A Chapter 13 Bankruptcy?

The Chapter 13 bankruptcy incorporates both the secured and the unsecured debt so we would examine the unsecured debt, which would be the credit card.

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#BankruptcyLaw - What Kinds Of Debt Can And Cannot Be Discharged In A Chapter 13 Bankruptcy?

Secured debt is debt that is backed or secured by collateral. An example would be a mortgage on a house. When we borrow money to purchase a property we take out a mortgage.

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#BankruptcyLaw - The Criteria Of Qualification To File For A Chapter 13 Bankruptcy

Just as in a Chapter 7 bankruptcy, certain requirements must be met to qualify. These requirements, however, are not the same. In order to be eligible for a Chapter 13 bankruptcy, an individual, whether self-employed or operating as an unincorporated business, has to have enough disposable income to cover their debts.

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#BankruptcyLaw - What Is A #Chapter13Bankruptcy?

Unlike a Chapter 7 bankruptcy, which is a liquidation bankruptcy, a Chapter 13 bankruptcy is a reorganization bankruptcy. To differentiate, in a Chapter 7 bankruptcy case, the assets of a debtor, if any, are sold by the appointed bankruptcy trustee to pay off the debtors,debts whereas in a Chapter 13 bankruptcy, the debtor instead of losing their property to sale.

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#BankruptcyLaw - What Kinds Of Debt Are Discharged In A Chapter 7 Bankruptcy?

The goal of the bankruptcy proceeding is to obtain a discharge of debts. A discharge in a Chapter 7 bankruptcy means the debtor is no longer legally required to pay any debts that are discharged and prevents the creditors from trying to collect from those debts.

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#BankruptcyLaw - The Criteria Of Qualification To File A Chapter 7 Bankruptcy

The main requirement for a Chapter 7 bankruptcy is that your expenses are greater than your income and you are not able to pay your debts. Determining this main factor is a bit more intricate in that you must qualify under the means test.

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#BankruptcyLaw - #OverviewOfChapter7Bankruptcy

A Chapter 7 Bankruptcy may assist individuals, married couples, corporations and partnerships who are unable to pay their existing debts by discharging those debts. Once debts are discharged you will no longer be responsible for their payment.

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