The basic role of the trustee in bankruptcy is to make sure that all parties, including the creditors, are treated fairly. The trustee is also responsible for making sure that any assets are sold for the most money and that the money is distributed to the creditors.
When you and your attorney file your bankruptcy [...]
If you own your home and you want to keep it after filing bankruptcy, you must take steps now to protect yourself. You must be up to date on your mortgage payments and property taxes and you must have enough monthly income to keep them current.
If you are filing Chapter 7 bankruptcy, you need to [...]
When you file a Chapter 13 bankruptcy, or ‘reorganization’, you are making a plan to repay all of your debts. This is unlike Chapter 7 bankruptcy, where you are asking that your debts be forgiven. In chapter 13, secured debts are paid before unsecured debts. If you take the full three to five years to [...]
When you file Chapter 7 bankruptcy, also called a ’straight bankruptcy’ or a ‘liquidation’, you are asking creditors and the court to forgive all of your debt. In exchange, you forfeit almost all of your assets to help payoff as much debt as possible.
Your assets will be surrendered to the US Bankruptcy Court Trustee, who [...]
Here are a few things to keep in mind when selecting a bankruptcy attorney:
Price - This is listed first not because it’s the most important, but because it may be the most shocking. It is not unusual for a bankruptcy lawyer to charge $2,500 and ask for half the money upfront. I know, you’re thinking [...]
