As a part of your bankruptcy action you will be required to go through a credit counseling session. This may seem useless to you considering the bad financial situation that you are in, which has led you to having to go bankrupt. However, the bankruptcy courts feel that this is important for your future to help ward off getting into this type of financial difficulty again.
Preparing for Your Credit Counseling Session
Using the Wild Card Exemption Wisely in Bankruptcy
As you go through the process of your Louisville bankruptcy you are going to find that there are certain assets and property that you own that will be exempt from your bankruptcy proceedings. One of the exemptions that you may be allowed to use is the wildcard exemption. This is not applicable in all states, but many states do have this type of exemption as well as there is a federal bankruptcy wild card exemption that you may be able to take advantage of.
Meeting With Creditors
Part of your bankruptcy process will include a meeting that you will have to attend at the bankruptcy courts where you will come before your creditors and your bankruptcy trustee. This is called the 341 meeting. You will be required to answer some questions under oath, and any creditor you have named in your bankruptcy has the option to attend this meeting and ask questions as well. In most cases a lot of the creditors don't bother, however it is mandatory that you do appear for this meeting.
Choosing Chapter 13
If you have been determined to be eligible for a Chapter 13 bankruptcy and are in a tough financial situation then this may be the most a viable solution for you to get on your financial feat once again.
What Happens to My Retirement Plan In Bankruptcy?
When individuals are filing for bankruptcy they have many different concerns. One of these is what their creditors can take from them, and also what the bankruptcy trustee may determine as being a nonexempt property. A lot of individuals have retirement accounts and are very concerned as to what will happen to these in either a Chapter 7 or Chapter 13 bankruptcy.
What will Happen with my Home Mortgage in a Chapter 13 Bankruptcy?
One of the main concerns of any individual that is going bankrupt whether it is a Chapter 7 or Chapter 13 is what is going to happen to their home. Most individuals have a mortgage on their home and they have the fear that they are going to lose their property as a result of their bankruptcy.
Do I Have to Pay All My Debts in a Chapter 13 Bankruptcy?
Some individuals are disappointed when they find out that they only qualify for a Chapter 13 bankruptcy. Technically the Chapter 13 bankruptcy is a repayment plan. This means that many of your creditors are going to have to be paid. While this may seem disappointing to you, you will probably soon find that it turns
Using Chapter 11 Bankruptcy for Small Business
While there may be options for your small business bankruptcy such as the chapter 7 and chapter 13 there is also the chapter 11 option. No matter which of these you are wanting to qualify for, be sure that you seek out an experienced bankruptcy lawyer to help you and represent you at your bankruptcy
Personal Bankruptcy Liability for Corporate of LLC Debt
When an individual is thinking about going into business they have choices as to how they want to register the company. They could go as sole proprietor or general partnership, or they can incorporate it of make it a LLC. One of the reasons they often choose incorporating it is because they want it to
