Married people have got to gather this info for their loved one whether or not they are filing a joint request, individual individual petitions, or even if only one spouse is filing. In a situation where one spouse files, the income and expenses of the non-filing spouse are needed so that the court, the trustee and creditors can review the household’s financial condition.
One of the schedules that an individual debtor will filethere is a schedule of “exempt” property. The Bankruptcy Code allows an individual debtor (4) to shield some property against claims of creditors as it is exempt under federal bankruptcy law or within the laws of the debtor’s home state. 11 U.S.C. – 522(b). Many states have taken advantage of a provision in the Bankruptcy Code that allows each state to adopt a unique exemption law rather than the federal exceptions. In other jurisdictions, the individual debtor has got the option of deciding between a federal package of exemptions or the exemptions that are available under state law. Thus, whether or not certain property might be exempt and may be kept by the debtor is frequently a question of state law. The debtor should consult an attorney to check the exemptions attainable in the state where the debtor lives.
Filing a petition under chapter 7 “automatically stays” (stops) a lot of collection decisions in opposition to the debtor or the debtor’s property. 11 U.S.C. – 362. But filing the petition wouldn’t stay certain types of steps listed under 11 U.S.C. – 362(b), and the stay may just be effective only for a short time in certain situations. The stay develops by operation of law and mandates no judicial action. Provided that the stay is in effect, creditors generally may well not set off or continue on suing, wage garnishments, and even telephone calls insisting payments. The bankruptcy clerk gives notice of the bankruptcy case to all creditors whose names and addresses are provided by the debtor.
In between 20 and 40 days once the petition is filed, the case trustee (described below) will hold a conference of creditors. If the U.S. trustee or bankruptcy administrator (5) schedules the meeting in a place that does not have regular U.S. trustee or bankruptcy administrator staffing, the conference can be held no more than 60 days following the order for relief. Fed. R. Bankr. P. 2003(a). During this meeting, the trustee puts the debtor under oath, and both the trustee and creditors are likely to ask questions. The debtor must be present at the meeting and answer questions in regard to the debtor’s financial affairs and property. 11 U.S.C. – 343. In case a couple have filed a joint request, they together must go to the creditors’ meeting and answer questions. Within 10 days of the creditors’ meeting, the U.S. trustee will report to the court whether the case really should be presumed to be an abuse in the means test described in 11 U.S.C. – 704(b).
It is relevant for the debtor to cooperate with the trustee and to furnish any financial records or paperwork that the trustee asks. The Bankruptcy Code usually requires the trustee to ask the debtor questions at the meeting of creditors to make sure that the debtor is aware of the potential implications of seeking a discharge in bankruptcy such as the effect on credit report, the opportunity to file a petition under a completely different chapter, the consequence of receiving a discharge, plus the effect of reaffirming a debt. Some trustees produce written data on these topics at or leading to a meeting to ensure that the debtor is aware of this information. To be able to preserve their independent judgment, bankruptcy judges are disallowed from attending the meeting of creditors. 11 U.S.C. – 341(c).
So as to accord the debtor total relief, the Bankruptcy Code allows the debtor to convert a chapter 7 case to a case under chapter 11, 12, or 13 (6) given that the debtor is a candidate to be a debtor in the new chapter. However, a stipulation of the debtor’s voluntary conversion is that the case has not previously been converted to chapter 7 from another chapter. 11 U.S.C. — 706(a). Thus, the debtor will not be authorized to convert the case frequently from one chapter to another.
For help with an Athens GA chapter 7 bankruptcy, contact a bankruptcy attorney Athens. An Athens Georgia bankruptcy attorney could give you the help you need.
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