Alhambra Bankruptcy Attorney Jeff Hsu Discusses Chapter 7 Bankruptcy

Posted by on Nov 16, 2011 in Chapter 7 Bankruptcy Issues | 0 comments

Chapter 7 Bankruptcies are often called liquidation cases or pay out cases. However, most consumer bankruptcy chapter 7 cases are “no asset” cases meaning that no liquidation or payout is available to creditors in a chapter 7 context based on the chapter 7 trustee’s business judgment.

In such “no asset” cases, the time a clients finds himself or herself in bankruptcy will be between 4-5 months typically speaking.   However, a trustee may continue the 341(a) meeting of creditors or ask for more documentation from the debtor before determine the case to be “no-asset”.

So what happens during a chapter 7 case?   When someone files for chapter 7 bankruptcy, he/she must take a credit counseling course before filing.   Upon filing, the Southern California bankruptcy court will automatically generate a panel trustee to your case and set a time for hearing, about 1 to 1.5 months after the day such case is filed.  If the meeting of creditors goes smoothly, that person will get a discharge about 2 months after the meeting of creditors is concluded.  When you add up all that time together from beginning to end, you are looking at 4-5 months, however the only task the debtor had to perform during the bankruptcy was (1) go to the meeting; and (2) take a financial management course, which is the second course all persons filing bankruptcy must take.

In some cases, where people own vehicles that are not yet paid off and/or other secured goods, a reaffirmation agreement needs to be executed during the bankruptcy between the debtor and the lender.   This is a typical occurence in many chapter 7 cases where a debtor owes money on cars and other secured goods such as computers or jewelry.

At JCH Law Firm, we help everyone in Southern California.   Our attorney Jeffrey Hsu is honest and straightforward.  Call us at 800-371-5523.   Our consultations are free and we will take the proper time to speak with you.

 

 

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