Articles Posted in Bankruptcy

1.) Q: What is the Chapter 7 bankruptcy process?

A: If you are considering bankruptcy, we would ask you numerous questions about your income, assets, expenses, and debts. We would run your credit report to determine the amount you owe each creditor. If we find that your monthly expenses exceed your income, and your assets are within the bankruptcy exemptions, we would assist you in filing your bankruptcy petition. Once the petition is filed, a creditor’s meeting is held approximately 4-6 weeks after filing. After the creditor’s meeting is held, the Trustee has sixty (60) days to determine whether or not to discharge your debt. If the Trustee discharges your debt, then you will not be responsible for any of the debt listed in your bankruptcy petition.

2.) Q: What is the creditor’s meeting?

A common problem for divorced couples, is that they go from a standard of living based upon two incomes, to a standard of living based upon one income. In addition, payments and debts are divided, and individuals are often left with a combination of high outstanding balances and high monthly payments.

If your expenses exceed your income, and your debt seems to be outweighing your assets, contact our attorneys at (586) 264-3756, to determine if bankruptcy may be a good option. The last thing you need after the stress of a divorce, is the stress of keeping up with bills. Let us get you the fresh start you deserve.