Where Will My Bankruptcy 341 Meeting of Creditors be Held?

Where will my bankruptcy 341 Meeting of Creditors be held? If depends on the location of Debtor’s residence or principal place of business. Your bankruptcy 341 Meeting of Creditors will be held in Sacramento Bankruptcy Court if you live in the following Northern California counties: Alpine, Amador, Colusa, El Dorado, Mono, Nevada, Placer, Plumas, Sacramento, […]

Do I Have to Appear in Court for Bankruptcy?

Do I have to appear in court for bankruptcy? Yes. You have to appear in one court hearing with your bankruptcy attorney in Sacramento bankruptcy court or Modesto bankruptcy court called the 341 Meeting of Creditors to answer your Bankruptcy Trustee question. There will be other debtors waiting for their turn so the meeting at […]

Should I Repay Friends and Family for Borrowing Money Before Bankruptcy?

Should I repay friends and family for borrowing money before bankruptcy? It depends if the amount is material to your Chapter 7 Bankruptcy Trustee. The bankruptcy codes permit the Chapter 7 Bankruptcy Trustee to recover any funds transfer within one year from the date of filing your bankruptcy petition because it is not fair to […]

What does “Automatic Stay” mean in Bankruptcy?

What does “Automatic Stay” mean in bankruptcy? Upon filing of a Bankruptcy petition, creditors, including tax collectors, are prohibited from any attempts to collect from you because “Automatic Stay” is in effect. This means, creditor calls, repossession, foreclosure, lawsuit (with some exceptions), and other collection efforts must stop immediately. Automatic stay does not stop actions […]

Can I Keep My House If I File Bankruptcy?

Can I keep my house if I file Bankruptcy? If you file Chapter 7 Bankruptcy, your Chapter 7 Bankruptcy Trustee will not liquidate your house if there is no net value after the claimed exemption pursuant to the California exemption statutes, amount encumbered by your secured lender, recorded property taxes owed, recorded unavoidable judgment liens, […]

Should I Sell or Transfer My Properties Before I File Bankruptcy?

Should I sell or transfer my properties before I file bankruptcy? Generally, you should not dispose of assets in contemplation of bankruptcy. Such transfer of assets can result in avoidable transfer by the bankruptcy trustee. Even worst, such transfer might be classified a “fraudulent transfer” where the bankruptcy trustee can sue the recipient to recover […]

Can I Sell or Encumber My Properties Once I File Bankruptcy?

Can I Sell or encumber my properties once I file Bankruptcy? If you filed a Chapter 7 Bankruptcy, the Chapter 7 Bankruptcy Trustee becomes the owner of your properties. However, the Chapter 7 Bankruptcy Trustee is unlikely to liquidate your assets, especially if you retained a Sacramento Bankruptcy Attorney, when you claimed your assets exempted […]

Can I Continue Using My Bank Account Once I File Bankruptcy?

Can I continue using my bank account once I filed for bankruptcy? In a Chapter 7 Bankruptcy, the Chapter 7 Trustee becomes the owner of all debtor’s assets upon Bankruptcy filing. However, in most cases, especially if you retained a Bankruptcy Attorney, the funds in the bank account are claimed exempt pursuant to California exemption […]