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? 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 …
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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? 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? 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 …
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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 …
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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 …
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If I intend to keep my car and I’m willing to continue payments, do I have to list the lienholder or lessor as creditors in my bankruptcy schedules? Yes. You must list ALL creditors and lessors in your bankruptcy schedules regardless of you intention on the collateral. If you are always current on your payments, …
Do I have to list an asset that I own in another state or foreign country in my Bankruptcy case? Yes. All property, real and personal, must be disclosed in the bankruptcy schedules, regardless of whether located in Sacramento, California or elsewhere. However, the cost effectiveness of liquidation decreases for the Chapter 7 Trustee if …
Do I have to Disclose All Assets in Bankruptcy regardless of Location? Read More »
For Bankruptcy Filers in Sacramento, Stockton, Fairfield, Modesto, Calfornia area (and nearby cities), you can rebuild your credit after Bankruptcy. Even though the notation Bankruptcy will be in your credit report for up to 10 years, there are steps that you can take after Bankruptcy filing to improve your credit score. Establish positive credit history. …
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