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Filing a Simple Bankruptcy
by Susan Chana Lask
We all know times are tough and, for some of us, bills are getting harder to pay
each month. If the debts you owe are more than what you can afford, you should
read on.
Filing a
bankruptcy can be the answer to your problems. A bankruptcy is a way to
discharge your debts completely so you can have a fresh start in your financial
and personal life. You can only file a bankruptcy once every 6 years and once
filed, it can become part of your credit history
Before filing, you want to know two things: 1) that your monthly expenses (i.e.
rent, phone, medical payments and just about anything else paid by you for the
living expenses of you and your family) are more than your monthly net income
and 2) that your assets (all property you own at its current market value) are
worth less than your liabilities (that is, the debts you presently owe and that
you will list in your bankruptcy petition).
The next step in filing a bankruptcy is to have the actual petition prepared.
The petition is an extensive document listing all of your income, assets and
liabilities as well as other information with respect to your financial history.
You must list all of the creditors that you owe money to and want to be
discharged from that debt. Any creditor that you do not list will always remain
your creditor. For example, you may want to keep one of your credit cards if you
do not list that credit card company on your petition then you can continue to
use that line of credit (of course, you will continue to make your monthly
payments for that credit card).
Your petition will be filed in the
bankruptcy court for about a $150.00 fee. The
moment your petition is filed an automatic stay is in place that means your
creditors listed in the petition must stop their collection procedures during
your
bankruptcy
proceeding.
Only those creditors you list in the petition will be notified with respect to
your filing for bankruptcy. In about 30 days from your filing date, you will be
scheduled for a first meeting of creditors (called a section 341 meeting). At
that meeting, the bankruptcy trustee (the person from the court) will ask you
some questions. The trustee is interested in discovering whether you have any
property or assets available for the benefit of your creditors. By law, you are
allowed to keep certain property and the trustee's questions are very
straightforward and not at all intimidating. When the trustee is finished, your
creditors are given an opportunity to speak. If none of your creditors appear
then an additional 60 days is set for anyone to make any objections or file any
additional papers. If nothing happens in that 60 day period, your
bankruptcy
will be granted and you will be relieved from all debts listed in your petition.
This article is certainly not all inclusive and is intended only as a brief
explanation of the legal issue presented. Not all cases are alike and it is
strongly recommended that you consult an attorney if you have any questions with
respect to any legal matters.
Any questions and/or comments with respect to this topic or any other topic,
contact:
http://www.appellate-brief.com
Law Offices of Susan Chana Lask
853 Broadway, Suite 1516
New York, NY 10003
(212) 358-5762
Susan Chana Lask, Esq. c 2004
Susan Chana Lask is named in the media as New York's "high powered attorney".
She practices sucessfully all civil, criminal & appeals cases in State & Federal
courts nationwide. http://www.appellate-brief.com
scl@appellate-brief.com
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