What Do You Do #After the Chapter 7 #341 #Meeting of #Creditors #Hearing?

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This video is about what you should do after the Chapter 7 341meeting of creditors.

One of the most nerve-wracking parts of filing Chapter 7 bankruptcy is the 341 hearing (even though this is actually an administrative hearing and nothing like Law & Order!). Once your hearing has been concluded, what’s next?

THE UNITED STATES #TRUSTEE REVIEW:
The United States Trustee trustee has ten days to file a “statement of presumed abuse” if they disagree with your budget and feel that you could actually repay some of your creditors in a Chapter 13 case. Most of the time this notice is NOT filed but sometimes with higher income #clients, they can see this notice filed and then just have to provided some additional #documents regarding their income and expenses.

THE CHAPTER 7 TRUSTEE
Your Chapter 7 trustee has 30 days to object to your bankruptcy exemptions. If the trustee thinks you have too much money in the bank, too much in paid for cars, too much real estate equity, or too much value in any other asset they can file this objection. We rarely ever see this objection filed in our cases.

CREDITORS
Your creditors have 60 days from the hearing to object. Creditors will usually object due to recent use of the credit or they are accusing you of incurring the debt through fraud.

Credit card companies will object if they think you were running up your credit cards while you were getting ready to file bankruptcy. Typically if these charges were for basic living items (food or gas) and you didn’t intentionally run them up, the credit card companies will back down. However, if you decided to use your credit card to purchase cruise tickets 1 week before filing, you will be setting up a repayment plan with the creditor on that one.

The other way we hear from creditors, is a claim that your whole #debt is fraudulent. Many times this is a very personal debt (Ex-spouse or family member, former friend, or former business partner). These personal grudge creditors can claim several things to try to prevent you from discharging your debt. In order to do this, they have to file what is known as an “Advesary Proceeding” in your case (which is a lawsuit within your bankruptcy case to deal with that specific debt). These are actually VERY rare but we always see a few a year. Defending one of these actions will cost you additional attorneys fees so always make your attorney aware of any landmines when you meet. That way your attorney can set your expectations and have a plan ready in the event one is filed.

For most cases, after the 341 hearing, you just need to make sure the following have been taken care of:

1. If you are retaining any secured items (e.g car, home, furniture) you need to make sure that a reaffirmation agreement has been filed with the court. At this point, you should have already received the reaffirmation from the attorney office, signed it, and sent it back to the creditor to file. If you have NOT then you need to contact your attorney to follow-up on this.

2. If you had any judgment liens when you filed your case then you need to confirm that a Motion to Avoid Lien has been filed regarding that debt and that an order avoiding (removing) that debt has been entered on the court docket. If your case closes out and these liens are NOT avoided, then you will owe this debt after you are out of your case.

3. In order to receive your official discharge, you need to complete a second credit counseling course AND make sure that your attorney has filed this certificate with the court. Failure to do this will result in your case being closed without a discharge and you will have to incur additional fees to correct this and receive a discharge.

4. Review your petition one last time to ensure that ALL of your debts are listed. If you did forget someone there is still time to file an amendment to add them to your case.

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Saedi Law Group are experienced Atlanta bankruptcy lawyers who have been helping Georgians file for bankruptcy for over 19 years. We have filed thousands of bankruptcy cases here in Georgia and are in court every day fighting for our client’s rights against creditors.

Our team is passionate about our work and we take it very seriously. It is a privilege to help clients and their families in times like these. Bankruptcy was created for this purpose. Please contact us today at (404) 919-7296 or info@saedilawgroup.com to learn about what you can do to protect your future. #bankruptcy #lawyer #attorney #Georgia #Atlanta #lawgirlboss #chapter13 #chapter7

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Financial Obligation Settlement Net Branch – Approved Keys To Getting Rid Of Debt

You ought to likewise find out how to send your payments on time to prevent penalty charges. You might ask your lending institution for a forbearance period. The card business make optimum out of the revolving financial obligation only.

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Debt Consolidation Quote – The Response You Need

There are numerous aspects that might be attributed to this. Bank loans are fine examples of Secured Debt. In all probability, something besides consolidation might work and be even more effective in the long run.

Financial obligation is an issue that everybody deals with at some point in his or her life. The service to a debt free life lies in the options one makes to counter the debt, curb spending and reduce costs. Another method to counter the debt risk is by consolidating all the loans into one single protected debt consolidation loan. This is one complete debt that will pay all other smaller debts and make life less complex (besides saving you money and helping relieve the debt tension).

UnSecured Debt is debt that is not Secured Debt-it isn’t connected to any specific properties. Even if a debt is “unsecured” does not mean that you can not be sued for the financial obligation. On the contrary, it implies you should be sued in individual for the financial obligation collector to collect any money. The creditor then “enforces” the judgment against you by garnishing salaries or attaching accounts. However this can be challenging for numerous reasons.

For example, a nineteen years of age can have an 800 credit report but they can’t always buy a house, right? So while credit report are essential banks look at income financial obligation ratios (DTIs) and task stability just as much as the credit rating.

Make resign Debt Free top priority one when it comes to your goals in life. Numerous professionals will tell you to list your financial obligations by interest rate with the greatest interest rate at the top. This does not work for the majority of. You need to note all debts from smallest to biggest and pay them in that order. Each time you pay one off you will have the inspiration to continue pursuing becoming Debt Free.

Consumers in basic now carry a substantial quantity of Revolving Debt on charge card and 47% of individuals who do not settle the complete balance every month pay just the minimum balance, a terrible method for settling your charge card and an extremely pricey one.

Anytime one does a “no PMI” loan the debt ratio is a substantial problem as second lien business are frequently more strict than the first lien home mortgage company. 2nd lien companies normally choose DTIs in the 40-45% range. Of course, if one’s financial obligation ratio is greater than 45% they’ll most likely just need to get a single, first lien which will consist of PMI.

The truth is you are paying more every month to each revolving financial obligation as you pay one off completely. This enables you to pay the financial obligations of in a prompt way without defaulting on one financial obligation. , if you are skeptical about the procedure attempt it for six months and see if it works for you..

Financial obligation is a problem that everyone faces at some time in his/her life. As it takes less time and makes your search immediate. Pawning is a simple meaning of a Secured Debt.

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