Bankruptcy Court Facts
For those who are planning to file for bankruptcy you will need to make an appearance at court. You will find that US Bankruptcy courts deals with all aspects of bankruptcy law. There are 94 judicial districts that hears all matters of bankruptcy.
Each bankruptcy court houses a bankruptcy judge who is appointed to 14 years by the U.S. court of appeals. It happens to be very rare, you will find that district courts can hear your bankruptcy cases and also they will rule on the case according to the court’s discression.
Your first visit will be very short and you may not even see a judge. You will not be seeing a judge on your first visit, but instead a trustee of the court who will ask you questions regarding you financial status and history.
Some of the questions that you are asked with be like where you live, is there property you own, and then you’ll have to list all your assets and liabilities. Also, you’ll have to answer questions about any pending lawsuits that another person has against you.
You will also be asked if you expect to inherit cash from a relative or other source. No creditors will be in attendance during your chapter 7 hearing and your lawyer will be with you the whole time.
Chapter 13 cases are pretty much the same, but you may have to answer questions about your payment plans.
Whenever you end up having to come back to court, you need to show up on time, because you will return after two or three months to make the bankruptcy official.
This is not something to mess with because you will be held in contempt and you will also find that the judge will discharge your case unless your attorney files the continuance. You will also have to pay for the attorney in extra fees and also you can have a lot of other fees on top of that.
More Articles
Bankruptcy And Exempt Property
What To Expect With Bankruptcy
Related Products And FREE Videos
More Articles
... and where it should go. Chapter 15 basically allows the US government and the bankruptcy courts to be able to get information about a company s assets or a country s assets. This is a good option for companies that try to keep some of their assets in another country so that they will be better able to ...
... The first is the income certification form. It will state your income and also it will show a fee schedule. Also, keep in mind that the budget form will also need to be filled out, but that form is very self-explanatory and easy to understand. With these forms complete, and your certification now complete, ...
... contractual obligations. With Chapter 11, a court can grand either a complete or a partial relief from most of the debts and obligations that the company has. This is done so that the company can begin again and can have a fresh start. What happens is fairly simple. The court will take the assets that ...
Getting You Finances Back On Track
... consider contacting each individual creditor and asking if there is anything that they can do to lower your payments. If they know that you are looking at bankruptcy, or that you are afraid this is going to happen, they are going to be willing to help you because if you do file for bankruptcy they aren ...
... do when it comes to paying things, and because sometimes people reach certain point where they are unable to get themselves out of debt, and unable to figure out a way to pay the things that they owe, there is a financial state called bankruptcy that can be declared. There are two main purposes of declaring ...