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January 2011 Archives

Questions Asked at Creditors Meeting

When filing for bankruptcy, a creditors meeting is generally scheduled about 1 month after the filing of a bankruptcy petition. This hearing is conducted by the bankruptcy trustee, which is basically another attorney appointed as trustee from the US Bankruptcy Courts. The Trustee's position is to ask certain questions to determine whether you have assets that are not exempt and can be sold off to pay back your creditors. It is rare to have the bankruptcy trustee sell assets in a bankruptcy proceeding. The hearing (or 341) begin by swearing you in and having you present license as well as your social security card. They then begin with the questioning, which usually takes anywhere from 30 seconds to 5 minutes long (and sometimes longer, depending on how complex your case is). The type of questions they may ask may be as follows:

What are Exemptions and What Do They Do?

People file for bankruptcy to obtain a financial fresh start, but no one wants to lose all of their property in the process. In fact, a common and important question that clients or people considering bankruptcy ask is whether they will lose everything they own or a particular item if they file. In the majority of cases, our answer is, "No."

Head Start on Filing for Bankruptcy

Everyone is overwhelmed with debts and responsibilities. If you are thinking of filing for bankruptcy, Miller & Miller Law wants to make it easier for you to know what to expect with your bankruptcy filing. Here are some way to help you with your bankruptcy filing process

Financially Fit #4

The lastest posting to getting financially fit discusses spring clean your investments. Review your 401K allocations, sell that unused car sitting in your garage. Time to stop procrastinating, clear out the rubbish and put that money to better use.

How Do I Know Whether Bankruptcy is Right for me?

Filing for bankruptcy is a serious undertaking. Filing your paperwork the right way requires a lot of time and knowledge of the law. Those who do not file as the law requires risk having their case dismissed.

Private Student Loans

If you are planning to apply for a private student loan that requires a co-signer, or are considering co-signing such a loan, beware of the following: If the student passes away, the lender can still demand payment from any co-signer. This is different from Federal Student Loans, which are discharged if the student passes away.

What Is Lien Stripping?

Lien stripping is a procedure in a Chapter 13 Bankruptcy that changes a secured second mortgage or home equity line of credit into an unsecured debt, which not only eliminates your monthly payment, but usually lowers your total debt by thousands of dollars.

Personal Bankruptcies in 2010

According to the Wall Street Journal dated 1/3/2011 personal bankruptices rose 9% to 1,530,078 in 2010 from a year earlier, reaching their highest level since a revamp of the bankruptcy law took effect in 2005, according to the American Bankruptcy Institute.

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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