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Post Bankruptcy Counseling Course

July 28, 2010 By admin 2 Comments

Counseling sessions take ...

What Is Meeting With The Creditors?

Author: Steve Sanchez

Whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy, you will be scheduled a 341 meeting (also known as meeting with the creditors). Unlike any other law proceedings, 341 meeting is not conducted inside a court, and there is no judge present in the meeting. The 341 meeting is run by a trustee who has been assigned to your bankruptcy case. The 341 meeting is generally the only legal meeting that you will have to attend before the verdict of the bankruptcy discharge is given out. In this meeting, the trustee will be responsible for gathering all the facts surrounding your case, and making sure that the petition packet is complete.

What Goes On In the 341 Meeting?

When you arrived at your 341 meeting, you will most likely be there with other people who are there for their 341 meeting also. 341 meeting is structured to be short and sweet. Since there will be other 341 meetings before yours, it is a good idea to arrive early to familiarize yourself with the entire process. The trustee will make you go under oath and swear to tell the truth. The 341 meeting will be recorded by a court reporter or taped for accuracy.

The main intention of the 341 meeting is for the trustee to gather all the facts regarding your bankruptcy petition. The trustee has the power to question you about the assets or liabilities you have listed in your bankruptcy petition. The trustee's job is to gather all the pertinent information related to your bankruptcy petition. If the trustee needs additional clarification on asset X or liability Y, you will have to submit that information. The main objective of the 341 meeting is for the trustee to clear up any discrepancies that can assist the bankruptcy court to determine if the bankruptcy discharge can be warranted.

Some of the questions that the trustee might ask you are:

  • Did you list all of your debts?
  • Is this your legal name and your social security number?
  • Did you read all the schedules prior to signing them?
  • Are the schedules accurately represented?
  • Have you lived outside of this state for the past 2 years?
  • Do you want to make any modifications to the schedules?
  • Has your attorney gone over the bankruptcy papers with you and do you comprehend every single line item

Will the creditors be present in the meeting?

The creditors are informed of the date of the 341 meeting, but they usually do not attend. If the creditors want to contest that your debt should survive the bankruptcy, they have up to 45 days of the 341 meeting to do so.

Issues that will not happen at the 341 meeting

Since 341 meeting is a fact assembly meeting, nothing can be decided then. Here are some of the things you will not have to worry about:

  • No rights are awarded or lost
  • You do not have to justify why you are filing for bankruptcy
  • Creditors do not have to be present to object to the discharge

After attending the 341 meeting, what is next?

After you have attended your 341 meeting, you will have to take your post bankruptcy credit counseling course. When you have completed the post bankruptcy credit counseling course, you will attach the credit counseling certification to the bankruptcy petition. With all your supporting documents and bankruptcy petition in order, within 30-45 days after the 341 meeting, you will hopefully receive your bankruptcy discharge.

Article Source: http://www.articlesbase.com/personal-finance-articles/what-is-meeting-with-the-creditors-2652425.html

About the Author

Steve Sanchez has recently overcome the economic depression of 2008-2009 by declaring bankruptcy.  Even though bankruptcy has devastated Steve financially and emotionally, Steve has rebuild his businesses in the last 6 months and he has not looked back since.

One of his project is to educate people on bankruptcy.  Having gone through the ordeal himself, he has first hand knowledge of the pros and cons of filing for bankruptcy protection.  Please visit his site http://ToFileBankruptcyNot.com if you want additional information regarding bankruptcy.


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Bankruptcy Creditor Resources

July 14, 2010 By admin 10 Comments
Bankruptcy Law Resources ...

Foreclosure Defense - Strategic Bankruptcy Options

Author: Regis Sauger

Foreclosure Defense — Strategic Bankruptcy Options

·        Strategic Comment: There are two ways for you stop foreclosure, sale and eviction dead in its tracks. One is to file bankruptcy under Chapter 13 which is an opportunity for debtors to reorganize their payments to creditors.

  • A stay goes into effect immediately upon filing with the Bankruptcy Court. Creditors who say or do anything in furtherance of collecting a debt are committing a federal automatic crime from the moment it is filed, whether they know about it or not.

  • However, the payments include fees to the Court and Trustee which exceeds 10% of what you pay into the Court for the benefit of your creditors, so since you are strapped for cash it further impedes your ability to work out a realistic plan.

  • Also for secured debts like mortgages, the lender can come into Bankruptcy court and ask the court to lift the automatic stay which in the past has been routinely granted and for the most part still is, UNLESS YOU DO SOMETHING ELSE. WHEN YOU FILE YOUR PETITION STATE THE MORTGAGE AND NOTE TO BE CONTINGENT LIABILITIES BASED UPON TILA VIOLATIONS. You will need a TILA audit before or immediately after filing to support your position. 

  • YOU SHOULD ALSO NAME, AS THE CREDITOR, THE ORIGINAL LENDER, and state the amount of the loan as a contingent liability to them. The fact is, in most cases, you have not been presented with proof of transfer of anything, nor seen any assignment, or what rights or obligations were picked up in transactions after your closing by third parties who own the servicing rights, or the mortgage or the note. The Trustee or other party coming into court or posting notices of sale on your property probably is getting his/her marching orders from someone who either doesn’t have or can’t prove they know the amounts you paid, to whom or what is currently due. PLACE THE BURDEN WHERE IT BELONGS — ON THEM.

  • Then you should state the present mortgage servicing entity to whom you are now sending your payments (this applies only where the loan has been sold which is true in 95% of the cases) as a contingent liability in an unknown or unliquidated amount. 

  • Then you should add a creditor John Doe” as also an unknown unliquidated debt as the possible owner of a security under which he has ownership of the mortgage and note.

  • Then you should file an adversary proceeding or action under TILA, RESPA, fraud etc. making all appropriate claims for rescission, refund of interest, points, loss of value in the property etc. 

  •  If your case is handled in this way there is a higher probability that you will survive the motion for lifting of the stay as the movant will have to prove the chain of title and authority on the mortgage and note, thus giving rise the the issue of legal standing for them to standing in the courtroom at all.

  • The second option, if you are faced with foreclosure, sale or eviction is just file the TILA action in Federal court and then go the State Court and ask the State Court to issue a stay because there is pending litigation in Federal Court. Usually State Court judges are more than happy to get the matter off their desks and thus grant your motion for stay, but they might not be under no obligation to do so.

  • Remember that whether you go straight into Federal Civil Court or Federal bankruptcy Court, which is a different division, and you are NOT represented by counsel, the Judge must do the legal research himself to determine the merit of your claims.

  • If you are represented by counsel you need to make damn sure he knows what he is doing. Most bankruptcy lawyers don’t know an adversary proceeding or TILA action from egg on the wall. They have no experience with it. Very few lawyers or judges know this area since it only became important in the last couple of years. 

Article Source: http://www.articlesbase.com/mortgage-articles/foreclosure-defense-strategic-bankruptcy-options-715545.html

About the Author

Regis Sauger is a Licensed Mortgage Broker in Florida. He has written numerous aritlces on consumer credit. He has over 25,000 readers of his articles.
http://www.yurcredit.com



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Personal Bankruptcy And Harassing Creditors

February 9, 2010 By admin Leave a Comment

Just about everyone who gets a little behind on their bills will get a friendly reminder call from a creditor. But once in awhile, those calls turn out to be not so friendly. While there are certain laws to protect the consumer from harassing calls at home and at work, not every debt collector plays by the rules.

They are willing to try to browbeat, threaten and take whatever steps they deem necessary to collect money and some actually believe they are doing the right thing with their collection efforts. Many consumers will cave to their demands simply to stop the calls. However, if one creditor is calling there's a good chance that others are also making the calls and getting one to stop will not stop the others.

Once a person files for personal bankruptcy, the calls should cease to come to the house. It may about a week for the creditors to be notified of the pending action and calls may still be made until they are notified, but then do come in, the creditors should be advised to contact the bankruptcy attorney. If they continue to call after being notified of the bankruptcy filing, they can be held legally accountable.

The debtor needs to keep track of the names, dates and times of any calls that come in after all debtors have been notified let the attorney know and allow them to deal with it through the appropriate legal channels. While some creditors use outside collection services, once the creditor is notified of the filing, all contact must go through the personal bankruptcy attorney.

There are several things that you want to think about as you are researching and discussing bankruptcy. One of these things is going to be creditor bankruptcy, which is a different type of bankruptcy that you might want to consider. Creditor bankruptcy means that you are going through your creditors in order to declare that you do not have the money needed to pay them the money that you owe.

Once you have declared creditor bankruptcy there are several things that will happen. First of all, you will be able to legally declare that you don't have the money to pay your creditors. Then, they will no longer be able to hound you for the money, and the money will be written off as an unpaid debt. Then, you will be able to start from scratch when it comes to your credit.

Even though creditor bankruptcy will allow you to get out of paying the bills that you currently have due, it is not something that you want to do unless you have no other choice. If you declare creditor bankruptcy you are going to have to have it on your record, and this is not something that you want. It will be hard for you to rebuild your credit, and you will end up having a lot of problems. Therefore, creditor bankruptcy should be a last resort. Be sure that you talk to your lawyer and your financial advisor in order to figure out what exactly you should be doing, and what types of bankruptcy are going to be the best for you to declare if need be.

Legal Helpers is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code. We're one of the largest consumer bankruptcy firms. Bankruptcy attorneys answer the phones six days a week and evenings.

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Credit reports

January 16, 2010 By admin Leave a Comment

Credit reports or

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