Tag Archives: consumer bankruptcy filings

How Fast are Chapter 7 Bankruptcy Discharges?

After a Chapter 7 bankruptcy is filed, a section 341 meeting, also known as a “meeting of creditors” is scheduled with to take place within 21-40 days of the filing. A debtor must attend his or her section 341 meeting or the bankruptcy case will be dismissed. For individual debtors filing Chapter 7 bankruptcy, debtors are eligible to receive their Chapter 7 discharge sixty (60) days after the date set for the section 341 meeting, unless a creditor files a timely objection or the bankruptcy court orders otherwise. In the normal case where there are no complaints objecting to discharge filed in a timely manner, the debtor will receive a discharge within five (5) working days after the sixty (60) days has passed. In the event of bankruptcy schedules needing to be amended after filing, a notice of amendment to schedules will be filed (to add creditors, etc.), the discharge…
Read More »

Posted in Bankruptcy | Tagged , , | Leave a comment

What is the Automatic Stay in Bankruptcy?

When a debtor files for bankruptcy, an automatic stay begins the moment after filing. What is the automatic stay? The automatic stay in bankruptcy is an automatic injunction that halts and prevents many actions of creditors against the debtor, with certain exceptions. Section 362 of the United States Bankruptcy Code provides that the stay begins immediately upon filing of the bankruptcy. The stay stops or freezes many forms of creditor action against the debtor.B Some of the actions the automatic stay holds in abeyance are: initiating or continuing judicial proceedings against the debtor; actions to obtain the debtor’s property; actions to create, perfect or enforce a lien against the debtor’s property; set-off of indebtedness owed to the debtor before commencement of the bankruptcy proceeding. This includes but is not limited to: filing or continuing civil lawsuits for debts; placing or continuing with a garnishment on wages; garnishing bank accounts; foreclosure…
Read More »

Posted in Bankruptcy | Tagged , | Leave a comment

How is Bankruptcy Different from Debt Settlement?

You have probably seen the television commercials: Debt settlement or consolidation firms promising to solve your debt problems for pennies on the dollar. Unfortunately, for most consumers, the end result does not match the promises made. At The Sader Law Firm in Kansas City, Missouri, we assist individuals, couples and businesses solve their debt problems and look forward to a brighter financial future. Before you spend hundreds or thousands of dollars on a debt settlement or consolidation program, contact us for a free initial consultation to explain your bankruptcy options. How Does Debt Settlement or Consolidation Work? With typical debt settlement programs, you make payments to the debt settlement company instead of your creditor. After you have paid the company a required amount, it will negotiate with your creditors. Unfortunately, your creditors aren’t required to negotiate with the debt settlement company and many refuse to do so. Your creditors are…
Read More »

Posted in Bankruptcy | Tagged , , , , | Leave a comment