 Welcome to txlegalinfo.com
Below you will find
many of the most commonly asked questions regarding a Chapter
7 Bankruptcy. Click each question below to view
the answer. All questions and answers below are general
in n
ature and do not
constitute legal advice from the Law Office Lawson & Herring
& Associates. If after reading the frequently asked
questions below, your questions are not answered, please contact
us by clicking by calling (214) 265-0123 or emailing
info@dallasdebt.com.
Also, check out the
Chapter 13 FAQ.
General/Before Filing
-
What is the difference between
a chapter 13 and chapter 7 bankruptcy?
- Who
contacts my creditors?
- What
debts do I have to continue paying for?
- Can
I be denied?
- Can
I keep some of my debts?
- Who
will know about it?
- Will
filing affect my job?
- Where
can I find out how much I owe the IRS or get past Tax Returns?
- Will
the bankruptcy appear on my credit report? If so when will
it appear?
After Filing
- Why
do I need to put my questions in writing?
- What
is 341 meeting?
- When
is the 341 meeting?
-
Where is the 341 meeting?
- What
documents do I need to bring to the 341 meeting?
- Who
will be at the 341 meeting?
- What
will happen at the 341 meeting?
- Can
I reschedule my 341 meeting?
- What
is a discharge?
- How
long will it take to get my discharge?
- Someone
else cosigned with me on one of my debts, how will this affect
him?
- Can
I still lose my house or car?
-
What if I failed to list a creditor?
- What
is reaffirming?
- What
is the "automatic stay" and why is it important?
- My
Creditors are still calling me and sending me bills, what
should I do?
Rebuilding/Reestablishing Credit
- How
fast can I start to rebuild my credit?
- How
can I rebuild my credit?
- How
long will it be until I can get a new house or car?
- How
long will this bankruptcy stay on my credit report?
A Chapter
7 bankruptcy discharges all dischargeable debts. These
often include credit card debt, old tax debts, and other unsecured
debts. A Chapter 13 bankruptcy allows the debtor to reorganize
their debts. In a Chapter 13 bankruptcy, a repayment plan
is established and payments are made to the Trustee's office
for 36 to 60 months. The advantage of a Chapter 7 bankruptcy
is that it allows debtors to wipe the slate clean and start
over.
After
we file your petition, we notice (contact) all of your creditors.
In addition
to your normal expenses, such as food, insurance and utilities,
in a Chapter 7 bankruptcy, you must continue paying all of you
secured creditors. These often include your house, car,
and furniture. In other words, it you what to keep your
possessions, you must continue to pay for them. If you
are surrendering the secured debt then you do not have to continue
paying for it. If you are unsure about which creditors
you need to continue paying for, please contact you attorney.
There
are certain criteria for filing a Chapter 7 bankruptcy.
These include but are not limited to having received a Chapter
7 discharge within the last six years, or recently receiving
a Chapter 13 discharge where the unsecured creditors received
less than 70% of the amount owed.
Yes.
This is called reaffirming a debt, see below.
Though
filing a bankruptcy is public information, unless you are a
public figure, it is unlikely that anyone except your creditors
and those that you tell will know. Currently in Tarrant
county, bankruptcies are not listed on the internet, newspaper,
or television.
If you are missing
needed tax returns you can obtain IRS transcripts for little
or no charge. These can be used instead of tax returns.
Transcripts can be obtained two ways:
1) To get them immediately, go to:
1515 Commerce Street
2nd Floor
Fort Worth, TX 76102
map
2) Call the IRS at (800) 829-1040 to order your transcripts
by mail. This will take 10-14 days to receive these documents
by mail.
No. Law prohibits governmental
units and private companies from discriminating against you
because you filed a bankruptcy petition or because you failed
to pay a dischargeable debt.
The 341 is a meeting
the meeting of creditors, though few ever actually show.
This meeting allows creditors to object to the bankruptcy.
If they do attend this meeting, your attorney will assist you
in dealing with them.
Your 341 meeting is typically
held about 30-50 days after your case is filed.
You will get notice of it in mail from the Trustee's office,
as well as from your attorney.
Room 521 of
the Federal Court House which is located down town at:
501 West 10th
Fort Worth,
TX 76102
map
If you have provided
us with all of the information and documentation that we requested,
you will not need to bring anything to the 341 meeting. Do
remember to bring a drivers license or other form of identification.
In addition to yourself,
and spouse if co-filing, an attorney from our office and a hearing
officer will be present. Creditors are also welcome at
this meeting, but few ever show.
You will show up
at the Federal Court House
and wait for you name to be called. Normally, during this
time your attorney will briefly go over the process with you
and answer any questions that you have. When your name is called,
you will be asked a few simple questions about your debts and
income by your attorney and possibly a officer of the Trustee's
office. The process normally takes 10-15 minutes once
your name has been called.
Back
to Top
No. However if it is
an emergency, then the 341 can be rescheduled one time as long
as you give the attorney a written reason why can not attend.
This written notice must be given to our office before your
scheduled 341 meeting. The reason will be given to the
Trustee when your first hearing is called.
A discharge is when all
of your unsecured (dischargeable) debts are wiped away.
You will receive notice
of your discharge between 90-120 days after the filing of you
case. This is usually about two months after your 341
meeting.
Yes, in a Chapter 7 bankruptcy,
you must continue paying all of you secured creditors.
These often include your house, car, and furniture. In
other words, if you what to keep your possessions, you must
continue to pay for them. If you are surrendering
the secured debt then you do not have to continue paying for
it. If you are unsure about which creditors you need to
continue paying for, please contact you attorney.
If you fail to make payments on your secured debts, the creditors
will ask the court to lift the automatic
stay and allow them peruse you.
If you fail to list a
creditor, you must give us the name and address of that
creditor and we will amend the plan and matrix.
The court does charge $20 to add creditors, so be prepared to
pay this expense when you give the creditor information to us.
Reaffirming is the process
by which you voluntarily agree to repay, to become personally
liable for, some or all of a debt. A typical example is
a car. You wish to keep the car you are currently driving,
and the creditor wants you to continue paying, so you sign a
new contract, or reaffirm, the vehicle (debt).
A Chapter 7 bankruptcy
is a very complicated process and generally attorneys do not
like to give legal advice over the phone. Having your
question in writing allows us to refer to it when we answer
it. This enables us to be sure to answer it correctly
and in full. It also protects the attorney and yourself
by having a copy of the question and the answer in case of a
misunderstanding. To email us a question, click here.
When you file a bankruptcy,
The bankruptcy court gives you the protection of the automatic
stay. This is a mechanism that does not allow any creditor
to pursue any of the debts that you owe them or seize your property,
(there are a few exceptions such as criminal activities).
The automatic stay makes it so you can go through this process
with out being harassed by creditors. If we have filed
your case and you are still be harassed (being sent bills, receiving
phone calls, etc.), write down who (the person, company, time,
etc.), is contacting you and bring that information to our office.
If we have filed your
case and you are still being harassed ( being sent bills, receiving
phone calls, etc.), write down who (the person, company, time,
etc.), is contacting you and bring that information to our office.
Your creditors may be in violation of the
automatic stay.
You can start to rebuild
you credit immediately. Most important is to make sure
that all of your creditors, such as your house and car, are
being paid on time and in full. Any other payment that
you are making on a regular basis can also be reported to credit
bureaus. You may need to ask them to report positive information
to the credit bureaus. Some apartments and utilities will
even report payments to the credit bureaus. If you have
a retained a credit card make sure that it is paid in full every
month as well. In many cases, a secured credit card is
best and easiest way to start rebuilding your credit.
You can start to rebuild
you credit immediately. Most important is to make sure
that all of your creditors, such as your house and car, are
being paid on time and in full. Any other payment that
you are making on a regular basis can also be reported to credit
bureaus. You may need to ask them to report positive information
to the credit bureaus. Some apartments and utilities will
even report payments to the credit bureaus. If you have
a retained a credit card make sure that it is paid in full every
month as well. In many cases, a secured credit card is
best and easiest way to start rebuilding your credit.
Generally, you can qualify
for a new house or car within a year or so. This depends
on several things, such as current income, debt levels, payment
history, down payments, etc.
Yes, it will appear on
your credit report. When it appears depends on the credit companies
and credit bureaus. Typically, it appears on your credit
report, in some manner, between one and three months after you
file.
If the debt is a dischargeable
(credit card, repossession, etc.), then you will not have to
pay it. Your co-signer will become primarily responsible for
this debt. Though the creditor may not peruse the co-signer
immediately, they may in the future. A special automatic
stay protects certain co-signers during the bankruptcy proceeding.
A Chapter 7 bankruptcy
can stay on your credit report for up to ten years.
|
