If you have reached the point where you believe the only solution to your debt problem is declaring bankruptcy you will have to appear in court along with your bankruptcy lawyer in Salt Lake City. There are a number of things that will take place in court and you may hear terms never heard before.
The trustee: who is it and what does the trustee do?
If you are declaring Chapter 7 the court will assign an official to the case, this person is the trustee and has two principal roles to fill:
* Verifies the fact that you are eligible to file for chapter 7 bankruptcy
* Confirms that the schedules which you signed under oath are accurate
Another of the trustee’s responsibilities is to locate all your assets that are not exempt, sell them and turn the proceeds over to your creditors.
If, on the other hand you are declaring Cheater 13 bankruptcy the trustee will review the proposed plan for reorganizing your debts that you and your bankruptcy lawyer in Salt Lake City developed. If the plan is approved by the court the trustee will be responsible for collecting the monthly payment that has been agreed upon and distribute the funds to the creditors.
What happens after this?
There is little else to do if you are filing Chapter 7. Your attorney may contact you for additional information is requested by the court. Prior to the final discharge you may correspond with your bankruptcy attorney to reaffirm those items which are secured such as your vehicle and house.
About 60 to 90 days after the hearing you will be notified by the court that you are fully discharged and you are free from further obligation.
As Chapter 13 involves reorganizing your debts so you can keep your property the discharge order will not be granted until the repayment plan has been fully satisfied, this can take anywhere from three to five years.
What happens during the hearing?
In chapter 7 cases the trustee will ask a host of questions to make sure you are actually eligible to file for bankruptcy. The trustee will also determine if you have fully disclosed all your assets and debts. You may be asked questions such as: do you own your own home, have you transferred property recently to someone else, is the list of your assets correct, etc. The process rarely takes more than 10 minutes.
If you need a bankruptcy lawyer in Salt Lake City you are invited to contact the law office of Andrew B. Clawson, PC.
