My Chapter 7 Washington State Bankruptcy is Being Handled by my Attorney. What Can I Do to Help?
Be forthcoming with all information regarding your income, property, financial records and assets. Do not destroy any history, violate court orders or use your credit cards at the last minute. Follow any advice your attorney gives you and things should go smoothly. The Chapter 7 bankruptcy process is designed to help you financially now and in the future.
I am Filing for Chapter 7 Bankruptcy. Can I Keep Anything?
Certain Washington State bankruptcy exemptions can protect some of your property from liquidation. Generally this applies to things that are are essential to your life or work. For example, expensive tools, if you are a carpenter, may be considered an exempt item. If you need a vehicle to get to work, your car may be eligible for an exemption. Discuss these options with your lawyer and the court-appointed bankruptcy trustee. They will be able to tell you exactly how much of your property you can avoid liquidating.
My Attorney Said I Need to ReAffirm my Car in Order to Keep it. What Does That Mean?
Washington State bankruptcy is not designed to help you pay off car loans or mortgages, it is designed to help you get back on your feet when things get out of hand. Generally, if you want to keep your car or some other property, you will need to reaffirm the related debt. You and your attorney will work with that specific creditor to work out a reaffirmation agreement that states your intent to continue with payments on that asset despite your Chapter 7 bankruptcy.
What Must I Do Before Filing Bankruptcy?
Your lawyer will be able to walk you through the process so that you will complete it correctly. As was mentioned before, make sure to follow your attorney’s advice and be forthcoming with all information needed. The basics steps are:
- meet with a lawyer to discuss your situation and review your financial documents
- Complete Credit Counseling briefing and get certificate to include with your Washington State Bankruptcy petition
After these steps have been completed, your attorney should have everything he or she needs to file your bankruptcy petition. The last step will be for you to attend a debtor education course either online, in person or via telephone.
My Lawyer Submitted my petition for Washington State bankruptcy. What do I do now?
Once the petition has been filed, the court will grant an automatic stay on all creditors’ collections or legal actions against you. A notice of your bankruptcy filing will be sent to your creditors. The bankruptcy trustee appointed to your case will review your petition and schedule a meeting with your creditors. You must be present at this meeting where any exemptions, repayments or other information might be discussed.
What are some of the Reasons why a Washington State Bankruptcy is not Approved?
Most bankrupty petitions are approved and move smoothly through the process. However there are some situations where your petition may be denied. The most important thing is to make sure your lawyer has all of the financial information he or she needs. If you try to hide or destroy any documents or information, you will be found in violation and, not only will you not receive your bankruptcy, you can be prosecuted for fraud. Other reasons for denial of Washington State bankruptcy may include missing filing deadlines, not attending the meeting with your creditors or failing to complete a debtor education course after you have filed your paperwork. As you can see, most of these things are entirely up to you to complete so, basically, your acceptance is in your own hands. A Chapter 13 bankruptcy is more likely to be denied simply because there is generally more paperwork involved.
My Attorney Says I will have to Sign a Statement of Intention, What Does that Mean?
A Statement of Intention is created by your attorney and filed after your bankruptcy petition, but before the creditor meeting. This statement, signed by you, will detail what you plan to do with each of the debts that are included in your Washington State bankruptcy. Once the statement has been filed, you will have 45 days to either begin making payments or give up your property, depending on what you stated in your intentions. Your lawyer can walk you through this and help you to decide what your intentions are regarding your individual debts.
What is the 341 Meeting
The 341 meeting, also known as the creditor meeting, is a gathering to which all your creditors are invited to discuss each of your debts. The truth is, most creditors do not show up at these meetings, especially if you are filing Chapter 7 bankruptcy. The meeting is usually held a month or so after your Washington State bankruptcy petition is filed and your attorney and the bankruptcy trustee will also be in attendance. If you fail to attend this meeting, your petition will be thrown out. No questions asked. While you may have to answer questions from a creditor or two, but, as I said, most choose not to attend at all.