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Personal Bankruptcy Chapter 7, Chapter 11 and Chapter 13

There are many misconceptions about the recent changes to the bankruptcy law…

Contrary to popular belief, Chapter 7 Bankruptcy was not eliminated by the 2005 Bankruptcy law changes. In fact, with the assistance of a skilled bankruptcy attorney, many debtors are unaffected by the changes in the law and are able to dissolve all of their debts while keeping their assets and property.

High wage earners that have assets in excess of the Nevada exemptions will be guided by our skilled bankruptcy attorneys in the choice of either a Chapter 13 or Chapter 11 Bankruptcy allowing all property and assets to be unaffected by the Bankruptcy filing under either a Chapter 13 Bankruptcy plan or under a Chapter 11 Bankruptcy plan. A great benefit of these Chapters is the ability to cram down mortgages and achieve principal mortgage reductions.

The first part of the bankruptcy filing process involves collecting all of your personal financial information. This includes a list of all your secured and unsecured debts. The majority of these will be identified by your bankruptcy attorney through your credit report and through due diligence reporting required under the bankruptcy code. Additionally, your attorney will need copies of your tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have will need to be provided to your bankruptcy attorney.
When all information is compiled, the required forms are completed by your bankruptcy attorney. These forms are collectively referred to as the bankruptcy schedules. They detail and describe your current financial status and recent financial transactions. If you are filing a Chapter 13 Bankruptcy, the proposed repayment plan is prepared and must also be submitted along with the petition. The petition is then filed with the United States Bankruptcy Court for the District of Nevada or the District of Utah.

Immediately upon the filing of the bankruptcy petition with the Bankruptcy Court an automatic stay goes into effect. The automatic stay prevents creditors from making direct contact with you, pursuing any collection activities, or staking any claim to your property. Approximately one month after the filing of the bankruptcy petition, the trustee will call a first meeting of creditors.

This meeting is called a 341 meeting and requires the presence of the debtor. Creditors rarely, if ever, attend the 341 meeting. Objections to any part of the bankruptcy filing are typically resolved by negotiation between the debtor’s bankruptcy attorney and the creditor without the creditor’s attendance at the 341 meeting. The 341 meeting, or meeting of creditors, typically lasts about five minutes. If there are no challenges, you will receive a notice from the court, usually within four to six months, that the bankruptcy is discharged.