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After you have filed for bankruptcy (either Chapter 7 or Chapter 13) you are required by 11 U.S.C. 341 of the Bankruptcy Code to attend a meeting of creditors administered by a Trustee assigned to your particular case. Before you start worrying about which creditor is going to come and what they will ask you, keep this in mind: it is very rare for any creditor to show up at this meeting. However, the Trustee still has a duty to conduct the meeting and ask you certain questions.The meeting of creditors is mandatory for you to attend. You will be accompanied at this meeting by one of our knowledgeable bankruptcy attorneys. You will receive a notice from the Court notifying you when and where your meeting will be conducted after your case has been filed. The date and times are assigned by the Court, so you do not get to select when you want your particular meeting to take place. In general, the meeting will take place approximately 30-40 days after your case has been filed. The earliest any meeting is scheduled for is usually 8:00 A.M. and the latest is usually 4:00 P.M. Please arrive to your meeting 15-20 minutes prior to your scheduled hearing, being sure to allow time for parking and security as well.

At Bankruptcy Law Group, we understand that filing for bankruptcy can be a very stressful time in one’s life. In order to take as much stress off of your shoulders as possible, we have created a simple 4 step process in order to get your bankruptcy case filed.

Bankruptcy is a powerful tool, which can be used to protect you from the loss of property. However, in order for it to be effective you need to know how to use the rules to your benefit.

California is one of the states that has opted out of the federal exemptions (11 USC 522) and have created their own exemption scheme. CCCP 703.130 states specifically that if California is your domiciled state, according to 11 USC 522, then you do not have the option to use the federal exemptions. Simply put, you must choose one of the California state exemptions schemes.

Just because you file for bankruptcy does not mean you will lose everything you own. When the bankruptcy rules were created, it was understood that for the rules to accomplish the purpose of a “fresh start” the creditors could not be allowed to take everything from you. You needed to be allowed to keep some of your assets to help you move forward with your fresh start.  Having no debt, but also no money, no vehicle, and nowhere to live was hardly a "fresh start.”

Priority debt is one of the three general categories debt is divided up into when filing for bankruptcy. A priority debt is a debt that is entitled to priority in payment in a bankruptcy case. A general listing of priority debts is provided in 11 U.S.C. § 507 of the Bankruptcy Code. The two most common types of priority debt in a consumer bankruptcy are (1) alimony, maintenance, or support and (2) income taxes that become due within the three year period before the bankruptcy filing date.

As promised, we're beginning our series, going more in-depth of the cases of discharge, starting with Tax Debt.