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alternatives like debt consolidation, debt settlement, debt negotiation, and debt management.
You'll also learn the causes of debts that can lead you to file bankruptcy and how to recover
from it.Free Bankruptcy Seminar
South Carolina bankruptcy attorney Showell Blades leads a 93-minute free bankruptcy seminar on Chapter 7, Chapter 11, and Chapter 13 bankruptcy trends and procedures. This is one of the best free bankruptcy seminar videos on the Internet that you can watch. Some of the topics discussed in this video are the following:
Why people file bankruptcy?
Bankruptcy statistics.
How easy is it to get unsecured debt, specifically credit cards.
The credit card industry mailed out 30 billion dollars of pre-approved credit cards.
Bankruptcy is a way to deal with uncontrolled debt.
Bankruptcy law is the same for all states.
Bankruptcy filing can be done through the Internet.
Pro se filers can sometimes do the filing better than the lawyers.
Role of the bankruptcy trustee.
Historical data including the transfer of assets.
You need to disclose a lot of financial data to the bankruptcy trustee.
Debtor in possession or Chapter 11 Bankruptcy.
There’s no bankruptcy trustee in Chapter 11 unless the debtor screws up badly.
U.S. Trustee under the Department of Justice can show up in your bankruptcy meeting.
The judge does not appear on the first meeting but will handle any disputes.
Bankruptcy judges are appointed for 12-year term that can be renewed.
What are the properties of the estate?
When someone files for bankruptcy their assets become the property of the bankruptcy estate.
The automatic stay stops all creditor activities but it is not permanent.
The creditors can ask the bankruptcy judge to lift the automatic stay.
There are situations in the bankruptcy process that do not have an automatic stay.
The automatic stay can expire.
You can not file bankruptcy within the same year without the automatic stay expiring. After 30 days of filing bankruptcy within the same year, there’s no more automatic stay.
Proof of claim.
You can sell your house or stay in your house until the day your house is sold.
Foreclosure has to have a hearing with 30 days notice. Anytime within the foreclosure period you can make the loan current, sell the house, or file bankruptcy.
Bankruptcy can be filed 24/7 via the Internet.
The job of the bankruptcy trustee in a Chapter 7 bankruptcy is to find out if there are assets that can be sold or liquidated to pay the creditors.
Bankruptcy exemptions are a certain $$$ amount that even the creditors can not take away from you. It is a State Court given rights. Your exemptions will prevent the bankruptcy trustee from taking certain assets or properties from you.
Florida’s house exemption is unlimited. You can protect your entire house! It’s nice to go bankrupt in Florida.
1898 Bankruptcy Act, if you are going to claim an exemption you need to use the exemption that was in place during the time you borrowed the money.
Reaffirmation agreement, wherein you can promise your creditor to pay your debt after the bankruptcy is discharged.
Hearing after filing bankruptcy is called the meeting of creditors. Usually no creditors will show up. Set 30 days after filing.
Order of discharge, you have completed your case and your bankruptcy is discharged. You do not owe your creditor any money after a successful bankruptcy.
Panel of trustee. Screened by the Justice Department. Trustees are paid by the federal government. $60 per case and gets a commission on the assets liquidated.
Chapter 7, 9, 11, 13 bankruptcy.
Chapter 11 - reorganization filed by businesses/corporations.
Chapter 13 bankruptcy has a limit on the secured and unsecured debts.
Confirmation hearing on Chapter 13 after 30-45 days of filing. Get the payment plan approved.
Chapter 13 Bankruptcy trustee gives a report every six months.
Chapter 13 repayment plan is spread over a five-year period. On rare occasion you can do the repayment in less than five years. Five years is the maximum term in Chapter 13 bankruptcy.
Two factors the bankruptcy trustee is looking at on a Chapter 13 are: a) if you are using all your disposable income; b) equity of your asset.
Credit counseling approved by the U.S. Justice Department. Can be done through the Internet.
A debtor can not get a discharge unless he/she finishes a debt management class.
On a Chapter 7 Bankruptcy, the trustee looks at three things: a) do you have money left; b) means test; c) do you have assets to liquidate.
Avoiding power of the bankruptcy trustee. The trustee can get back the payments made 90 days prior to filing bankruptcy.
Fraudulent transfer of assets within the previous two years.
Involuntary bankruptcy.
Turn down on loan applications. Bankruptcy will be on your credit report for 10 years.
There is life after bankruptcy.
When you file a Chapter 7 bankruptcy you can not file another bankruptcy for the next eight years. On Chapter 13 it is four years after your debts are discharged.
If you happen to be in South Carolina and need to consult a bankruptcy attorney, you can visit Showell Blades Bankaruptcy Law website.
Ferlix Grant | Bankruptcy Videos |
Tags: bankruptcy attorney, bankruptcy filing, bankruptcy law, bankruptcy process, bankruptcy statistics, bankruptcy trustee, chapter 11 bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, proof of claim, South Carolina
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