This is the million dollar question that plagues everyone that is filing bankruptcy. Most people are pretty attached to their personal property and have trouble giving anything up. That's why it's common for a bankruptcy attorney to hear this as the first question, Will I lose my stuff when filing bankruptcy? A good bankruptcy attorney knows this question seems pretty silly as it was buying all this stuff that put the person in the financial trouble anyways. Not to fret though, the answer is no.
For some, they will get a bankruptcy dismissal without prejudice meaning they can file again at any time. Usually, this is because the person failed to provide all of their documentation required by the bankruptcy court. Sometimes the person won't provide copies of their back taxes or pay stubs. Some misplace or leave out a page of the bankruptcy petition. For the bankruptcy filing to move forward, all documents must be submitted to the bankruptcy court to be forwarded to the trustee. The bankruptcy court will mail out a letter to the individual filing bankruptcy explaining the missing document with an amount of time they have to turn it in. If they don't, the bankruptcy will be dismissed. One other thing many people have forgotten was to take the post bankruptcy financial management course and submit the completion certificate to the bankruptcy court. Some of them take the course and fail to submit the proper documentation which causes their bankruptcy to be dismissed before the bankruptcy discharge. This is just foolish after going through all the hassles of the entire process and forgetting to submit one small thing.
In today's economy, it's rare to see the bankruptcy trustee take any property at all, except for property that is easily liquidated. The bankruptcy trustee isn't in the business to sell at the swap meet every week to only get pennies on the dollar for someone's property. The trustee will weigh out the costs selling something versus what will be recovered. Nowadays, used property has virtually no value making it a waste of time for the trustee. This is an area that a bankruptcy attorney will earn their keep for their client.
Filing for bankruptcy could be one of the toughest decisions that you may take in your life. With so much pressure around you from creditors you could find yourself trying to save the last penny. In such situations it makes sense to hire the services of a bankruptcy attorney who would offer you free consultation of y our present financial position. If an attorney is not willing to waive off the consultation fee, then it is better that you look for another one. Remember, there are scores of bankruptcy attorneys available these days and you are sure to find someone who will offer free consultations.
The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.
For some, they will get a bankruptcy dismissal without prejudice meaning they can file again at any time. Usually, this is because the person failed to provide all of their documentation required by the bankruptcy court. Sometimes the person won't provide copies of their back taxes or pay stubs. Some misplace or leave out a page of the bankruptcy petition. For the bankruptcy filing to move forward, all documents must be submitted to the bankruptcy court to be forwarded to the trustee. The bankruptcy court will mail out a letter to the individual filing bankruptcy explaining the missing document with an amount of time they have to turn it in. If they don't, the bankruptcy will be dismissed. One other thing many people have forgotten was to take the post bankruptcy financial management course and submit the completion certificate to the bankruptcy court. Some of them take the course and fail to submit the proper documentation which causes their bankruptcy to be dismissed before the bankruptcy discharge. This is just foolish after going through all the hassles of the entire process and forgetting to submit one small thing.
In today's economy, it's rare to see the bankruptcy trustee take any property at all, except for property that is easily liquidated. The bankruptcy trustee isn't in the business to sell at the swap meet every week to only get pennies on the dollar for someone's property. The trustee will weigh out the costs selling something versus what will be recovered. Nowadays, used property has virtually no value making it a waste of time for the trustee. This is an area that a bankruptcy attorney will earn their keep for their client.
Filing for bankruptcy could be one of the toughest decisions that you may take in your life. With so much pressure around you from creditors you could find yourself trying to save the last penny. In such situations it makes sense to hire the services of a bankruptcy attorney who would offer you free consultation of y our present financial position. If an attorney is not willing to waive off the consultation fee, then it is better that you look for another one. Remember, there are scores of bankruptcy attorneys available these days and you are sure to find someone who will offer free consultations.
The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.
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The indicated blogger is very knowledgeable about Colorado bankruptcy court. Please have a look at their web site for more info.
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