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Filing A Simple Bankruptcy
By Susan Chana Lask, Esq., Fri Dec 9th
We all know times are tough and, for some of us, bills aregetting harder to pay each month. If the debts you owe are morethan what you can afford, you should read on. Filing a can be the answer to your problems. Abankruptcy is a way to discharge your debts completely so youcan have a fresh start in your financial and personal life. Youcan only file a once every 6 years and once filed, itcan become part of your credit history Before filing, you want to know two things: 1) that your monthlyexpenses (i.e. rent, phone, medical payments and just aboutanything else paid by you for the living expenses of you andyour family) are more than your monthly net income and 2) thatyour assets (all property you own at its current market value)are worth less than your liabilities (that is, the debts youpresently owe and that you will list in your bankruptcypetition).
The next step in filing a is to have the actualpetition prepared. The petition is an extensive document listingall of your income, assets and liabilities as well as otherinformation with respect to your financial history. You mustlist all of the creditors that you owe money to and want to bedischarged from that debt. Any creditor that you do not listwill always remain your creditor. For example, you may want tokeep one of your credit cards if you do not list that creditcard company on your petition then you can continue to use thatline of credit (of course, you will continue to make yourmonthly payments for that credit card). Your petition will be filed in the court for about a$150.00 fee. The moment your petition is filed an automatic
stayis in place that means your creditors listed in the petitionmust stop their collection procedures during your bankruptcyproceeding. Only those creditors you list in the petition will be notifiedwith respect to your filing for bankruptcy. In about 30 daysfrom your filing date, you will be scheduled for a first meetingof creditors (called a section 341 meeting). At that meeting,the trustee (the person from the court) will ask yousome questions. The trustee is interested in discovering whetheryou have any property or assets available for the benefit ofyour creditors. By law, you are allowed to keep certain propertyand the trustee's questions are very straightforward and not atall intimidating. When the trustee is finished, your creditorsare given an opportunity to speak. If none of your creditorsappear then an additional 60 days is set for anyone to make anyobjections or file any additional papers. If nothing happens inthat 60 day period, your will be granted and you willbe relieved from all debts listed in your petition. This article is certainly not all inclusive and is intended onlyas a brief explanation of the legal issue presented. Not allcases are alike and it is strongly recommended that you consultan attorney if you have any questions with respect to any legalmatters. Any questions and/or comments with respect to this topic or anyother topic, contact: http://www.appellate-brief.com Law Offices of Susan Chana Lask 853 Broadway, Suite 1516 NewYork, NY 10003 (212) 358-5762 Susan Chana Lask, Esq. c 2004
About the author:Susan Chana lask is a New york attorney named by the media as"High-Powered", she practice sin all state, appellate andfederal Courts nationwide handling civil & crimnal cases.
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