A 341 meeting, also known as a creditor’s meeting, is presided over by the United States Trustee, and allows creditors and the trustee an opportunity to question debtors about the schedules and statements filed in their bankruptcy case. This meeting is required under 11 U.S.C. § 341 of the Bankruptcy Code, hence the name. Creditors […]
BANKRUPTCY: WHAT IS A TRUSTEE?
A trustee in bankruptcy is a person who is appointed by the United States Department of Justice to administer the bankruptcy estate. This means different things depending on whether the debtor files bankruptcy under Chapter 7 or Chapter 13. In Chapter 7 bankruptcy, the trustee presides over the 341 meeting of creditors, during which the schedules […]
BANKRUPTCY: YOUR CREDIT REPORT AFTER DISCHARGE
You filed bankruptcy. You filled out all the paperwork and met with your attorney. You attended a meeting with a trustee and eventually received a discharge. Now what? Well, the good news is that you are debt-free with the exception of any non-dischargable debts you may have and debts you did not wish to discharge. […]
Beware the Creditor Offering to Settle Your Debt!
I talk to people everyday that tell me that a creditor has offered to settle their debt for less than what they owe. unfortunately these creditors rarely tell the whole truth about how much settling their debt will actually cost. When a creditor cancels a portion of a debt, they report the amount of the […]
Budgeting Tips For 2011
Here are eight ways to cut your monthly expenses… Sell household items you don’t use/want/need. Once a month, do a walkaround of your home and car, to spot needed repairs that could become costly ones if gone unnoticed. Comparison shop – always, always, always compare prices, online and in stores. Learn which stores have the […]