Bankruptcy Questions

Answering Your Bankruptcy Questions

At the Matrix Law Firm’s Bankruptcy Lawyers,  our attention to our clients is one of the ways we define ourselves.  We supply clients and those facing challenging financial problems with vital information to help them decide whether bankruptcy is right for them.

Our California bankruptcy attorney team is highly qualified to handle any form of bankruptcy or debt restructuring, and our ability to assist even those with serious debt problems is highly respected.  People facing massive debt, including credit card debt, medical bills and more, could benefit greatly from filing for Chapter 7 or Chapter 13 bankruptcy.  Having a qualified and knowledgeable California bankruptcy attorney working with you on your potential, or pending, bankruptcy will make the process go smoother and avoid potential mistakes.

Below are some bankruptcy questions as well as accompanying answers that should help shed some light on your debt problems and financial challenges, as well as on the bankruptcy process.

1. What is bankruptcy? – Bankruptcy is the process designed to help consumers, as well as businesses, eliminate debts or repay them under the protection of the federal bankruptcy court.
2. Who can file for Chapter 7 bankruptcy protection? – In California, almost any person or company may file a Chapter 7 bankruptcy petition if that person or entity resides in the United States.  In fact, our California bankruptcy attorney team has been able to help people previously denied a Chapter 7 discharge in subsequent Chapter 7 bankruptcy filings, call us and ask us how.
3. What happens if I file a Chapter 7 bankruptcy? – The Chapter 7 bankruptcy process basically works as follows:  After filing a petition with the federal bankruptcy court, your Chapter 7 bankruptcy commences.  The person declaring or filing for bankruptcy is referred to as the “debtor” and is required to disclose to the court all of his/her property, assets and debts and to turn over all nonexempt property and assets to the bankruptcy trustee.  The bankruptcy trustee will convert all of the property and assets into cash so that it can be distributed to creditors.  After this is accomplished, the debtor is completely discharged of all dischargeable debt.
4. How does the consumer bankruptcy process operate? – While any qualified California bankruptcy attorney will tell you that the process changes slightly from case to case, here is a basic rundown of the process.  The Matrix Law Firm’s Bankruptcy Lawyers,   will file several forms with the federal bankruptcy court, disclosing all of your personal property and assets, your income, your expenses, your debts and any financial transactions.  After this occurs, the bankruptcy court appoints an officer called a “trustee” assigned to oversee your case.  Usually after 30 days have passed, a member of the Matrix Law Firm’s Bankruptcy Lawyers,  ’s California bankruptcy attorney team will come with you to a meeting with the creditors involved in your case, wherein the trustee reviews your case, verifies your identity and may have some basic questions.  Rarely do creditors attend such meetings, and the meeting usually lasts less than an hour.  After that, you should receive a notice from the courts that “all debts that qualified for discharge were discharged” and the process is complete.
5. At my initial appointment, what sort of information do I have to provide? – At the Matrix Law Firm’s Bankruptcy Lawyers,  , we work with you to provide a comprehensive legal strategy during your bankruptcy.  As such, we require a complete breakdown of your current financial situation so that we can accurately represent and portray your situation.  There is no need to be embarrassed of your debt problems or financial challenges, especially since no matter how many mistakes you’ve made, we have undoubtedly seen people in much worse shape than you will ever be.  Specially, you should provide the following:
   1. A complete list of your creditors so the Matrix Law Firm’s Bankruptcy Lawyers,   can get a good idea of who your creditors are and how much you owe;
   2. A copy of your credit report;
   3. A copy of your most recent pay stub which shows your net and gross income, as well as year to date earnings;
   4. Your gross earning for the past two years;
   5. The payoff amount of any vehicles which you are financing, as well as mileage information;
   6. Copies of any judgments, lawsuits, liens and other such matters pending against you.  Also, if your wages are garnished due to a divorce proceeding or other legal matter, we will need to have that information as well.
   7. All information regarding student loans, tax obligations and cosigned obligations;
   8. All payoff amounts on any real estate you are financing; and
   9. A copy of your spouse’s paycheck stub.

For more information, contact the Matrix Law Firm’s Bankruptcy Lawyers,   today.

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