Sacramento Bankruptcy Attorney Discusses General Banrkuptcy Procedures
Sacramento Bankruptcy Attorney Discusses General Banrkuptcy Procedures
With the economy taking such a fall these days, many people are finding it more and more difficult to pay their bills and keep up with the expenses that living in California demands. Many of these people are turning to bankruptcy in order to start over. The most common filings are for chapter 7 bankruptcy, chapter 13 bankruptcy and chapter 11 bankruptcy. The first steps to bankruptcy starts when the debtor files a petition with the court. The petition consists of financial information about their assets, debts, income, and a list of the assets the debtor claims as exempt. The petition is then filed with the court.
Next, about one month after the initial filing of the petition, the debtor is asked to attend a meeting of creditors. The debtor is put under oath, and the creditors have the right to ask the debtor about the debtor's assets and expenses. The meetings are usually limited to the debtor confirming that the bankruptsy papers contain a true and accurate listing of all of their assets and debts. If complications arise, such as litigation with a creditor or the trustee, the debtor may have to attend a court hearing or additional examintations, and he will receive such notice from the court or his attorney.
Discharge Notice
If there are no objections to the debtor's discharge, then the debtor receives a written notice from the court, stating that he has been discharged of all of his dischargeable debts.
If you have a question regarding bankruptcy, please contact our office at 1-800-941-6730 for a free consultation or visit www.sagarialaw.com. Our team of Bankruptcy Attorneys can assist you with all aspects of your case. We have attorneys in San Mateo, Monterey, Fremont, Salinas, Sacramento and San Jose.
