Many states have taken advantage of a provision in the bankruptcy law that permits each state to adopt its own exemption law in place of the federal exemptions. In other jurisdictions, the individual debtor has the option of choosing between a federal package of exemptions or exemptions available under state law. Generally, whether certain property is exempt and may be kept by the debtor is often a question of state law.
A meeting of creditors is usually held 20 to 40 days after the Chapter 7 bankruptcy petition is filed. The trustee runs the meeting and, after swearing you in, may ask you questions about your bankruptcy and the papers you filed. The trustee will ask you whether the information in your papers is 100% true. Creditors rarely attend this meeting, but if they do, they may question you under oath about where collateral is located or about information you gave them to obtain the loan. If a husband and wife have filed a joint petition, they both must attend the creditors’ meeting. The trustee will examine you orally at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy, including the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt.
Our bankruptcy attorneys are based in Columbus, GA (Georgia). If you are located in Columbus, GA (Georgia), Fort Benning GA (Georgia), Chattahoochee County, Harris County, Marion County, Muscogee County, Lagrange, Atlanta, Albany, Newnan, Peachtree City, Carrollton, Muscogee County, Troup County, Phoenix City AL or Opelika AL, contact us. We can help you file for bankruptcy.
———————
Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benning
http://www.columbus-ga-bankruptcy.com
Comments on this entry are closed.