Heard the fresh myth you to filing bankruptcy proceeding spoils the possibility to get a property for decades! Wouldn’t it wonder you to discover that that isn’t always the scenario? On this subject bout of I’m sure an attorney, I discuss the misconceptions of bankruptcy proceeding having Jen Lee of Jen Lee Legislation. We speak about:

Jen is the specialist attorneys in debt and borrowing from the bank strategy and you can features provided to join me right now to talk about the misconceptions regarding bankruptcy proceeding

Contact Jen Lee during the jenleelaw if you have any questions relating in order to bankruptcy otherwise borrowing from the bank or personal debt points. The woman is a huge investment and has helped a lot of people and you may businesses graph a course forward, even in this type of pandemic times. Thanks so you’re able to Jen to have joining me towards podcast.

Transcript

Welcome to the newest tell you. This will be, I am aware a lawyer i am also your own servers, Ryan Lockhart, as we know, at this point, so it podcast is actually presented from the McKenna Brink Signorotti, LLP. The audience is your complete service boutique lawyer inside Walnut Creek, California, in which you can expect legal advice ranging from business law home and you may tax believe and you can municipal legal actions. Visit us from the mckennabrink more resources for exactly how we also have courtroom possibilities to https://paydayloanadvance.net/payday-loans-az/scottsdale/ you. Now, I am entered of the Jen Lee off Jen Lee law. Thanks for visiting the fresh tell you, Jen, how have you been today?

Ah, many thanks for joining. You will find be looking forward to this dialogue for a little bit now because case of bankruptcy would be the fact a portion of the legislation that we know a little bit on the, however, definitely not suitable some thing. Thus really just, why don’t we simply begin by the procedure of a personal bankruptcy. What is the means of a case of bankruptcy?

Making it interesting. You will find various other parts of bankruptcy proceeding, however, constantly after some one determines they’re going to document bankruptcy proceeding, there’s a lot of information that’s accumulated. The court needs throughout the 60 pages property value dates that are filled out. And is my business just like the attorneys to be certain those was filled out accurately. Along with to identify all of the possessions, your liabilities, your earnings, your own costs, generally any financials are out there so that the trustee therefore the courtroom can see sorts of exactly what proceeded, as to why we have been in this case you to definitely our company is in the. And therefore just like the circumstances are recorded, then there is a great trustee conference. At this time which have COVID happening, the trustee conferences are common because of the zoom otherwise from the cellular telephone. Making it started an appealing change. And at the fresh trustee conference, they feedback your entire data files, make certain you responded what you accurately, make certain that you are not concealing the break household when you look at the The state or something to suit your schedules.

And it’s usually such five in order to 10 minutes on the a normal quick situation. So it is a pretty effortless fulfilling and you will hearing to consult with as long as you’re prepared. Following based just what part off bankruptcy you’re in, if you find yourself within the chapter seven, you might be discharged next will come in two months after and your loans is gone. Whenever you are for the section thirteen or chapter eleven, there clearly was constantly a cost bundle. That’s proposed that court approves hence style of point. So it starts separating aside. Once you are in almost any chapters of bankruptcy, what takes place, however, them involve complete revelation from financials and you will a good trustee meeting, typically.

So who ‘s the trustee? It is definitely distinct from a beneficial trustee from inside the instance property think. Very what if thus who may have a beneficial trustee inside techniques.