The vast majority of individuals who file bankruptcy protect all of their property and do not “liquidate” their property. The mechanism to protect the property is known as the system of “exemptions”. In Pennsylvania, we use either the Federal list of exemptions, or, rarely, the Pennsylvania exemptions. Essentially, no one would want individuals who file bankruptcy to lose all of … Read More
What Actually Happens at a Chapter 7 Meeting of Creditors?
One of the requirements of Chapter 7 bankruptcy is that you must eventually appear to answer questions under oath at a hearing. That hearing is called the Section 341 “Meeting of Creditors” . For the average Chapter 7 Meeting of Creditors, there are not a lot of creditors. In fact, if you have filed Chapter 7 bankruptcy and you don’t … Read More