Let’s start first with Chapter 7 bankruptcy. If you filed a bankruptcy case today, then your Meeting of Creditors would take place in approximately 30-45 days. The law states that the case must remain open for 60 days from the date of the Meeting of Creditors. If you filed a Chapter 7 petition then on January lst, your Meeting would … Read More
How will filing bankruptcy affect my credit?
The fact that you have filed bankruptcy will remain on your credit report for 7 years if you’ve filed Chapter 13, or for 10 years if you’ve filed Chapter 7. This period of time starts from the date of your bankruptcy filing. Despite this however, just because your bankruptcy filing remains on your credit report doesn’t mean that you won’t … Read More
Can You Keep Your Property After Filing Bankruptcy in Pennsylvania?
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