If you file a Chapter 7 bankruptcy, a trustee will be randomly assigned to your case. You will meet the trustee when you go to court for the Meeting of Creditors (Section 341 Meeting) as the trustee presides over this meeting.
The trustee’s primary duties are to ask you questions under oath regarding your assets and debts, to take possession of an “non-exempt” assets you may own, to sell those non-exempt assets, and then to distribute the money received to the unsecured creditors who file claims in your bankruptcy case.
It is important that you fully cooperate with the Chapter 7 trustee. Failure to cooperate could result in your case being dismissed or your bankruptcy discharge being denied.
If you are struggling with debt problems and being harrassed by bill collectors and would like to know more about how bankruptcy may be able to help you, contact me today by phone or email to schedule a FREE initial consultation. I would count it a privilege to be able to visit with you in a relaxed and confidential environment where I’ll answer all of your questions in plain English and give you the straight scoop on the pros and cons of bankruptcy as related to your specific situation.
{ 2 comments… read them below or add one }
I intend to file a Chapter 7 bankruptcy for quite a few credit card debts. I live in Oregon and am filing the bankruptcy with my wife who works in California. My main question is can we keep our paid for vehicles? My vehicle value is about $2000 and hers is about $8000.
Billy,
I am licensed to practice law only in Oklahoma. Since you are a resident of Oregon, I am prohibited from giving you legal advice. Furthermore, the exemption laws used to protect assets in Chapter 7 bankruptcy vary from state to state. In Oklahoma, a Chapter 7 debtor can protect up to $7,500 equity in a single motor vehicle. I am not familiar with Oregon exemption laws so I can only suggest that you contact a knowledgeable bankruptcy attorney near you for advice regarding your specific situation. I wish you well.
Dan Nunley