I recently attended a bankruptcy court hearing where people are declaring a Chapter 7 application. This is where you ask that your debts be written offer entirely and you have a fresh start. The meeting called a Trustee hearing was very educational and its free. Its like taking a college course if you will.
PEOPLE AND PROBLEMS
Lots of people showed up from all walks of life and circumstances. Some had attorneys and some handled it themselves. I was also surprised to hear that many had done this before and more than once too.
CREDTIORS MAY SHOW UP
At this meeting, your creditors are invited to attend and ask questions of you. There sole purpose is to track down any assets they can lay their hands on to offset their pending loss. You must answerchapter 7
THE TRUSTEE
The Trustee is paid a percentage of your assets which is their incentive to scrutinize your application to go bankrupt. So the Trustee and the creditor have incentive to work and support each other is my observation. One thing I noticed is that if you fail to answer precisely or honestly Trustee questions, things can get dicey
YOUR RIGHTS SUSPENDED
You see when you file for bankruptcy, you give all your assets and the rights that go with them over to the Trustee. He now owns them and things have to go according to his beliefs and bankruptcy laws. You become a temporary powerless bystander until otherwise informed
PRIVATE MADE PUBLIC
Everyone there is a little self-conscious and you have to answer some questions in front of everyone. Its no big deal and a small price to pay for a fresh start. Papers go from one pile to another, people answer and have their statements recorded and complete quiet is requested and observed
Fascinating segment of society, its problems and how we handle them here....
Comments(0)