Washington DC and Maryland Bankruptcy eNewsletters

Information about the Meeting of the Creditors after Filing for Bankruptcy

About 20 to 40 days after you file for bankruptcy, you must appear in court, though it is not with a judge. This first meeting is the “meeting of the creditors” or a “341 meeting” after the section of the bankruptcy code that requires the meeting. It will be you, your bankruptcy trustee, and your creditors. Not all of your creditors, however, will appear at your 341 meeting. Creditors that suspect fraud and secured creditors are more likely to appear (secured creditors are those that have an interest in your house or car, for example, and can take possession of the item if you fail to pay). With thorough preparation, a Washington DC or Maryland bankruptcy attorney can help ensure that your meeting of the creditors goes smoothly and that you emerge from bankruptcy as quickly and effectively as possible. What Happens at the Meeting of the Creditors The trustee…
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A Washington DC and Maryland Bankruptcy Attorney Discusses Bankruptcy vs. Debt Consolidation

When debt becomes too difficult to manage, you need relief. Bankruptcy offers people the opportunity to regain control of their finances and start anew. Sometimes people look to debt consolidation as an alternative to filing bankruptcy. Unfortunately, many people do not understand the differences between the two. Debt consolidation does not offer the same legal protections as bankruptcy and is not the right choice for everyone. If you are struggling with debt, an experienced Washington DC and Maryland bankruptcy attorney can evaluate your financial situation and explain all of your debt relief options. Debt Consolidation Debt consolidation, or debt settlement, typically involves working with a credit counseling agency or law firm that specializes in negotiating with creditors. You will most likely make monthly payments directly to the debt settlement company, which will in turn pay your creditors, usually after negotiating for a lower interest rate and/or reduced balance, which may…
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How People Get in Trouble After They File for Bankruptcy

1.41 million Americans filed for personal bankruptcy in 2009, a 32% increase over 2008. For many of these Americans, bankruptcy was a necessary choice, but they should remember that it is only a single step. The actions they take after the bankruptcy are just as important towards improving their financial lives and getting back to a higher credit rating. If you are interested in filing for bankruptcy and you would like to learn more about rebuilding your financial life following the bankruptcy, a Washington DC or Maryland bankruptcy lawyer at the law firm of Kevin D. Judd can provide you the experience and expertise necessary to make the right decision. Getting in Trouble after Filing for Bankruptcy A bankruptcy can be a great opportunity for a debtor to fix his or her past financial mistakes and make a change for the better. However, too many people that file for bankruptcy…
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What Is an Automatic Stay?

The owners of a landfill company filed for Chapter 11 for bankruptcy protection. The decision came in spite of the company receiving a multimillion-dollar contract from a client. However, the client was accused of withholding payment owed by the landfill owners. The owners claimed the non-payment caused them to file for bankruptcy. The operation of the landfill will continue running while the Chapter 11 case is undergoing. However, it was quoted that, “With bankruptcy comes an automatic stay against new litigation,” by the owner’s representation. This means that a lawsuit cannot be filed against neither of the businesses until the business dispute is cleared. Automatic Stay Once an individual files for bankruptcy, he or she can reap the benefits of automatic stay. A helpful Washington DC Chapter 7 lawyer can assist you in preparing documents needed to begin filing for bankruptcy. Automatic stay is designed to give the court time…
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