James R Brown asked:




Yes, and the meeting is called a creditors‘ or 341 meeting. This mandatory meeting allows the Trustee to pose any questions he or she has about your filed documents and your assets, expenses, income, and liabilities. The creditors‘ meeting is one of the most vital parts of your bankruptcy case.

While you may be imagining a scenario with your creditors bombarding you with questions, that isn’t the reality of the meeting. 99% of the time your creditors don’t even show up. Most creditors know that, unless there is fraud involved, they no longer have control of that debt. That is just one example of how powerful the bankruptcy laws are.

You will have to answer questions from the Trustee, though. Nonetheless, your court experience for your Missouri or Illinois Chapter 13 can be much smoother and easier if your bankruptcy attorney comes with you. A great bankruptcy attorney will prepare you for the questions that will be asked before you go to meet with the Trustee and accompany to the meeting itself.
Just remember, this isn’t a meeting you want to miss. If you don’t attend the first meeting, your case will be dismissed unless your attorney asks for a continuance. If you don’t attend your second meeting, however, there is no saving your case. You won’t be able to re-file again for 6 months.

That means it could be another six months before you can get protection from foreclosure, credit card debt help, and relief from your creditors. Can you imagine spending another 6 months in debt when you were so close to getting relief for you and your family?

Make sure your St. Louis or Wentzville Missouri attorney has a system in place to notify you of the original meeting or of any rescheduling. Obviously, missing your 341 meeting is a critical error.

If you are filing a Missouri or Illinois Chapter 13 by yourself, you will have to face the trustee and any questions by yourself. Most who file by themselves find this to be one of the most unpleasant parts of their bankruptcy. If you decided against getting a bankruptcy lawyer at a St. Louis law firm, do your best to prepare yourself by researching the process and making sure your schedules and means test are accurate.

Where should you look to start your research? Start with free information from reputable attorneys in your area.

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Jon Arnold asked:




Only a few years ago, Congress made multiple huge changes to the bankruptcy laws which impacted how bankruptcy would be filed, and even who is eligible. For example, no longer can you file bankruptcy just because you are tired of paying your bills, but with the new laws, there is a defined set of procedures that must be followed for each chapter being filed, and your financial status will be evaluated under a microscope, where you must be approved before you can even file.

But one of the areas that was left pretty much untouched by the wide range of changes was Chapter 13 Bankruptcy. This chapter was originally constructed to prevent a home from being put on the foreclosure block. But with the massive number of foreclosures that are happening in the US today, it is unfortunate that many people still do not know that Chapter 13 Bankruptcy filing can still be used to prevent foreclosure on their home.

For the average consumer, there are three different types or chapters of bankruptcy that may be available to them, depending on their specific circumstances. The first one is Chapter 7 Bankruptcy, which is the most common type and is also sometimes referred to as a liquidation. Obviously the reason it is known as liquidation is because most of their debt is discharged by allowing the court-appointed trustee to liquidate all of their non-exempt assets. Even with this chapter, however, be aware that there are certain types of debts that cannot be discharged by going bankrupt.
Although it used more appropriate to be used by either businesses or people with substantial assets and income, another type of bankruptcy available to the consumer is Chapter 11, frequently also known as a business reorganization. This type does not wipe out debts, but rather it allows the person or business to reorganize its debt structure and make revised payments to the creditors, sometimes over a longer period of time, and sometimes also with a reduced interest rate. Creditors usually are willing to do this, since collecting their money over time and with interest is certainly better in their eyes than to have the debt wiped out completely via a different chapter.

The last type or chapter of bankruptcy available to the consumer is Chapter 13, frequently also known as the Wage Earner’s Reorganization. This type is the least expensive to file and is typically used by consumers who still maintain their ability to make their payment obligations, usually within three to five years. The total value of their assets which are classified as non-exempt is used as a basis and guideline for the amount that needs to be repaid over this period of time, as well as considering their level of income and any debts which cannot be discharged.

But what many consumers do not realize is that Chapter 13 Bankruptcy also allows property owners to stop foreclosure proceedings if they are behind on their mortgage payments. While the same can be said for the other chapters of consumer bankruptcy, Chapter 13 is particularly designed to permit the consumer to pay the delinquency in equal monthly payments for as long a period of time as 60 months (5 years). The mortgage lender has no choice but to agree to this, as long as all the other requirements and qualifications of this chapter are met.

The procedure to be qualified to file this chapter is more stringent than the others, since it involves a thorough examination of total debt and total income. No chapter of bankruptcy is any longer consider to be a “do-it-yourself” process with all the new legal requirements in place, so regardless of what chapter you are thinking about, it is strongly recommended that you consult with a qualified bankruptcy lawyer and ensure that both you and your property, combined with your specific situation, actually do qualify.

The biggest benefit that you can have with Chapter 13 bankruptcy, if you qualify and if you are facing foreclosure proceedings, is that it buys you time. That time can be used to make your current financial situation better, or it can also be used to find the right buyer for your property. If you move forward with this, keep in mind that the time you are granted with this is finite, and you need to start planning and take action NOW.

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