There are things you can do to speed up your case and get your bankruptcy discharge. Also, we will tell you about mistakes to avoid that would result in long delays and extra hearings.
Our bankruptcy advice works to get you quickly past the normal time consuming burdens of administrative oversight. Whether you file under Chapter 7 bankruptcy or Chapter 13 bankruptcy, you want the administrative oversight finished as fast as possible. After that, you can move forward and make progress to receive your bankruptcy discharge.
Successful Bankruptcy tip: Go with the flow. Have a positive attitude.
Your chance to have a successful bankruptcy is not helped by fighting “The System.” The bankruptcy court is neutral. The court is neither for you, nor against you. But, there are definite things you can do to speed the processing time. Doing that speeds you towards obtaining a bankruptcy discharge.
Bankruptcy is a legal process: Feed the beast what it wants.
The bankruptcy trustee on your case requires information. Therefore, provide it. A bankruptcy case is NOT a game of hide and seek. You cooperation is essential. If you withhold cooperation, you won’t reach the finish line.
Bankruptcy is a voluntary case in most instances. You started it. But, to finish the case you must meet all of the responsibilities the system imposes on you. You should cheerfully accept the burdens if you want the benefits
In most cases the benefits revolve around a obtaining a bankruptcy discharge. The burdens revolve around the need to provide complete and transparent information concerning all of your financial affairs.
Your information is used to assure that you are eligible to be in the bankruptcy chapter that you filed. You must establish that you are eligible to receive a bankruptcy discharge. And, to determine the disposition of your assets. You will not reach the finish line by stonewalling the trustee. Most people worry about losing important assets like their home and their car. However, the laws are generous about keeping assets. Most people will not have to give anything up. An experienced bankruptcy expert should be able to advise you in advance if anything you own might be in danger.
Anticipate what the bankruptcy trustee will ask for, and provide it in advance:
You may be able to avoid continuances and extra hearings by providing information without waiting to be asked for it. Your bankruptcy schedules, if correctly prepared, disclose most of the information a bankruptcy trustee needs to evaluate your case. But some cases need much more. Use these tactics for a successful bankruptcy. Here are things you must know:
Have you sold real property?
Suppose you sold your home or other real estate during the past 2 years. That needs to be reported in your bankruptcy schedules. But the trustee will probably want more information than just that. A simple successful bankruptcy tip is to attach a copy of the escrow closing statement to the schedules. But don’t stop there. A bankruptcy pro will also attach an accounting to the schedules showing what you did with the money you got. If these were not already provided, the trustee would probably ask for them. Your bankruptcy hearing would have to be continued. The trustee could make you come back again. You will save yourself trouble and delay by knowing what the trustee wants, and providing it in advance.
Divorce Settlements and filing bankruptcy.
Your bankruptcy schedules need to report if a divorce settlement or divorce judgment was made during the past few years. If so, a trustee will probably want more information about it. Another successful bankruptcy tip is to attach a copy of the divorce judgment or settlement to the bankruptcy schedules. A trustee needs to know how the assets were divided. But, don’t stop there. A bankruptcy pro will also attach an accounting to the schedules to show what you did with any money or property that you received.
It pays to work with a bankruptcy expert.
“Simple bankruptcy” cases no longer exist. Because of complex changes to the bankruptcy forms and the law, the days are over when somebody might have a simple bankruptcy case.
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The author, Jeffrey Wishman is one of the best Los Angeles Bankruptcy attorney Specialists. Jeff and his firm have offices in Downtown Los Angeles, Encino, and Long Beach CA. To speak to Jeff, call 800-477-3111. Jeff offers free consultations, and is glad to take your phone call.
A practicing attorney since 1980, Jeffrey Wishman is a founding partner in the law firm of Bayer Wishman & Leotta (1989). Jeff is a Certified Specialist in Consumer & Small Business Bankruptcy Law by the State Bar of California, Board of Legal Specialization.
Clients describe Jeff as exceptionally friendly and knowledgeable.