Category: I Have Filed Bankruptcy. Now What?

I am inevitably asked this question either during the initial bankruptcy consultation or immediately after the hearing:

“What do I do now?  How do I rebuild my credit?”

My response is that each person handles the rebuild after a bankruptcy case a different way.  Some of my clients don’t want to see a credit card again for the rest of their natural life, others want to get a credit card right away and have to be reminded that they have to wait for their case to be over.

The most important thing to remember about rebuilding after a bankruptcy case is that there is more to it than just going out and rebuilding your credit.  You need to rebuild a financial existence that includes emergency savings, retirement savings, careful budgeting to avoid getting into the same financial situation that caused your bankruptcy case.

I know, this is easier said than done, but we are here to help.  New Jersey Bankruptcy attorney, Bruce C. Truesdale recently wrote this article on how to rebuild your financial house after a bankruptcy, not just your credit.

Remember, if you ever have questions you should feel free to call your bankruptcy attorney and ask questions about how to rebuild.  We are happy to help you before and after your case.

Interested in how a bankruptcy case may help you get a fresh start on your financial future.  Give us a call at 732-302-9600 or fill out our online consultation and we will call you!

Our associate, Sarah J. Crouch, takes a few minutes to explain what to expect at your 341 meeting of creditors and how to conduct yourself at this hearing.

Recently I started getting the question….the same question I get at least 100 times at this time of year, every single year…

“Sarah, I am getting a tax refund.  What is going to happen to it?”

So this year, I am being proactive.  I am putting this information out for all everyone to see in advance because the answer to this question isn’t as easy as it may seem. It is a complicated by how we as taxpayers view our tax refund, how much you are getting, and which chapter of bankruptcy you are filing.

The short answer to this question is that we can probably protect your tax refund, or have already, the long answer is the most annoying of all lawyer answers, “It Depends.”

For more information about how a tax refund may be affected in your bankruptcy case, give our office a call at 732-302-9600 or fill out our online consultation form and we will call you.

“Which of my debts will disappear in my bankruptcy?”

This is a question that we are asked all the time in a first consultation.   It is important for clients to understand what debt they will still owe and what debts they won’t owe following a bankruptcy case.

The problem is that all too often there isn’t an easy or immediate answer to that question and, even worse, there is a lot of bad information circulating out there about what you can and cannot do in a bankruptcy case.

Lawyers.com posted this very basic article about what debts can be discharged in a bankruptcy case.  It is very simplified but it will give you a basic understanding of where you will be after your bankruptcy case.

However, if you owe tax debt it is critical that you speak to an experienced bankruptcy attorney and disclose immediately that you owe tax debt so that the attorney can go over your bankruptcy options with regard to that debt.

Have more questions?  Give our office a call at 732-302-9600 and we will be happy to answer any questions that you have regarding your bankruptcy options or fill out our online consultation form and we will call you!

Ok.  So you have filed personal bankruptcy and your bankruptcy attorney says that you will have to attend a Section 341 hearing.

So what does this mean?  Are you going to be there by yourself? Is it in front of a judge? What are you going to be asked?  What if you don’t know the answer?

These are all perfectly natural questions.  You have never filed personal bankruptcy and it is not your job to know all the information there is to know about a bankruptcy.  That is why you hired a great personal bankruptcy attorney right?

Good thing you came to us.

Your Section 341 hearing will he held in either Trenton, Newark, Camden, or Robbinsville, depending upon the Chapter you filed and where you live.

The hearing will not be in front of a judge.  The Trustee assigned to administer your case will conduct your hearing.  This will be done in a conference room with.  Everywhere but in Robbinsville you will be permitted to listen to the other hearings being conducted.  If you hear a question you can’t answer, tap your attorney and have a quick conversation about the questions so that you will be prepared.

When it is your turn you will present your photo id and social security card to the trustee and he/she will verify your identity.

Once your trustee has verified your identity they will over a pretty standard set of questions which can be found here.  Some trustees may ask you how you got in your financial situation.  There is no wrong answer to this question.  I have had some brutally honest clients along the way, one of them legendarily told the trustee they had a gambling problem, and it has always worked out fine.

I once had an attorney tell me that clients worrying about their 341 hearing were “Wasting a worry.”  I agree.

Haven’t filed bankruptcy yet and are looking for a great attorney to represent you at your 341 hearing give us a call at 732-302-9600 or fill our our five minute consultation and we will call you.