Bankruptcy is becoming more common as month after month of this economic downturn drags on. Did you know it is still possible to file for Bankruptcy? It can be the light at the end of the tunnel during this recession.
At Shankman and Associates we know it can be hard to understand how to move forward and that it is a path wrought with many unknown factors. We can help. We have been helping our clients with Bankruptcy filings since 1984. Neil Shankman is the State Chair for the National Association of Consumer Bankruptcy Attorney's (NACBA). He and his staff can help to unravel even the most complicated of situations.
Bankruptcy. If you have questions, we have the answers.
Give us a call today, 207.786.0311
FAQ'S
What are the Debtor's responsibilities to the Trustee?
The law requires the Debtor to cooperate with the Trustee in the administration of a Chapter 7 case, including the collection by the Trustee of the Debtor's nonexempt property. If the Debtor does not cooperate with the Trustee, the Chapter 7 case may be dismissed and the Debtor may be denied a discharge.
How are secured creditors dealt with in a Chapter 7 case?
Secured creditors are creditors with valid mortgages or liens against property of the Debtor. Property of the Debtor that is encumbered by a valid mortgage or lien is called secured property. A secured creditor is usually permitted to repossess or foreclose its secured property, unless the value of the property greatly exceeds the amount owed to the creditor. The claim of a secured creditor is called a secured claim and secured claims must be collected from or enforced against secured property. Secured claims are not paid by the Trustee. A secured creditor must prove the validity of its mortgage or lien and obtain a Court order before repossessing or foreclosing on secured property. The Debtor should not turn any property over to a secured creditor until a Court order has been obtained. The Debtor may be permitted to retain or redeem certain types of secured property
