It is not uncommon to be in debt every once in a while. But if you owe multiple people large sums and cannot pay them back whatsoever, then it becomes a real issue. A situation like this may call for something drastic, like <\/span>filing for bankruptcy<\/span><\/a>. <\/span>Although bankruptcy filing is an effective and legal way to erase your debts, there is a lot you need to know about it before submitting your petition, like what is the role of the bankruptcy trustee in Chapter 7 in Springfield, Massachusetts.<\/b><\/p>\n Filing for bankruptcy requires skillful attention to detail. It can get very complicated, especially if you encounter terms that you do not know. <\/span>Hiring a bankruptcy attorney<\/b><\/a> would be helpful as it gives you access to great legal advice whenever you are unsure of what to do next.<\/b><\/p>\n So if you want the process of filing Chapter 7 bankruptcy to be easy, <\/span>you need to start a conversation with Eric Kornblum at his law office today<\/b>. Call us now, and we will help you achieve debt relief quickly!<\/span><\/p>\n <\/p>\n Student loans, credit card debt, and hospital bills are just some of the financial struggles Americans usually deal with. Bankruptcy filing may be the only option for some to get rid of debts like those, and being with a bankruptcy lawyer also provides the only way to have everything processed smoothly.<\/span><\/p>\n When working with Eric Kornblum, you will be with someone who looks out for his client’s welfare and is fully aware of how challenging the process can be. More particularly, you have a Springfield, MA, attorney on your side who:<\/span><\/p>\n If a competent Chapter 7 bankruptcy lawyer is who you want to get legal assistance from, contact our bankruptcy law firm to <\/span>start a conversation with Eric <\/span><\/a>immediately!\u00a0<\/span><\/p>\n <\/p>\n Per the United States Bankruptcy Code, <\/span>Chapter 7 bankruptcy<\/b><\/a> is a federal legal process by the US government that provides a debtor to achieve debt relief through selling non-exempt (unprotected by bankruptcy exemptions) property you own<\/b>. Also called <\/span>liquidation,<\/b> individuals who petition for Chapter 7 bankruptcy aim to get a fresh start quickly since <\/span>it can get rid of your debt in as little as 3 to 6 months<\/b>.<\/span><\/p>\n To be eligible for Chapter 7 bankruptcy protection, you and your partners (if any) <\/span>must appear before the bankruptcy court and follow any orders within 180 days before submitting your bankruptcy petition<\/b>. You must also undergo<\/span> counseling from an approved credit counseling agency 180 days before filing unless you qualify for an exception<\/b>.<\/span><\/p>\n Lastly, you should <\/span>pass a Chapter 7 means test and a totality of the circumstances test <\/b>to see if your current situation qualifies you to file for this type of bankruptcy.<\/span><\/p>\n Ask a skilled bankruptcy attorney for answers on how to file for Chapter 7 bankruptcy and other related concerns.\u00a0<\/span><\/p>\n <\/p>\n The primary function of the Chapter 7 bankruptcy trustee would be to manage all your non-exempt property and to locate and sell assets for the benefit of your creditors. <\/b>When filing, ensure you fully understand what may happen to your assets since Chapter 7 does not give you an automatic right to dismiss.<\/span><\/p>\n On the other hand, <\/span>the debtor\u2019s primary responsibility during the bankruptcy proceedings would be to work with the Chapter 7 trustee and provide any additional information to the bankruptcy court regarding your finances<\/b>. It is crucial to consult with a bankruptcy lawyer to determine which of your properties are exempt and to know what is the role of the bankruptcy trustee in Chapter 7 in Springfield, Massachusetts.<\/span><\/p>\n Aside from being the bankruptcy administrator, the following are other important tasks performed by a Springfield, MA, bankruptcy trustee for Chapter 7:<\/span><\/p>\n <\/p>\n During the bankruptcy procedure for Chapter 7, you have to disclose some financial and personal details such as your <\/span>income<\/b>, <\/span>property<\/b>, <\/span>debts<\/b>, <\/span>the status of your bankruptcy schedules<\/b>, and <\/span>documents<\/b>. The bankruptcy trustee will review your petition and verify if everything you disclosed is true using everything you provided.\u00a0<\/span><\/p>\n For instance, the Chapter 7 trustee will check your tax returns and pay stubs to determine if the monthly income you declared is accurate.<\/span><\/p>\n <\/p>\n Roughly one month after filing your bankruptcy case, you need to attend the 341 meeting of creditors conducted by the Chapter 7 trustee. <\/span>During the meeting, the trustee will ask you questions about the information you put in the forms you filled out and the documents you submitted while you were under oath<\/b>.<\/span><\/p>\n It is also worth mentioning that unless you are suspected to be hiding some properties, creditors usually do not attend this meeting.<\/span><\/p>\n <\/p>\n The Chapter 7 trustee also finds money for creditors by <\/span>evaluating property transfers and payments made 90 days before bankruptcy filing if the transfer reaches threshold amounts<\/b>. It can be <\/span>extended to up to a year<\/b> if your creditor is a family member, business partner, or someone within your inner circle.<\/span><\/p>\n When the trustee finds a preferential transfer, the creditor will be ordered to return the property or money to the bankruptcy estate.<\/span><\/p>\n <\/p>\n A lien ensures that a property’s title cannot be transferred by paying a secured loan first. <\/span>This is important since family members or friends usually forget to record liens and prepare loan documents correctly.<\/b><\/p>\n Speak to a bankruptcy attorney to learn more about liens and other relevant information.\u00a0<\/span><\/p>\n <\/p>\n There is no denying how troublesome it is to be in so much debt. While there is no guarantee that a bankruptcy lawyer can eliminate all your financial issues, they can help lessen your stress. <\/span>Contact<\/b> Eric Kornblum\u2019s law office if you need a competent bankruptcy lawyer. You will have an attorney ready to examine your bankruptcy case.<\/b><\/p>\n Erin Kornblum has intimate knowledge of the Massachusetts legal system and has over two decades of bankruptcy law experience. If you need legal advice on <\/span>how to pass the Chapter 7 means test<\/b><\/a>, <\/span>finally get rid of your student loans<\/b><\/a>, or more bankruptcy-related concerns, you have the man for the job!<\/span><\/p>\n Call our law firm now to schedule a conversation with a Springfield, MA, bankruptcy attorney!<\/b><\/p>\n","protected":false},"excerpt":{"rendered":" Conquer bankruptcy with knowledge of the role of a bankruptcy trustee in Chapter 7\u00a0 It is not uncommon to be in debt every once in a while. But if you owe multiple people large sums and cannot pay them back whatsoever, then it becomes a real issue. A situation like this may call for something […]<\/p>\n","protected":false},"author":1,"featured_media":171,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/pages\/2889"}],"collection":[{"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/comments?post=2889"}],"version-history":[{"count":1,"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/pages\/2889\/revisions"}],"predecessor-version":[{"id":2890,"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/pages\/2889\/revisions\/2890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/media\/171"}],"wp:attachment":[{"href":"https:\/\/debtfreema.com\/wp-json\/wp\/v2\/media?parent=2889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why Do I Need a Massachusetts Bankruptcy Attorney?<\/b><\/h2>\n
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What is Chapter 7 Bankruptcy?<\/b><\/h2>\n
What Role Does a Bankruptcy Trustee Have in a Chapter 7 Bankruptcy?<\/b><\/h2>\n
Reviews your bankruptcy petition<\/b><\/h3>\n
Examines you during the creditors’ meeting<\/b><\/h3>\n
Recovers your pre-bankruptcy payments<\/b><\/h3>\n
Checks your liens<\/b><\/h3>\n
Call our Springfield, MA, Bankruptcy Lawyer Now!<\/b><\/h2>\n