What Questions Will The Chapter 7 Bankruptcy Trustee Ask?
First, you will raise your right hand and take an oath to
tell the truth. Then, the trustee may ask: State your
name and address. Did you list all of your assets and all
of your liabilities? Do you own or rent the property at
....? Have you ever own any real estate in your life? What
is your intention with your vehicle? Reaffirm? Surrender?
Do you expect to receive a tax refund this year? If so,
how much? Do you expect to inherit any money in the next
six months? Have you given away anything for less than its
fair market value in the last six months? Have you repaid a
family member more than $1,000.00 in the past year? Did you
sign the petition and schedules after you had a chance to
review them? Are you still working at ...? Is your monthly
income still the same as what is listed on the schedules?
Are your monthly expenses still the same as what is listed
on the schedules? Do you anticipate any substantial changes
in either income or expenses in the next few months? Do you
own any property that is not listed on the schedules? Are
there any additions or corrections that you would like to
make to the schedules? Have you ever owned a business? Have
you lived at your current address for the past three years?
Have you closed a bank account in the past year? Do you
have a safety deposit box? If yes, what are the contents?
Have you used the credit cards for purchases or cash
advances within the past 90 days?
That's a typical round of questions from a Chapter 7
bankruptcy trustee. It is advisable to answer questions
with a yes or no, if possible. The meeting of creditors is
not the time to tell the story of your life. The trustee
usually doesn't care why or how you became insolvent. He
only cares whether or not there are assets to be
administered and whether or not you are entitled to receive
a discharge.
If you don't understand a question, ask the trustee to
repeat it. Some trustees are very speedy in that they have
been asking the same questions of debtor's for years.
Since this is your first and hopefully only time, you
deserve to have the questions posed at a moderate rate of
speed. Of course, you can always turn to your attorney
sitting next to you and look for an explanation before you
answer. Honest answers are the only answers that should be
given. If issues arise, your attorney will have
suggestions or solutions to deal with those issues after
your meeting.
----------------------------------------------------
David M. Siegel is the author of Chapter 7 Success: The
Complete Guide to Surviving Personal Bankruptcy. He is a
member of the American Bankruptcy Institute and currently
practices bankruptcy law in Chicago and its surrounding
suburbs. Additional information is available at
http://www.bankruptcy-lawyers-sandiego.com .
How To Get Litigation Funding - Litigation Financing in 3 Easy Steps
Risk - Free, Non-Recourse Litigation Loan
Litigation Funding: Providing cash advances to plaintiffs
and attorneys even before their lawsuit cases are settled.
It is a contingent transaction in which litigation
financing is advanced based solely on the merits of a
pending lawsuit. Litigation funding is repaid only upon
successful verdict or settlement of the lawsuit. If the
plaintiff or attorney loses the lawsuit case, the
litigation loan is never paid back to the litigation
financing company.
LITIGATION - A case, controversy, or lawsuit. A contest
authorized by law, in a court of justice, for the purpose
of enforcing a right. Participants (plaintiffs and
defendants) in lawsuits are called litigants.
For plaintiffs the litigation process is long, stressful
and tiring. The legal system is uncharted territory for
most of them. Many times litigation process is disruptive
and painful life experience for them as well for their
families. Even when they win their lawsuits, plaintiffs may
not receive payment for months or even years.
Litigation: A machine which you go into as a pig and come
out of as a sausage - Ambrose Bierce.
Litigation process, as every body knows, is mostly very
expensive. Since the average plaintiff in a tort case does
not have the money or the staying power to enter the arena
against a giant opponent, the defendant, at this crucial
time the litigation funding is a major help.
Litigation financing or litigation funding enables
plaintiffs involved in lawsuits to receive cash money
months or years before their cases have settled, some times
even before the complaint is filed.
What are the other available alternatives?
1. You can use your own credit cards: This is an expensive
alternative and you still have to pay your monthly credit
card bills. But litigation loan is a non-recourse, which
you pay back to litigation financing company only if you
win or settle the case.
2. You can borrow money from friends or family: This also
is high risk, especially if, you lose the lawsuit and you
may not have the money to pay them back. But that is not
with litigation funding as it is a non-recourse litigation
loan.
3. You can take out a bank loan: Banks do not generally
make loans against future lawsuit settlements, but may
offer a personal line of credit to individuals, based on
their financial situations and credit worthiness.
Even if you do qualify, you have to start paying back a
bank loan right away and continue making payments until it
is paid off, even if you lose your case and receive no
money. But this does not apply to your non-recourse
litigation funding or litigation loan.
4. You can obtain a home equity loan or second mortgage:
This option is extremely risky. If for some reason you do
not win your litigation case, you could lose your home. But
that is not with the litigation funding or litigation loan.
Litigation Financing - Litigation Funding is safe and fast:
You can secure litigation financing or litigation funding
in three easy and quick steps:
1st. Step - Submit the Application: When you apply for
litigation financing there is no application fee. A good
litigation funding company should not charge any upfront
fee or any application fee, processing fee or any monthly
fee.
2nd. Step - Your attorney faxes the required documents to
litigation funding company. Approval is always fast for
litigation financing. Mostly in 24 to 48 hours (some times
in 4-6 hours).
3rd Step - If approved for litigation financing, funds are
wired into your bank account, the same day. Of course, you
can take a bank check also.
Once you get a litigation financing or litigation funding,
you do not pay back until you win or settle the case.
What your attorney needs, in order to get you the best
settlement or fairest trial, is time. Just as the
defendants can buy time, so can you. Litigation funding or
litigation financing, allow you to get relief from
financial pressure so you do not have to settle your case
simply because you need whatever money you can get now.
----------------------------------------------------
About the Author:
Paul Sherman is a Legal Funding Consultant. He offers free,
professional, and independent advice to plaintiffs (incl.
business owners) involved in lawsuits & Attorneys. To apply
for Lawsuit loan, Litigation Funding, Commercial Lawsuit
funding, Law Firm loan, Attorney funding & Structured
Settlement funding please visit:
http://www.easylawsuitfunding.com
Secured Creditors and The Automatic Stay
Secured Creditors and Relief From The Automatic Stay
In certain circumstances, a secured creditor can move the
court for modification of the automatic stay so that they
may pursue recovery of their collateral. For example, an
auto finance company can petition to the court to modify
the automatic stay if you are not making current payments
toward the creditor, if you are not up to date with the
creditor or if you are not properly insuring the vehicle
against loss. In those cases, the creditor will be granted
its relief and will be permitted to recover the collateral
despite the bankruptcy filing. In a Chapter 7 bankruptcy
case, you will lose the right to possess and own the
vehicle; however, you will not be responsible for any
outstanding debt related to the vehicle. This could be a
tremendous relief for you by eliminating a huge vehicle
loan obligation.
As it relates to real estate mortgage companies, the same
situation as above applies. The lender will petition the
court for relief if you are not making timely payments, if
you are not current with the loan, if you are not paying
the real estate taxes on the property or are otherwise
creating a hazard or risk to the lender. Thus, in a
Chapter 7 bankruptcy case, the automatic stay will only
provide temporary relief to you as it relates to secured
creditors. As far as general creditors and unsecured
creditors, the automatic stay may continue until the case
is discharged. At that point, you likely be free from any
future obligation toward the creditor.
The Bankruptcy Estate
What is the bankruptcy estate? The bankruptcy estate is
all of your property as of the date of the bankruptcy
filing, wherever located and by whomever held. Every
possible interest (contingent, partial, legal or equitable)
goes into the bankruptcy estate. Although there are
exemptions which allow you to keep all or a portion of your
property, the property is still technically considered
property of the estate.
The concept of the estate applies to property owned at the
time of filing. Most of what you acquire after the date of
filing will remain your property. However, there are a few
exceptions to this general rule.
If you inherit money or property within six months after
your case is filed, that money or property will become
property of the estate to the extent that it cannot be
exempted.
If you receive a marital property settlement that arises
from a pre-bankruptcy divorce or separation, then that
property becomes property of the estate to the extent that
the property cannot be exempted.
Tax refunds that are received after the date of filing
become property of the estate to the extent that they
cannot be exempted.
----------------------------------------------------
David M. Siegel is the author of Chapter 7 Success: The
Complete Guide to Surviving Personal Bankruptcy. He is a
member of the American Bankruptcy Institute and currently
practices bankruptcy law in Chicago and its surrounding
suburbs. Additional information is available at
http://www.bankruptcy-lawyers-phoenix.com .
Insurance Industry Settlement Tactics: Navigate The Injury Accident Claim War Zone On Your Own
You Unknowingly Have Entered A War Zone
Did you know that the day you were injured you entered a
war zone with the insurance industry? Over the past 30+
years, the insurance industry has spent billions of dollars
on advertising to spread false and misleading information
about accident claims. The industry wants people to believe
that the justice system is out of control and that people
who file lawsuits are getting millions of dollars for minor
injuries. Such propaganda has created the false perception
among the public that the system needs fixing.
Unfortunately, this "misinformation" spread by the
insurance industry has had an enormous negative influence
on juries and their verdicts.
Juries today are highly skeptical of people who file
lawsuits that claim money for "pain and suffering." Many
people who wind up on juries believe the myths touted by
the insurance industry. This can be a huge obstacle to
achieving justice in your case, even when the injuries are
severe and negligence has been established. Lawyers who
handle these cases have learned over the past few years
that it is much more difficult to achieve justice for their
clients.
You need to be aware that the insurance claims adjustor
will utilize any means necessary to pay out as little as
possible, even on legitimate claims that involve serious
injuries. Insurance adjustors receive extensive training on
how to save the company money, and not necessarily on how
to examine a claim and pay a fair settlement. Many
insurance companies reward their adjustors with bonuses or
promotions based on how much money that person saves the
company rather than how many claims are settled. The claims
adjustor accomplishes this in several ways:
**Using Delay. The adjustor is a master of using delay
tactics to wear people down. He knows that many people will
at some point throw up their hands and say "Enough!" while
finally accepting the company's last offer just to be done
with the whole process.
**Requesting Unnecessary Information. Another method is
when the adjustor makes repeated requests for
"documentation" even if the information will have little or
no bearing on the amount that will be offered in
settlement. Repeated requests for unnecessary documentation
can easily frustrate people and wear them down so they're
more likely to accept a lower settlement offer.
**Disputing the Medical Treatment. One way the adjustor
will minimize your claim is to dispute or question your
need for medical treatment, despite having no medical
training! (even if the treatment is prescribed by your own
doctor!). Many times it does not matter to the adjustor
that your treatment has been recommended by a reputable
licensed physician.
**"Nickel & Dime" the Medical Charges. Often times the
adjustor will only agree to "accept" 70, 80 or 90% of your
past medical charges, while having no medical background to
support such a position. By "nickel and diming" the
consumer, the well-trained adjustor knows that most people
will not hire a lawyer to challenge a small portion of the
medical bills.
**Tell You Not to Hire an Attorney. Other times the
insurance company will dissuade you from hiring an
experienced attorney and falsely tell you that any money
you receive will go only to the attorney. Still other times
the adjustor may threaten to "deny" or "lowball" the claim
if you hire a lawyer.
**Misrepresenting Insurance Policy Benefits. Sometimes the
adjustor will misrepresent the amount of insurance coverage
that is available to you. Or worse, the adjustor doesn't
even tell you that the insurance coverage or certain types
of benefits even exist. This tactic may also be used to
entice you into accepting a smaller settlement than what
would otherwise be warranted.
**Acting as Your Friend. There are times when the claims
adjustor will "befriend" you and make it appear that she is
watching out for your interests when in fact she is not.
Sometimes the adjustor will give you advice about the type
or frequency of your medical treatment, and then decide
later on not to pay for the treatment because it is
"excessive."
**Making False Promises. There are times when the adjustor
will make promises to you that he or she knows can't be
met. For example, this author had a client who was promised
that the insurance company would continue to pay her
medical bills every month until she recovered. This went on
for four months until the adjustor decided that four months
of treatment was enough. The problem was that the client
didn't find out about the insurance company's decision to
stop paying until she had racked up many more months of
medical bills!
These are just a few of the tactics that the insurance
industry uses to badger and wear down injured victims so
that less money is paid out. And to a large extent, the
industry has been successful. The strong backlash created
by the insurance industry against our justice system is a
very strong movement in many parts of our country. The
movement has a name, it is called Tort Reform. The success
of the Tort Reform movement has emboldened the insurance
industry to withhold fair settlements until you convince
them that you are ready, willing and able to go to trial.
But do not be discouraged. You CAN achieve fair
compensation for your injuries and beat the insurance
industry at their own game. But it may take time and effort.
----------------------------------------------------
Mr. Davis is the founder and CEO of the Davis Law Group.
He brings over 15 years of practical yet innovative
experience to personal injury cases. He practices law in
Seattle, WA. http://www.InjuryTrialLawyer.com . Mr. Davis
is the author of "The Ten Biggest Mistakes That Can Wreck
Your Washington Accident Case" complimentary copies are
available at http://www.washingtonaccidentbook.com .
Copyright 2007 Christopher M. Davis
