Read Our Reviews

Call Now! 855-780-4357

What is a Bankruptcy Trustee and what does it have to do with my Bankruptcy Case?

When you file a Chapter 7 bankruptcy, not only will you be working with an attorney, you will also work with bankruptcy trustee. While you will be working closely with your attorney throughout the whole filing process, you will not meet the trustee until the meeting of the creditors (also known as your 341 hearing).

The trustee is a third party, appointed by the United States Trustee, she herself is not a government employee. She does not represent you and she does not represent your creditors. The trustee represents the bankruptcy estate, and has several duties in doing so.

The trustee’s duties include:

  1. Conducting the meeting of creditors;
  2. Investigating your assets and claimed exemptions;
  3. Checking for fraud or inaccuracies and making objections when appropriate;
  4. Reviewing your right to a discharge;
  5. Sending any required notices related to domestic support obligations;
  6. Determining whether there any non-exempt assets to liquidate and distribute amongst your creditors;
  7. Gathering, protecting and preserving any non-exempt assets of the estate, or
  8. Ensuring statement of intention provisions are followed;
  9. If applicable, filing a report stating that no assets have been found

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →

What to Do: Bankruptcy or Debt Consolidation?

When facing issues with debts, there are a couple of ways to go about fixing it, two of which being more popular: bankruptcy and debt consolidation. Much like other decisions made in life, each one has its own benefits and consequences. However, filing bankruptcy is usually the better route to take when deciding between the two.

Unlike bankruptcy, debt consolidation does not completely discharge your debts. Instead, your credit counselor will need to try and negotiate with creditors to create affordable interest rates for you, lowered monthly payments, or help you obtain a larger loan to pay off credit debts. This is problematic because it does not wipe out your debts, but practically creates more being as you may need to take out a loan. Another pitfall of debt consolidation is the fact that not all creditors will want to make a deal with a credit counselor; nor do they have to be dealt with all at once. If your credit counselor so chooses, they can deal with your creditors one at a time which will both prolong the process and make you susceptible to problems with your other creditors who have yet to be dealt with. One more thing to keep in mind about debt consolidation is that credit counselors usually only help out with unsecured debts (credit cards, medical bills, etc.), not secured debts (mortgages, vehicle loans, etc.). Bankruptcy, however, does deal with both.

As you may have guessed after reading the previous paragraph, filing bankruptcy is most likely the best option to go with. If you were to file under Chapter 7, a large portion of unsecured debts will be discharged and unlike debt consolidation, all creditors must oblige by it. They cannot choose whether to be a part of the discharged debts or not. If you were to go the route of Chapter 13, you will set up an affordable payment plan with creditors to pay off debts with the additional benefit of protecting your secured assets from being repossessed (unlike in debt consolidation). One final thing to keep in mind is that debt consolidation has a tendency to cost more than bankruptcy, as well as have fewer benefits. Although every person’s situation is different and their solutions to debt may vary, filing bankruptcy should be considered before going through with debt consolidation.

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →

The Meeting of Creditors (What to Expect in Minnesota)

About 3 to 5 weeks after you have filed for bankruptcy you will be required to attend a meeting of creditors, which is also known as the 341 meeting.  For some bankruptcy cases, just the meeting of creditors will suffice, in others you may need to appear in court; even if you didn’t need to appear in court, you should take this meeting just as seriously. Another thing to keep in mind is that although the name of the meeting implies creditors will be there, it does not necessarily mean that ALL of your creditors will be there.  Most times you will see only one creditor at these meetings.  In addition to the few creditors that may be present, your lawyer and a bankruptcy trustee will show up as well.  A bankruptcy trustee is somebody appointed by the court to review your case and deal with your estate/assets, they will also be the ones to ask you a series of questions regarding your bankruptcy case during this meeting.

Before heading to your meeting, make sure you have the following items with you: proof of ID, social security number, most recent pay stub, and bank statements.  If you are missing one of these items you will have to reschedule your meeting (especially if you forget your ID or social security number).  If you forget your pay stub or bank statements but your attorney has back-up copies on hand, your meeting can continue as planned.

As mentioned above, the trustee present at your meeting will ask you a series of questions regarding your case.  The following are some areas the trustee may ask about: your assets, property ownership, your bankruptcy petition, whether or not others owe you money, history of payments to creditors, property transfers, domestic support, or previous bankruptcy filings.  These are just a few areas that the trustees might ask about, however, they are not all the areas they may question you on.  These questions may make it seem like this could be a long meeting, but it is quite short.  The meeting of creditors usually lasts around 5 minutes; it is short, brief and is meant to get to the point.

 

https://www.friedmaniverson.com/consumer/blog/bankruptcy/what-should-i-expect-at-my-bankruptcy-meeting-of-creditors/

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →

Can Bankruptcy Help Me with Tax Debt?

Tax debt can be a huge burden for many people. What a lot of people do not know is both Chapter 7 and Chapter 13 bankruptcies can help consumers with tax debt owed to the IRS.  First, it is important to understand the basic differences between the two types of consumer bankruptcy and how tax debt is handled in the different bankruptcy processes.

A Chapter 7 bankruptcy is a great option for people who are unable to make payments on their debt, and are looking for a fresh start to get rid of their unsecured credit cards, medical debts, judgments and other deficiency balances or overdrawn accounts. In a Chapter 7, most tax debt accrued 3 years prior to filing bankruptcy is also dischargeable.

A Chapter 13 bankruptcy is a great option for people who have a little extra income each month that allows them to pay back a portion of their debt to their creditors in a bankruptcy. A Chapter 13 bankruptcy also allows the consumer to pay back any tax debt they owe in more recent years through a manageable monthly payment in the bankruptcy.

Tax debt can be a large portion of a person’s debt and can be the deciding factor in why they ultimately choose bankruptcy as an option to get a fresh start from past debts.  The professional bankruptcy attorneys at Hoglund Law Office are happy to sit down with you to discuss and review your tax debt and discuss your bankruptcy options. Please contact our office to set up a no-cost consultation.

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →

How Does Bankruptcy Affect My Credit?

Many individuals fear that filing a bankruptcy will hurt their credit score and prevent them from getting further credit. While there are many factors involved in a company’s decision to provide financial products to an individual that has filed bankruptcy, it is important to remember that persistence will pay off in the long run and knowing your options is key.

It is important to understand the time frame that is involved when filing either a Chapter 7 or a Chapter 13 bankruptcy and how that will affect your ability to repair your credit. Typically, it takes anywhere from one to three years to repair your credit after a bankruptcy has been filed.

One common misconception is that filing a Chapter 13 bankruptcy will affect your credit less than a Chapter 7 because you are paying off your creditors. In a Chapter 13 bankruptcy, you use your income to pay some or all of what you owe to your creditors over time, from three to five years, depending on the size of your debts and income.  A Chapter 13 bankruptcy affects your credit score the same way that a Chapter 7 does, only the time frame for credit repair is greater because you are in the bankruptcy process for three to five years while you are paying off debt to your creditors.

A Chapter 7 bankruptcy, on the other hand, discharges many of your debts and can be filed within a few months. Therefore, the process is much shorter, and the time it takes to repair your credit is less.

It is important to understand your options and how bankruptcy will affect your credit. Knowing your options is crucial to alleviate your fears and misconceptions about the bankruptcy process. Please contact one of our professional bankruptcy attorneys at Hoglund Law Office to discuss your specific situation and find out whether a Chapter 7 or Chapter 13 bankruptcy is right for you.

Written by Hoglund Law

The attorneys of Hoglund law are licensed in Minnesota, Wisconsin and Ohio. Hoglund, Chwialkowski & Mrozik, PLLC is based in Roseville, Minnesota. In addition to handling cases involving bankruptcy & social security, Hoglund, Chwialkowski & Mrozik, PLLC handles faulty drugs and toxic exposure.

View all author posts →