Jen is an expert in debt and borrowing from the bank actions and enjoys to help you dispel the myths regarding bankruptcy proceeding

Have you ever heard new myth one to processing bankruptcy proceeding ruins the possibility so you’re able to get a house for decades! Wouldn’t it treat you to definitely learn that that isn’t necessarily the way it is? With this episode of I’m sure a lawyer, I discuss the misunderstandings regarding case of bankruptcy with Jen Lee of Jen Lee Law. We speak about:

Jen is the pro lawyer in debt and you can credit means and provides provided to subscribe myself today to talk about the misconceptions off bankruptcy

Get in touch with Jen Lee within jenleelaw for those who have any questions pertaining so you’re able to personal bankruptcy otherwise borrowing or debt items. She’s a significant money and has now helped a lot of people and you will people graph a road forward, inside these types of pandemic moments. Many thanks so you’re able to Jen having joining myself on podcast.

Transcript

Welcome to the latest show. It is, I understand a lawyer and i am your own server, Ryan Lockhart, as we know, at this point, that it podcast are delivered of the McKenna Brink Signorotti, LLP. The audience is your full solution boutique law practice into the Walnut Creek, California, where you can expect legal counsel between organization legislation home and you can income tax believed and you can municipal litigation. Visit us in the mckennabrink for additional information on the way we also provide legal selection for your requirements. Today, I am entered because of the Jen Lee of Jen Lee law. Introducing the new reveal, Jen, just how have you been today?

Ah, many thanks for joining. We have keep an eye out toward this dialogue to possess a bit now since the case of bankruptcy is the fact the main laws that we know a bit regarding the, but not really the proper one thing. Thus actually just, let’s just start by the process of a bankruptcy. What’s the procedure of a case of bankruptcy?

It is therefore fascinating. You’ll find various other sections of bankruptcy proceeding, however, always once somebody establishes they’re going to file bankruptcy, there are many advice which is amassed. The newest legal demands about sixty pages property value dates that are done. Which can be my job since the lawyer to be certain those try filled out accurately. And you have in order to list all of assets, all your liabilities, your earnings, your expenditures, generally all of your financials is actually available to choose from and so the trustee together with court can see sort of just what proceeded, as to the reasons we’re in this instance one we’re in. Thereby because the situation was registered, then there’s an effective trustee appointment. Now with COVID happening, new trustee conferences are common from the zoom or because of the mobile. So it is come an interesting change. At new trustee meeting, it opinion your entire data, ensure that you answered what you truthfully, make sure that you’re not hiding the vacation family inside Their state or something for the dates.

And it’s usually for example four so you can ten minutes into a regular easy situation. Therefore it is a pretty simple appointment and reading to go to while you are wishing. And depending on just what section out-of bankruptcy proceeding you are in, when you’re in part 7, you will be released upcoming comes in 60 days later on plus financial obligation is gone. When you are in section thirteen otherwise section eleven, there clearly was usually a fees plan. That’s proposed your court approves which variety of point. So it initiate separating away. When you are in different chapters of bankruptcy proceeding, what takes place, but all of them include full disclosure regarding financials and you can an excellent trustee fulfilling, normally.

So who ‘s the trustee? It is without a doubt diverse from an effective no credit check payday loans Westlake LA trustee in the such property think. Very imagine if so having a trustee within techniques.

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