No, however, you are required to attend a meeting called a Meeting of Creditors. The Meeting of Creditors is held remotely, by Zoom, and is presided over by the Trustee. The meeting is recorded and you will be administered the oath of office. That means you promise to testify truthfully under penalty of perjury.

The individual who files for bankruptcy and owes money is called the Debtor. The person who administers the bankruptcy and presides over the Meeting of Creditors is called the Trustee. The person who is owed the money is called the Creditor.

Bankruptcy exemptions are a set of specific assets such as a car, home, retirement accounts, furniture that are protected when an individual files bankruptcy. If the asset falls within the exemption, the asset is fully protected and cannot be taken by creditors or the bankruptcy trustee.

Bankruptcy helps people who can no longer pay their debts get a fresh start. Once a bankruptcy has been filed with the court, the individual is afforded certain rights, including a stop on all collection. This is called the Automatic Stay and goes into effect the moment a bankruptcy is filed. It is powerful and  … Read More

Consumer bankruptcy is a legal process that helps individuals eliminate or repay their debts under the protection of the federal bankruptcy court. Most consumers file under either Chapter 7 for a debt wipe-out, or Chapter 13 (reorganization) to repay a portion of debts over three to five years. Filing personal bankruptcy takes careful preparation and  … Read More

Mortgage lenders can now use a credit score called VantageScore 4.0 as part of their consideration for approval. That means mortgage lenders can consider rent and utility payments if that information is available. Those were not previously factored in. If you have previously received a bankruptcy discharge of your debt, paying your rent and utilities  … Read More

What is a consumer debt? Consumer debts are for things needed for personal, family of household purposes. Health care is a consumer debt. As the price of health care increases, the amount of people unable to afford their medical bills has gone up. A federal court blocked a rule that was designed to protect people  … Read More

Consumers are feeling the pinch of higher prices for food and cars. The price of new cars and trucks has increased more than 33% since 2020. The average monthly payment is now more than $750.00 per month. Consumers are borrowing more to cover car costs, and taking out longer loans. 100 month loans are no  … Read More

Student loan repayment enforcement will being garnishing pay checks in January, 2026. Student loan borrowers in default could see wages garnished starting January 7, 2026, according to the Department of Education. Borrowers will begin receiving notices informing them of their status. This ends a five year reprieve on student loan repayments. Tax refunds and other  … Read More