Although a debtor is not personally liable for discharged debts, a valid lien (i.e., a charge upon specific property to secure payment of a debt) that has not been avoided (i.e., made unenforceable) in the bankruptcy case will remain after the bankruptcy case. Therefore, a secured creditor may enforce the lien to recover the property secured by the lien.
Can I Buy A Car After 341 Meeting
The timing of the discharge varies, depending on the chapter under which the case is filed. In a chapter 7 (liquidation) case, for example, the court usually grants the discharge promptly on expiration of the time fixed for filing a complaint objecting to discharge and the time fixed for filing a motion to dismiss the case for substantial abuse (60 days following the first date set for the 341 meeting). Typically, this occurs about four months after the date the debtor files the petition with the clerk of the bankruptcy court. In individual chapter 11 cases, and in cases under chapter 12 (adjustment of debts of a family farmer or fisherman) and 13 (adjustment of debts of an individual with regular income), the court generally grants the discharge as soon as practicable after the debtor completes all payments under the plan. Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing. The court may deny an individual debtor's discharge in a chapter 7 or 13 case if the debtor fails to complete "an instructional course concerning financial management." The Bankruptcy Code provides limited exceptions to the "financial management" requirement if the U.S. trustee or bankruptcy administrator determines there are inadequate educational programs available, or if the debtor is disabled or incapacitated or on active military duty in a combat zone.
Not all debts are discharged. The debts discharged vary under each chapter of the Bankruptcy Code. Section 523(a) of the Code specifically excepts various categories of debts from the discharge granted to individual debtors. Therefore, the debtor must still repay those debts after bankruptcy. Congress has determined that these types of debts are not dischargeable for public policy reasons (based either on the nature of the debt or the fact that the debts were incurred due to improper behavior of the debtor, such as the debtor's drunken driving).
A slightly broader discharge of debts is available to a debtor in a chapter 13 case than in a chapter 7 case. Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings. Although a chapter 13 debtor generally receives a discharge only after completing all payments required by the court-approved (i.e., "confirmed") repayment plan, there are some limited circumstances under which the debtor may request the court to grant a "hardship discharge" even though the debtor has failed to complete plan payments. Such a discharge is available only to a debtor whose failure to complete plan payments is due to circumstances beyond the debtor's control. The scope of a chapter 13 "hardship discharge" is similar to that in a chapter 7 case with regard to the types of debts that are excepted from the discharge. A hardship discharge also is available in chapter 12 if the failure to complete plan payments is due to "circumstances for which the debtor should not justly be held accountable."
In chapter 7 cases, the debtor does not have an absolute right to a discharge. An objection to the debtor's discharge may be filed by a creditor, by the trustee in the case, or by the U.S. trustee. Creditors receive a notice shortly after the case is filed that sets forth much important information, including the deadline for objecting to the discharge. To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."
The 341 Meeting in Pennsylvania and nationwide is an important step in the bankruptcy process. It is a meeting that is Federally mandated by the U.S. Bankruptcy Rules and It is also one of the most misunderstood. This post is meant to clarify what a 341 Meeting is, what takes place at the 341 Meeting and to dispel a lot of common misconceptions about how they work.
A 341 meeting means you might have to sit down at a conference table with the Trustee. Occasionally, meaning in less than one of every thirty cases, there will be a lawyer representing the companies, banks or creditors that you owe money to. This can sound scary, and many people are worried that these people will try to harass them or intimidate them.
You have to attend a meeting of creditors to move your bankruptcy forward. This meeting is mandatory. If you miss it, even if you have everything else in order, there is a very good chance your trustee will move to dismiss your bankruptcy case.
The Trustee has probably held hundreds, if not thousands of these meetings. He or she can usually get a good feeling in a matter of minutes if there any any issues with your Bankruptcy filing by looking at your Bankruptcy Petition and listening to your answers.
Before the 341 Meeting, the bankruptcy Trustee who was appointed to your case by the Bankruptcy Court will review your documents and prepare any secondary questions. At the meeting, he or she will run the meeting.
The Trustee will record the meeting, introduce you and verify your identity, and ask questions. The Trustee will also determine what questions you may be asked by any creditors who appear for the meeting of creditors.
You made that big step to get the fresh start and your family deserve and now you are thinking of your future. A common question almost every client asks is if they can get a new car after filing for bankruptcy. We have good news for you, yes you can! You are able to purchase a new vehicle with cash or even finance one through a lender.
You could find yourself in a much more stable financial situation after filing the bankruptcy. Your garnishment has stopped, you are no longer making minimum payments to credit card companies or making debt installment payments and you are able to begin saving. The extra disposable income can become a nest egg to purchase a car.
Now you are wondering how long do you have to wait to get this new car loan? Will it take years. No! If you filed a Chapter 7, there is no set waiting period to get a new car or new car loan but you need wait until the trustee has filed a no asset report after the 341 Meeting of Creditors. If you filed a Chapter 13, the trustee has to approve the car purchase. You should talk to your attorney prior to looking for a car to discuss your options.
Some lenders work with open bankruptcies, and the process of approval is much the same as getting a bad credit auto loan. However, you have to make sure that your 341 meeting of creditors has already taken place. Only after this, and with your trustee's permission, can you begin the process of applying for a car loan in an open Chapter 7 bankruptcy.
But you and your attorney are not the only people in the process that have a say about exemptions. The trustee in a bankruptcy case has the ability to object to a claimed exemption. So if a trustee thinks an exemption used in your case is not correct, the trustee can object. The trustee has to file an objection to an exemption within 30 days after you meet with the trustee.
Filing for bankruptcy is challenging in more ways than one. Your best chances of success come with hiring an experienced lawyer who can help you prepare for meetings like the 341 and guide you through the remaining stages of the bankruptcy process. Call Caplan Bankruptcy and Family Law Firm now to book a consultation to discuss your case in more detail by dialing 407-872-6249.
So what is the 341 meeting and what can you expect there? Bankruptcy is an exchange process. And what that exchange process involves is that when someone files, they offer transparency about their financial situation; that transparency allows the court supervisors to review your qualifications. Likewise it allows your creditors to review your qualifications and your commitments to the bankruptcy process. The 341 meeting is an opportunity for the trustee, who is like a case manager, to ask the filer questions in person, so that they can complete their obligation to perform diligence on your situation and fill in any gaps they may have or questions they may have about your situation.
There are two courses for consumer filers. The first is a pre-filing class that has to be completed before your bankruptcy is even filed. Secondly, there is also a post-filing class, which does not have to be completed before the 341 meeting, but it should be completed promptly after your bankruptcy has been filed.
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