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Aug 6th, 2022
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How to Cut line in the Bankruptcy Agreement

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the following bltv program is brought to you by flaherty law please enjoy [Music] welcome to learn about law my name is kevin oflaherty from oflaherty law i hope you enjoyed this video if you need some help please feel free to give us a call at agreements in 630-324-6666-324-6666 7 bankruptcy so first off a reaffirmation agreement is a contract between the debtor thats usually the person filing for bankruptcy and the creditor usually the original lender on the property in question and that agreement states that the debtor wants to keep the property usually home or vehicle and pay the existing debt and future payments reaffirmation agreements are used in chapter 7 bankruptcy by those that want to keep property from being included in the assets that will be collected by the bankruptcy trustee and sold to cover the debtors debts normally in chapter 7 bankruptcy any assets that debtors have will be sold to satisfy the debts owed to the creditors in many cases a chapter 7 filer will be

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It is also referred to as a 341 meeting because it is mandated by Section 341 of the Bankruptcy Code. Creditors are not required to attend these meetings, and do not waive any rights if they do not attend.
The clawback provision allows the trustee to look at your financial transactions before you filed for bankruptcy, to see if you improperly transferred or gave away property that should be part of your estate. If so, the trustee can claw it back, undoing the transaction and bringing that property into your estate.
The trustee can ask you about anything that could affect your bankruptcy. Because your bankruptcy is directly related to your financial situation, most questions involve your debts, assets, income, and expenses. The trustee will also look for other information that could increase recovery for your creditors.
Yes, you can negotiate a reaffirmation agreement.
A Chapter 7 or 13 Trustee will ask you basic questions many that are listed below. Creditors usually do not show up for this meeting. Any of your testimony will be recorded and used against you if there is a dispute.
Questions a Creditor Might Ask You at the Meeting Are you currently working, and, if so, who employs you? How much were you making when you applied for credit? Did you provide accurate information when you applied for credit? Did your income change after you received credit?
Once the meeting of creditors has been concluded, the Chapter 7 Trustees real work begins, though. The Chapter 7 trustee will normally go back and review your petition, schedules, and other related documents, along with your answers to the questions presented at the meeting of creditors.
At the meeting of creditorsalso called the 341 hearingthe debtor meets with the trustee appointed to oversee the case. The trustee will check identification and ask a series of questions about the bankruptcy paperwork. Creditors can attend and ask about financial matters as well, although few appear.

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