Monthly Archives: December, 2009
Automatic Stay
Once you file your application for bankruptcy, an automatic stay is place on your case. What this means is that none of your creditors are able to proceed with any collection attempts against you. This also ensures that all your creditors are place in the same equal position so that no one can do anything [...]
Case Trustee
When a chapter 7 petition is filed, the U.S. trustee (or the bankruptcy court in Alabama and North Carolina) appoints an impartial case trustee to administer the case and liquidate the debtor’s nonexempt assets. 11 U.S.C. §§ 701, 704. If all the debtor’s assets are exempt or subject to valid liens, the trustee will normally [...]