5 Things to Know Before Filing Bankruptcy
West Palm Beach Bankruptcy Attorney
When starting the bankruptcy process, you are required to undergo a “means test”. This test calculates your income and looks at your financial situation as a whole in order to determine which chapter of bankruptcy is right for you.
If you qualify to file bankruptcy, you will be assigned a bankruptcy trustee that will oversee your case. The trustee will ensure that your assets are administered, your debts are listed and that there is no misrepresentation or falsification of information on your part.
You have to go to a 341 hearing, which is also known as the meeting of creditors.
Your creditors have the opportunity to attend the hearing, but often times they do not attend.
For more information about filing for bankruptcy in West Palm Beach click here: More About Chapter 7 Bankruptcy