Every person or entity that files a bankruptcy petition must appear before the case trustee and testify under oath. This is called the 341 meeting and it is sometimes referred to as the first meeting of creditors. All creditors are given notice of the meeting and are invited to attend but they rarely do.
The purpose of the meeting is to allow the trustee to examine the debtor under oath concerning the assets and liabilities of the debtor. Most individual examinations take less than...Read more
In this district a bankruptcy case is commenced by the filing of a petition with the U.S. Bankruptcy Court located at 1000 Elm St. Manchester, New Hampshire. Almost all cases and pleadings are filed electronically over the internet, the only exception being for pro se filers.
A case is commenced by the filing of a voluntary petition, certificate of credit counseling, statement of financial affairs, schedules A through J, social security verification, rule 2016 statement, statement of...Read more
When a client who is considering filing for bankruptcy comes into your office it is important to thoroughly examine their financial picture before making any recommendation regarding bankruptcy relief.
A checklist or routine list of questions is highly recommended. After obtaining basic contact information my first question is: Do you have any interest in any business? If the answer is yes I then want to know how the business is structured. Is it an LLC, corporation or just a dba?...Read more
There are many reasons to consider filing a chapter 13 case. Some people have to because they fail the means test and are not eligible to file chapter 7. Today the most common reason is to stop a foreclosure and utilize the plan to cure the arrearage over time. Chapter 13 can also be utilized to avoid a wholly unsecured second mortgage on the primary residence of a debtor. To do this you must be able to prove that the fair market value of the property is less than the amount due on the first...Read more
In the case of an individual the basic premise under chapter 7 is that a debtor surrenders his non exempt assets in return for a discharge of his debts. That leads to the obvious question: What is exempt, and what is not? If a debtor has lived in New Hampshire for more than two years he can choose either the federal exemptions or those provided for under New Hampshire law.
The federal exemptions are provided in section 522(d) as follows:
- The following property...
The Law Office of Timothy P. Smith is a Debt Relief Agency