Our Scott County bankruptcy attorneys discuss the steps required to prepare your bankruptcy petition.  Before filing, you are required to complete an online credit counseling course. These are usually relatively short and the expense is nominal.

Our Scott County Bankruptcy and debt resolution attorneys will work with you to help you provide us with information regarding your assets, liabilities, income and expenses. After a meeting with the creditors, your case will be heard in the appropriate court where your bankruptcy will then be discharged.

Read the full article by our Scott County bankruptcy attorneys regarding preparation for bankruptcy.  

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Keeping your home or vehicle often depends on how much equity you have in each piece asset.  For example, the equity in a property is determined by the most current resale value minus the principle balance of any loans secured by the property. 

If you do file for the bankruptcy, the trustee will seek collection of your assets to fulfill your debts.  The Bankruptcy Code and laws in Scott County states that a portion of equity in particular types of property can be exempt from collection.  These exceptions on the property you decide to keep in order to avoid the trustee collecting them on your behalf.  For example:

• You are allowed to keep $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
• You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
• There is a $4,000.00 wildcard exemption that you can apply to any property of your choice ($8,000.00 for a married couple). 

Read an article from our Scott County bankruptcy attorneys about keeping your property during Scott County bankruptcy proceedings.

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Once our Scott County bankruptcy attorneys file your bankruptcy petition, we accompany you to the “First Meeting of Creditors.”  While this seems intimidating, it's misleading considering creditors rarely attend these meetings.  This meeting is between you, your attorney and the bankruptcy trustee assigned to your case. The trustee asks you preliminary questions and may do the following:

• Confirm your identity through a photo ID and social security card.
• Swear you in and put you under oath. 
• Ask if you've reviewed your schedules before they were filed and ask you to confirm that they are true and correct.  
• Ask if you have reviewed required notices provided by your attorney regarding bankruptcy and your alternatives. 

Once these questions are put on record and established, the trustee asks you questions regarding your schedules and finances. You can read a transcript of the bankruptcy trustee's usual questions here. ​Once the trustee enters a finding stating that you have no non-exempt assets for collection on your behalf they will recommend  your debts be released.  Once this happens, the case will close for a brief period.  During this time creditors have the right to object to the discharge, which seems intimidating but rarely happens.

‍Read more about the First Meeting of Creditors.