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Once the petition is filed, an immediate stay will go into effect. This means that creditors can no longer talk to or call the debtor directly, nor can they claim any property as settlement. A month after this, the trustee will call a meeting with the debtor and creditors - this is called the 341 meeting. Objections, if any, are negotiated and resolved; if there are no resolution and disputes remain, a judge will arbitrate. If there are no objections, the meeting could be over in five to ten minutes.
Attorneys also analyze how much of the business debt is secured. They also check whether the management does have the resources and the desire to engage in the reorganization process. To be on the safer side, they also measure the possibility of revival of the business if liquidation is adopted.
If you can manage to get a new credit card then you might want to think about using that as well. Pay the bills with the credit card on time, then pay your credit card payments on time. This is like a little double bonus as it shows multiple payments all on time and improving your credit.
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Regardless of why you filed, this entry stays on your credit report for 7-10 years. Everyone has their story, and sometimes circumstances go beyond anyone's ability to recover from insurmountable debts. A good example is when a family member suffers a catastrophic illness and the medical bills are way beyond any health insurance benefits.
Don't max out all of your credit cards and then file. If you are thinking about doing this then you are the most likely part of the 3% who are deadbeats. When you disclose your debts and assets in a case, your trustee will review (and so will your creditors) all of your purchases that you made prior to the case being filed. Debts that were incurred during a specific period prior to the filing could be deemed non-dischargeable based upon fraud. If you find that bankruptcy may be a path that you are heading down, don't incur any additional debt and talk to a reputable bankruptcy attorney.
Furthermore, make a point to bring your financial information with you when you meet with a mortgage broker. For example, you should have your income and expenses available as this will help the broker determine the loan amount you may be able to qualify for when it comes to a mortgage after bankruptcy.
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