I am always saddened to see clients have cashed in their 401k before filing bankruptcy in an effort to stay out of bankruptcy. When they finally end up in our office, they realize they could have protected their retirement savings. Your 401k is protected when filing bankruptcy. You cannot make large deposits to a 401k or IRA to hide assets. However, if you have built up a 401k or protected retirement plan over many years, it is protected when filing bankruptcy.
Bankruptcy lawyer - Nashville
Bankruptcy Lawyers Nashville - Mark and Cynthia Podis
The Chapter 13 Trustee has informed us that a creditor group is pulling public records of asssets, asset transfers and credit card records (for those participating) and sending a report of assets and transfers to Trustees – both Chapter 7 and Chapter 13 trustees — free of charge. This is in an effort to cause a loss of discharge for failure to disclose assets or transfers. Alternatively, they hope to force debtors to Chapter 13 repayment plans. It is more important than ever to disclose assets and transfers! www.PodisBankruptcy.com
Cynthia Podis - Bankruptcy Lawyer Nashville
When looking for Bankruptcy Lawyers in Nashville and the surrounding area, be sure to ask questions. Some examples of what you need to know –
How long have you been in practice?
How many cases have you filed?
What are problems that can come up with my case?
What assets can I protect?
What assets can I not protect?
Why do I have to list all of my debts?
The Chapter 7 Trustee asks several questions at the Meeting of Creditors – This is required to ensure the petition and schedules filed with the court are accurate and complete. Remember, you sign the petition and schedules under penalty of perjury. READ your petition and schedules before you go to court. If you have changes, let your attorney know. It is best to make corrections before you get to court.
When answering the Trustee’s questions – listen carefully to what they are asking and answer that question. If they are asking if you ever owned real property — that means land or houses. It can be financed, inherited or paid for property. Be sure any real property is listed.
When filing a Chapter 7 bankruptcy it is important to be on time to your meeting of creditors. This is an important court date. Continuing this court date may allow creditors additional time to object to your discharge.
Because of having two Monday holidays coming up for Christmas and New Year, the Court has agreed with the Chapter 13 Trustee to conduct a motion docket on Wednesday, January 4, 2012. Notices for the hearing will go out soon, so plan accordingly.
Today’s motion docket is lengthy, but should be completed no later than 1:00 p.m. If you have questions, please call the office after 1:00 p.m. www.PodisBankruptcy.com
Mark Podis - Bankruptcy Attorney Nashville
It is a huge step to file a bankruptcy. It is important to look at what you are trying to accomplish with filing bankruptcy. Are you trying to stop check cashing or payday loans from collecting? Are you stopping a garnishment or bank levvy? Are you trying to catch up payments on your house or car?
The answers to these questions help to decide if a Chapter 13 repayment plan or a Chapter 7 liquidation would help you most.
Your income and family size also help determine if you qualify for a Chapter 13 or a Chapter 7 Bankruptcy. If you have filed a prior bankruptcy case also helps determine if you qualify for a Chapter 7 or Chapter 13 bankruptcy. At www.PodisBankruptcy.com we go over a lot of questions that would help you in your decision to consider a bankruptcy. At Podis and Podis we do our best to make it a helpful and supportive environment. We want you to feel comfortable asking questions. Being treated with dignity and respect are first and foremost in our minds.
