Your bankruptcy Zoom hearing went exactly as planned.
Your bankruptcy Zoom hearing went exactly as planned. It was over in less than five minutes.
It’s called the “meeting of creditors,” but no creditors showed. The trustee asked a few questions, and we were in and out in less than five minutes.
They have two months to object
The creditors and debt collectors have two months to file an objection. Except for business partners and family members, or ex-partners and family members, I haven’t seen an objection in more than a dozen years.
There are two basic ways they can object:
- Show that you lied in writing on your credit application.
- If they find you hid assets from the bankruptcy court (that farm in Kentucky, oil wells in Kansas, and marijuana greenhouse in California that we talked about earlier.)
Then what happens?
It takes the court about two weeks to make sure that the two months are over and no objections have come in, and then the court sends out your discharge. The discharge is the notice that your debts are cleared, and it’s followed about a day or two days later with the notice that your case is closed and over.
What should I do now?
If you haven’t already, take the second class! If you don’t take the second class, your case will get thrown out at the finish line! (We use One $ Wiser or Moneysharp.)
Other than that, it’s safe to “do nothing.” If you had a big raise or win Dancing with the Stars, the money is yours. But you don’t want to get divorced for six months, and you don’t want anybody to die in the next six months and leave you money.
Make sure you keep up with the payments if you want to keep the car. The car finance company will stop billing you, and if it’s set up on automatic withdrawal, that will stop, too. You need to make sure you are making those car payments.
If you get court papers, which you should not, get in touch with me right away.
Do not worry about your credit report now. Different creditors and different credit bureaus will update your bankruptcy on different time schedules. The time to worry about that is starting a month after the discharge.
When you get the discharge, I’ll send you some information about how to rebuild your credit, but if you want to get started early, here’s the link.
Any questions?
If you have questions, please shoot me an email, or you can call Vanessa at 703-335-7793 and she’ll set up a short Zoom.
PS Please give me a review.
Here’s a review link, thanks.