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Wynn at Law, LLC is frequently on the lookout for its clients when it comes to their two largest investments: The retirement nest egg, and the family home. We’ll talk about the nest egg, wills, estates, and wealth transfer several times in the coming weeks. However, this week I’ve noticed how low real estate inventory is in southeast Wisconsin, so let’s cover what that means for the legal rights of buyers and sellers.
Low inventory means it is a seller’s market and that’s excellent news if you have a property to market. Typically bidding favors you:  It’s supply and demand. However, deals can still be found for buyers in the market today. The key on either side of the transaction is an effective attorney, and here are five reasons why.
1) Offers need speedy attention during a low-inventory cycle. No buyer should make one, no seller should accept one, without a legal review. Real estate agents all know attorneys for this reason. (Did you know you can choose your own instead?) Without an experienced real estate attorney in a buyer’s corner, it gives time for other buyers to enter the bidding.
2) Home sellers are more inclined to go For Sale By Owner (FSBO) when the inventory is light. Their theory is that real estate agents add value when there is a glut of homes on the market. In my opinion, the theory is a little over-simplified, but to each, their own. A buyer’s attorney makes sure the transaction represents the buyer’s best interests… the FSBO seller’s attorney ensures the seller’s rights are protected in the face of mortgage lenders and the legal transfer of the deed.
3) A seller’s market often triggers buyers to take on properties as-is or with minimal improvement in order to beat other buyers to the table. Wynn at Law, LLC sees several lake properties a year that fall into this category in buyer’s markets, too. A buyer’s attorney makes sure the client doesn’t get in over his or her legal head.
4) Time is a recurring theme here. The attorneys coordinate the closing to encompass every detail in one sitting. A missing deed or inspection will impact the mortgage which will impact the deal.
Know how many initials and signatures are involved in the transaction? Dozens. All are binding. It seems monotonous. It can also seem threatening. Attorneys add value by taking emotion out of a big investment and scrutinizing every detail, which saves time, money… or both in a seller’s market.
 
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Alex Raths, used with permission.
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After Bankruptcy: Tammy Gets A Car Loan at 4.48% The same week that her bankruptcy was discharged, Tammy got a car loan at 4.48%.  Now I sure don’t suggest trying to buy a car the same week your bankruptcy is over. But Tammy had no choice. Three weeks before her car was totaled in a […]

Also known as the 341 hearing or 341 meeting, the meeting of creditors is an important stage of the California bankruptcy process in both Chapter 7 and Chapter 13 cases.  Our Roseville bankruptcy attorneys explain how the meeting of creditors fits into the bankruptcy timeline in both chapters, including how long into a bankruptcy case the meeting of creditors occurs, and how long it takes for a bankruptcy discharge after the 341 hearing has concluded.

How Long Into a Bankruptcy Case Does the 341 Hearing (Meeting of Creditors) Happen?

Regardless of whether you file for Chapter 7 or Chapter 13 in California, the meeting of creditors will occur between three weeks and two months of the date on which your petition is filed.  However, there are slight timing differences.
If you declare Chapter 7, the 341 hearing will be scheduled to take place on a date between 21 and 40 days of the date on which you filed for bankruptcy.  If you file for Chapter 13, the meeting of creditors will take place between 21 and 50 days of your filing date.
After the 341 Meeting, How Long Until Discharge?
Like many matters in bankruptcy, the answer to this question depends heavily on whether the debtor has filed for Chapter 7 or Chapter 13.
If a debtor files for Chapter 7 in Folsom, Sacramento, or other areas of California, the meeting of creditors will occur 21 to 40 days after the case is filed.  If the trustee determines that the debtor has supplied adequate and accurate information and has no follow-up questions to resolve, the meeting process ends, and the debtor will not be required to attend any further meetings with the trustee.  However, there is one more step to the process: the debtor’s creditors are granted a 60-day period in which to object to object to the case being discharged.  Therefore, a minimum of about two months must pass between the meeting of creditors and the Chapter 7 bankruptcy discharge.
If the debtor’s creditors do not wish to dispute the discharge, the case should come to a successful conclusion, provided the debtor has followed all of the rules set by the bankruptcy court.  Though the precise timeline of each case varies depending on its complexity, the overall Chapter 7 process typically takes anywhere from four to six months from start to finish.

The Chapter 13 timeline looks very different, because unlike Chapter 7 cases, which generally conclude within half a year or less, Chapter 13 cases last anywhere from three to five years.  This is due to the reorganization plan around which all Chapter 13 bankruptcies are built.  The reorganization plan spreads manageable payments over a period of 36 to 60 months, depending on the debtor’s debts and disposable income.
A Chapter 13 bankruptcy in Folsom or other parts of California will take at least three years to conclude, and the meeting of creditors will be scheduled to occur, at the latest, within 50 days of the date on which the bankruptcy petition is filed.  Therefore, about two years and 315 days, or roughly 10.5 months, will elapse at minimum between the meeting of creditors and the ultimate Chapter 13 discharge.  Keep in mind that, as is true of a Chapter 7 case, the trustee in a Chapter 13 case may continue the meeting of creditors if he or she determines that additional documentation is necessary.
Additionally, it is critical that debtors in both Chapter 7 and Chapter 13 cases remember to fulfill the pre-discharge debtor education requirement of bankruptcy.  Debtor education is a mandatory course all debtors must take through an agency which has been approved by the Department of Justice.  Numerous online debtor education options are available, typically for prices ranging between about $15 and $40.
California Bankruptcy Lawyers in Roseville and Sacramento
The Roseville Chapter 7 lawyers of The Bankruptcy Group can help determine whether bankruptcy is right for you, which chapter is appropriate to file under, which set of exemptions to use, how to time your bankruptcy filing advantageously, and provide answers to other important bankruptcy questions while protecting your rights, handling your legal documentation, and advising you of your options and responsibilities.  Our Chapter 13 attorneys in Roseville, Sacramento, and Folsom are highly experienced, and, regardless of whether you wish to file individually or jointly with your spouse, can make a detailed assessment of your financial goals and resources to develop an efficient and practical bankruptcy plan to regain control of your finances.
With quality legal representation on your side, declaring bankruptcy doesn’t have to be stressful.  Let The Bankruptcy Group help make the bankruptcy process simple and convenient for you.  Call our law offices at (800) 920-5351 today to discuss your California bankruptcy options in a free and confidential consultation.
The post How Long Does it Take for a Bankruptcy Discharge After the Meeting of Creditors? appeared first on The Bankruptcy Group, P.C..

Wynn at Law, LLC sees a wide variety of bankruptcy clients. Young families and retirees. Executives and hourly wage earners. Men and women, with or without spouses. The common thread through our entire family of clients is that – when it comes to bankruptcy – managing finances became a problem. It may have been suddenly. It may be long in the making. Either way, credit counseling is an important required part of the path that most find beneficial.
Pre-bankruptcy credit counseling became a requirement as a result of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Twelve years ago and just three years before a recession brought a steady stream of bankruptcy filings. The significant reform of the bankruptcy system was passed by Congress and signed into law by President Bush and created tighter eligibility requirements. Because of that Act, most people filing for bankruptcy now undergo credit counseling in a government-approved program. Wait, there’s more. After the conclusion of bankruptcy proceedings, but before any debt can be discharged, debtors also participate in a government-approved post-bankruptcy financial management education program.
Don’t let the label ‘government-approved’ scare you off: These programs are harmless. You can find out which agencies have been approved for our area just by giving us a call.
Pre-bankruptcy counseling was put into place in 2005 to potentially steer people out of the courts if a repayment plan would work instead of filing. Counseling is required even if it’s obvious a repayment plan won’t work. Usually, by the time you’ve called Wynn at Law, you’ve already discovered your debts are too high and your income is too low.
The pre- and post-bankruptcy programs don’t shame you into submission. On the contrary, another set of eyes takes an impartial look at your situation in the pre-bankruptcy course. You might learn from your missteps. The second of the two required programs gives you solid financial management practices that will keep you from facing unmanageable debt again. That just makes sense: As much as Wynn at Law values your business, it’s a good thing when we don’t have repeat bankruptcy customers.
 
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
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