Why do I ask about real estate? For starters, I ask about real estate because the Chapter 7 trustee who reviews your case is likely to ask you at your meeting of creditors whether you’ve ever owned real estate. If you say yes, the trustee will want to know what you did with the real estate, how much it’s worth, and so on. I like to know the answers to important questions like these before they pop up at the meeting of creditors so that if there are going to be any potential problems, we can address them ahead of time.

What are some potential problems with real estate ownership that could crop up? One example is that even in this economy, you might have equity in your real estate – i.e., it might be worth something – and the amount of equity you have in the property can take up some or all of the limited exemptions available to you. This can have an effect on how much property (including personal property) you’d be allowed to keep after the bankruptcy.

Also, if, for whatever reason, you gave away your real estate – including signing it over to someone else (like a relative) just because you couldn’t afford the mortgage payments anymore, you are likely to have a problem. A transfer like this can look like a fraudulent transfer prior to bankruptcy.

In case you’re thinking ” I didn’t commit fraud,” the term “fraudulent transfer” as used in the bankruptcy setting is a specific legal term that has a specific meaning and is defined broadly in the law. It does not necessarily require intent to commit fraud. It’s just that Congress decided it didn’t like the idea of people dumping assets before filing, probably because it didn’t want people trying to look poorer when they had assets they could have sold to pay their debts but gave away those assets instead.

As a result, I like to ask people about real estate ownership. In case you are thinking of not disclosing current or prior real estate ownership to your attorney, think again – the trustee can take steps to independently research your property ownership situation and find things out. It’s better for everyone that you disclose everything to your attorney so that they can help you figure out the best course of action before you file for bankruptcy.

If you are in NJ and thinking of filing for bankruptcy, consider calling Jennifer Weil for a free telephone consultation to discuss your financial situation at 201-676-0722.

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Instead, every Chapter 7 case will be scheduled for a meeting of creditors, which does not take place in a courthouse. In Newark, New Jersey, the meetings of creditors take place in a downtown office building. Most large creditors (such as credit card companies) typically do not show up for these meetings, which usually only last about 5 minutes.

At the meeting of creditors, the trustee assigned to your case will ask you a series of questions regarding your bankruptcy while you are under oath.

But sometimes, a bankruptcy case is more complicated than average and a court hearing might be needed. David Harris, a Pennsylvania bankruptcy lawyer, provides a good outline of some instances when a court appearance might be required.

If you are in New Jersey and seeking a Chapter 7 bankruptcy lawyer, call 201-676-0722.

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How do I work with clients on consumer bankruptcy cases? I like to take a personalized approach. It depends on the client. Some people like to meet more often with their bankruptcy attorneys than others. I do my best to accommodate this.

But others just don’t have the time for a lot of meetings. For these people, I like to take advantage of other modes of communication and use the telephone, email, fax, and U.S. mail to communicate back-and-forth and exchange documents during the process of preparing a client’s case.

And of course, I will be present at a client’s meeting of creditors (unless the absolute unavoidable happens).

As always, I am available to my clients by phone and email anytime a question or concern comes up. I do not leave my clients in a fog when they do not understand something. Clients can always contact me with questions.

It’s also important for potential clients to know that I am not here to pass judgment on a client’s situation and how they got into the financial jam that they are now in. My judging of clients would not do me or the client any good.

Of course, I cannot guarantee results in any legal matter. I may not be the right attorney for you, either – if not, I’ll try my best to find a good referral for you. But I can’t guarantee any results you’d get from any other attorney, either, whether I referred them or not.

If you are looking for help filing a Chapter 7 bankruptcy, call me, Jennifer Weil, at 201-676-0722 or email me at: weilattorney@gmail.com

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After you file for Chapter 7 bankruptcy, if everything goes right, you should end up at a 341 meeting of creditors. Named after section 341 of the Bankruptcy Code, this is a meeting at which the trustee assigned to your case, you, your lawyer, and any creditors who choose to appear will show up.

This does not mean that your creditors will necessarily show up at the meeting, but it’s possible. So what happens at these 341 meetings? The trustee goes through a list of questions that you must answer.

Here’s a list of some questions the trustee might ask:

1. State your name and current address for the record.

2. Please provide your picture ID and Social Security number card for review.

3. Did you sign the petition, schedules, statements, and related documents and is the signature your own? Did you read the petition, schedules, statements, and related documents before you signed them?

4. Are you personally familiar with the information contained in the petition, schedules, statements and related documents?

5. To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct?

6. Are there any errors or omissions to bring to my attention at this time?

7. Are all of your assets identified on the schedules? Have you listed all of your creditors on the schedules?

8. Have you previously filed bankruptcy?

9. What is the address of your current employer?

10. Is the copy of the tax return you provided a true copy of the most recent tax return you filed?

11. Are you expecting a tax refund?

12. Do you have a domestic support obligation? To whom? Are you current on your post-petition domestic support obligations?

13. Have you filed all required tax returns for the past four years?

14. Do you own or have any interest whatsoever in any real estate?

If owned: When did you purchase the property? How much did the property cost? What are the mortgages encumbering it? What do you estimate the present value of the property to be? Is that the whole value or your share? How did you arrive at that value?

If renting: Have you ever owned the property in which you live and/or is its owner in any way related to you?

15. Have you made any transfers of any property or given any property away within the last one year period (or such longer period as applicable under state law)?

If yes: What did you transfer? To whom was it transferred? What did you receive in exchange? What did you do with the funds?

16. Does anyone hold property belonging to you? If yes: Who holds the property and what is it? What is its value?

17. Do you have a claim against anyone or any business? If there are large medical debts, are the medical bills from injury? Are you the plaintiff in any lawsuit? What is the status of each case and who is representing you?

18. Are you entitled to life insurance proceeds or an inheritance as a result of someone’s death? If yes: Please explain the details.

19. Does anyone owe you money? If yes: Is the money collectible? Why haven’t you collected it? Who owes the money and where are they?

20. Have you made any large payments, over $600, to anyone in the past year?

21. Were federal income tax returns filed on a timely basis? When was the last return filed?

22. Do you have a bank account, either checking or savings? If yes: In what banks and what were the balances as of the date you filed your petition?

23. When you filed your petition, did you have:

a. any cash on hand?

b. any U.S. savings bonds?

c. any other stocks or bonds?

d. any certificates of deposit?

e. a safe deposit box in your name or in anyone else’s name?

24. Do you own an automobile? If yes: What is the year, make, and value? Do you owe any money on it? Is it insured?

25. Are you the owner of any cash value life insurance policies?

If yes: State the name of the company, face amount of the policy, cash surrender value, if any, and the beneficiaries.

26. Do you have any winning lottery tickets?

27. Do you anticipate that you might realize any property, cash or otherwise, as a result of a divorce or separation proceeding?

28. Have you been engaged in any business during the last six years?

If yes: Where and when? What happened to the assets of the business?

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