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Here are the common questions and procedure the US Trustee will ask of a debtor in the creditors meeting. State your full name. Is the address on the petition your current address? Did you read and understand the Bankruptcy Information Sheet you filed with the Court? Did you sign the petiti...

A bankruptcy deals with both the assets and the obligations of a debtor. Bankruptcy addresses these assets and obligations by creating a fictional estate. All assets of the debtor become property of the estate. The administration of this estate is dealt with by a Trustee (in most Chapter 7s this ...

Often times when a person decides to enter bankruptcy they have been through an extended tumultuous period. That period can devolve into debtors looking to sell any and all assets to satisfy their mounting debts. These sales or transfers of property can ultimately end up hurting the debtor. It se...

Debts that are generally discharged. CREDIT CARD DEBT- The single largest category of debt that is frequently discharged in bankruptcy is credit card debt. This is god news for a vast majority of bankruptcy filers that are seeking to get rid of their massive credit card debts. However, there ...

This blog examines the Wyoming homestead state exemption and compares it to other state and federal exemptions. Wyoming has an antiquated exemption law that will ultimately hurt its citizens.

Months after filing, thousands of Americans are still waiting for their tax refunds. The Washington Post. The pandemic temporarily closed the IRS and officers are now returning to work. They have been confronted with a massive backlog of returns. Americans got an extra three months this ...

More Than 1 in 3 Renters Did Not Pay July Rent on Time. Forbes. According to a report compiled by Apartment List, 1 out of 3 Americans missed either their rent or house bill payments in July. This alarming number comes at an unfortunate time. The CARES ACT has many important provision that ar...

Federal Aid Has so far Averted Personal Bankruptcies, but Trouble Looms. NY TIMES. The economic stimulus package passed in March to deal with the catastrophic economic fallout from Covid-19 has only temporarily saved Americans from the financial fallout. By mid-June the treasury department had i...

FORBES ARTICLE. A new bill is being introduced by House Democrats called the Covid-19 Student Loan Relief Act of 2020. The bill seeks to amend §523 of the bankruptcy code. 11 U.S.C §523 deals with which types of debts are dischargeable in a bankruptcy proceeding. Currently §523(a)(8) creates an ...

A New Small Business Bankruptcy Law Takes Effect, Just in Time. Chapter 11 bankruptcy is by far the most expensive to file. It has been prohibitively expensive for smaller firms in the past. Under the Small Business Reorganization Act, which passed in February of 2020, congress streamlined the p...

Red Storm Rising in the Municipal Market. Forbes published an interesting article yesterday. I have been wondering about the knock on effect of the coronavirus for months now. While the media and the stock market seem to be focusing on a supposed "V-shae recovery." The underlying economic funda...

If your company has been damaged due to the coronavirus reach out to the Smith Law Firm LLC to see if we can help you through these uncertain times.

https://www.economist.com/business/2020/07/04/how-chesapeake-energy-changed-the-world Shale Gas and Oil Companies are Claiming Bankruptcy. This will have a major effect on Wyoming's residents and budget. On June 28th, the darling of the shale gas industry, Chesapeake Energy filed for Chapter 1...