Liquidating sale down side to consolidating bills
I created this guide for people who cannot for whatever reason, find an Estate Sales Company to stage an Estate Sale for them.
I did this because I became very concerned that too many people were making costly mistakes – selling off their Grandparents heirlooms and such, for way too little.
All across this great country, and on just about any weekend, rain or shine, someone is staging or conducting an Estate Sale.
Liquidating sale video
When and how are creditors paid by the Panel Trustee? Upon filing of the bankruptcy petition, the debtor turns over all non-exempt property to the court-appointed bankruptcy trustee, who then converts the property to cash to make a distribution to creditors.
Why are Panel Trustees necessary for the Bankruptcy System? Chapter 7 bankruptcy is a liquidation legal proceeding.
The debtor is required to attend a Section 341 hearing which is commonly called the first meeting of the creditors. Creditors of the debtor are allowed the opportunity to ask questions of the debtor regarding the statements and schedules filed by the debtor with the Court.
The bankruptcy trustee presides at this hearing and the debtor is required to answer specific questions outlined in the U. Usually after 60 days from the date of the 341 hearing the debtor will receive a discharge which effectively "wipes out" all dischargeable debts.
The debtor may not have been granted a Chapter 7 discharge within the previous 6 years.
The debtor must not have had a previous bankruptcy dismissed for cause within the last 180 days.So that you can better understand the challenges you’ll face if you decide to stage your own estate sale I wrote this Simple 10 Step Estate Sales Guide to conducting your own Estate Sale.This is a simplified version of the expanded estate sales guide that you can find in Chapter 10 of my book “Liquidating an Estate.” Hire a Professional Estate Sales Company Or Do It Yourself?The interim trustee serves until a permanent trustee is elected or designated at the Section 341 hearing.If a trustee is not elected or designated at the Section 341 hearing, the interim trustee will then serve as the permanent trustee.The Panel Trustee is required to be independent and works primarily for the benefit of the debtor's unsecured creditors. Department of Justice) to administer bankruptcy cases under chapter 7 of the U. Each Panel Trustee must pass a FBI background check and is required to post a bond in each case that he/she is appointed.