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 » Tampa Bankruptcy Attorney Demystifies Chapter 7 and the Bankruptcy Trustee

Tampa Bankruptcy Attorney Demystifies Chapter 7 and the Bankruptcy Trustee

Tampa, Fla. – Most individuals try to get a Chapter 7 bankruptcy so they can forego monthly payments to a trustee. Chapter 7 bankruptcies wipe debts away and give individuals a fresh start while protecting their home and other assets.

No matter what, individuals must be ready for meeting with the trustee in bankruptcy court. Usually one month after the bankruptcy petition is filed an individual will meet with the bankruptcy trustee.

The trustee acts as a representative of an individual’s creditors and will ask a series of questions under oath to determine the individual’s financial situation, assets, and any other relevant questions. The St. Petersburg Times recently published an article stating the seriousness of a trustee’s role and the increase of hiding assets, fraud, perjury, and ineligibility.

All fingers point to individuals coming clean with their true financial situation and having legal representation up front to ensure their eligibility for Chapter 7 proceedings.

“Trustees are here to ensure the validity of your bankruptcy and an experienced lawyer can help an individual prepare documents, their presentation, and even how they dress to respect the courts,” said O. Reginald Osenton, president and lead Tampa bankruptcy attorney at Olivero Law

If certain assets are in existence, a trustee will collect or attempt to liquidate them as well as nonexempt property and give the proceeds to relevant creditors. A trustee can also object to discharge or exempt specific debts an individual has. Each trustee has their particular pet peeves and a good bankruptcy attorney will help a client create the best possible scenario for their bankruptcy proceedings. Keep in mind that the U.S. Bankruptcy Court in the Middle District of Florida is still teeming with bankruptcies, and the multitude of foreclosures that caused these predicaments too. The Middle District of Florida’s nine judges manage an estimated 7,500 bankruptcy cases and the total number is second only to Los Angeles.

“The bottom line is to be up front about your assets,” said Osenton, who has handled hundreds of bankruptcy cases successfully. “Your real diamond cannot be a cubic zirconia and your Scan Design couch cannot be a $70 hand-me-down. A good attorney will help you think of every asset possible and understand the hardships you are facing to make bankruptcy the most sensible option.”

Olivero Law has more than 20 years of experience in all facets of bankruptcy law from Chapter 7, 13, 11, foreclosure defense, and business bankruptcy. O. Reginald Osenton is also well versed in probate, estate and trust matters, business law, real estate, and taxation.

To learn more visit, http://www.brandonlawoffice.com.

Posted on Saturday, May 14th, 2011 at 1:00 am under News and Press.
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