When a Chapter 7 bankruptcy petition is filed, an impartial trustee is appointed to review the petition and oversee the affairs of the debtor in bankruptcy. The trustee is generally an attorney or someone knowledgeable with the bankruptcy laws, exemptions, and the courts. The trustee will conduct a meeting of creditors, usually within 30 – 45 days after the date of filing.
The debtor must appear at the creditor’s meeting and must be sworn in to answer questions under oath. Creditors may also ask questions. The questions are about the accuracy of the petition, and may include questions about the debtor’s assets. The trustee also inquires to ensure the debtor understands the nature of bankruptcy and potential consequences. The debtor needs to bring a picture ID and a Social Security number card for review.
Some of the questions may include the following:
- 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?
- Are you personally familiar with the information contained in the petition, schedules,
statements and related documents? To the best of your knowledge, is the information
contained in the petition, schedules, statements, and related documents true and correct?
Are there any errors or omissions to bring to my attention at this time?
- Are all of your assets identified on the schedules? Have you listed all of your creditors
on the schedules?
- Have you previously filed bankruptcy? (If so, the trustee must obtain the case number
and the discharge information to determine the debtor(s) discharge eligibility.)
- What is the address of your current employer?
- Is the copy of the tax return you provided a true copy of the most recent tax return you filed?
- Do you have a domestic support obligation? To whom? Please provide to me the
claimant’s address and telephone number, but do not state it on the record.
- Have you read the Bankruptcy Information Sheet provided by the United States Trustee?
- Do you own or have any interest whatsoever in any real estate?
- 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?
- Does anyone hold property belonging to you? If yes: Who holds the property and what is it? What is its value?
- 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?
- Does anyone owe you money
- Were federal income tax returns filed on a timely basis?
About the Author:
Mike Hall is an attorney at the Idaho Business Law Group, PLLC, located in Meridian, Idaho. You can find him at idahobusinesslawgroup.com, email at mike@idahoblg.com.
Wednesday, November 18, 2009
Friday, November 6, 2009
Idaho Contractor Registration Act
In an effort to crack down on dishonest, unscrupulous and incompetent contractors, the Idaho legislature enacted into law the “Idaho Contractor Registration Act.” The Act makes it unlawful for contractors to engage in the business, or to hold oneself out as, a contractor without registering with the Bureau of Occupational licenses post January 1, 2006.
The Act defines “contractor” and “construction” very broadly, however, it does not require registration by other professionals that must otherwise be licensed or regulated by the state such as electricians, plumbers and the like. Moreover, the Act has a laundry list of exemptions such as minor projects in which the aggregate amount of labor and materials is less than $2,000.00 or a home owner performing work on their own property that does not have the intention of flipping the property for profit within 12 months of completion of the project. For a complete list of exemptions, see Idaho Code § 54-5205.
Failure to comply with the Act bars a contractor from filing any action in any court of Idaho to recover compensation for work rendered and is also denied lien rights otherwise afforded a contractor for the improvement of real property. It is also considered a misdemeanor if one is found in violation of the Act, subjecting a guilty party up to $1,000.00 in fines and possibly up to six months in jail.
For the obvious reasons stated above, it is imperative for contractors to register under the Act or they may quickly find themselves in the unfortunate position of providing free labor and materials. I have personally seen this happen before; where the work and materials were provided, but because the contractor failed to register, they were left with no viable legal action to receive compensation for their labors.
About the Author:
Chad E. Bernards is an attorney at the Idaho Business Law Group, PLLC, located in Meridian, Idaho. You can find him at idahobusinesslawgroup.com, email at chad@idahoblg.com.
The Act defines “contractor” and “construction” very broadly, however, it does not require registration by other professionals that must otherwise be licensed or regulated by the state such as electricians, plumbers and the like. Moreover, the Act has a laundry list of exemptions such as minor projects in which the aggregate amount of labor and materials is less than $2,000.00 or a home owner performing work on their own property that does not have the intention of flipping the property for profit within 12 months of completion of the project. For a complete list of exemptions, see Idaho Code § 54-5205.
Failure to comply with the Act bars a contractor from filing any action in any court of Idaho to recover compensation for work rendered and is also denied lien rights otherwise afforded a contractor for the improvement of real property. It is also considered a misdemeanor if one is found in violation of the Act, subjecting a guilty party up to $1,000.00 in fines and possibly up to six months in jail.
For the obvious reasons stated above, it is imperative for contractors to register under the Act or they may quickly find themselves in the unfortunate position of providing free labor and materials. I have personally seen this happen before; where the work and materials were provided, but because the contractor failed to register, they were left with no viable legal action to receive compensation for their labors.
About the Author:
Chad E. Bernards is an attorney at the Idaho Business Law Group, PLLC, located in Meridian, Idaho. You can find him at idahobusinesslawgroup.com, email at chad@idahoblg.com.
Subscribe to:
Posts (Atom)
