What to Expect in Your Bankruptcy
Filing for bankruptcy does not have to be stressful. Hiring an experienced bankruptcy attorney can ensure that your path towards a fresh start is a smooth one.
Getting Started
The first step is to schedule a free initial consultation with one of our experienced bankruptcy attorneys. During the consultation, the attorney will listen to your story, addressing your questions and concerns regarding your financial distress. By the end of the consultation, you will find relief knowing your bankruptcy options for dealing with your debt, which are typically a Chapter 7 or Chapter 13 bankruptcy.
Attorney’s Fees and Filing Fee
In a Chapter 7 bankruptcy, the attorney’s fees and filing fee must be paid prior to drafting and filing your case. In a Chapter 13 bankruptcy, only a portion of the attorney’s fees and the full filing fee are due prior to filing your case. The majority of attorney’s fees are paid as a part of your Chapter 13 repayment plan. Our Accounts Manager will take the time to ensure that you understand the fees to be paid and the scope of our representation.
Financial Information and Documentation
In any bankruptcy, you are required to provide information pertaining to property you own, debts, income, and expenses. Typical information to provide includes pay stubs, bank account statements, and tax returns. Also, you will be required to complete a Credit Counseling Course within 180 days prior to filing. Once all requested information has been received, the bankruptcy paperwork can be drafted and reviewed with your bankruptcy attorney.
Case Filed
After you sit down with your bankruptcy attorney to review and sign the paperwork, you are ready to file your bankruptcy. Once filed, your creditors receive notice and the bankruptcy laws prohibit them from contacting you or otherwise attempting to collect a debt. You will have to appear one time at court for the First Meeting of Creditors. The bankruptcy trustee, who is assigned to oversee your case, conducts the meeting. We support you to answer the trustee’s questions regarding the documents that we will have reviewed prior to filing.
The Discharge Eliminates Your Debt
At the end of your case, the goal is to discharge or eliminate as much debt as possible. Some debts cannot be discharged, including student loans, some tax debts, and domestic support obligations (child support and alimony). In a Chapter 7, the court typically discharges your debt approximately three months after you file. In a Chapter 13, the discharge is entered once you make the final payment of your 3 to 5 year plan.