Thursday, September 22, 2016

I’ve Decided To File Bankruptcy, What Comes Next?

Making the decision to file bankruptcy is not one that most people arrive at without serious thought. But if you are considering bankruptcy as a way to get out from overly burdensome debt, you are also likely to be experiencing unwanted stress due to your finances. The mix of emotions that goes along with being unable to meet all of your monthly obligations and deciding to pursue legal remedies that are probably outside of your comfort level can leave you wondering just what it means to seek the relief bankruptcy has to offer. While you may have heard that you can file bankruptcy and walk away from your debts, there is a lot more to it than what first meets the eye. So, if you are set on filing bankruptcy, the best next step to take includes learning all you can about what to expect; from a qualified bankruptcy attorney.

The thought of filing bankruptcy is understandably intimidating, and here is a quick synopsis of the next steps:

         Gathering your monthly debts and income, and talking over your options with an attorney.

         Learning about the different types of cases from a knowledgeable attorney, and finding out what type of case will work best for you.

         Understanding your options, and reviewing the paperwork your attorney prepares for filing. Once you are satisfied with the documents, and can assure your attorney that the information is complete and accurate, you are ready to file. Your attorney will file the case for you, and provide you with the case number in case your lenders ask the details of your case.

         Shortly after filing you will appear in court for an initial meeting, this meeting is referred to as the 341 meeting and it is the time your creditors can come and ask you your intentions regarding their debt. You will need to be prepared to advise your lenders if you will be keeping the collateral that is security for their loan, and if so what your repayment plan for that debt includes.

         Depending on the chapter of case you qualify to file, you can expect to receive a discharge in about 90 days or up to five years. The discharge is the official entry by the Court that your debts are no longer due, and is the goal of filing.

The time it takes to get a discharge varies, depending on the chapter of case you file. With a chapter 7, the typical timeframe is about 90 days. With a Chapter 13 however, you have up to five years to complete a plan of repayment and the discharge is not entered until the plan is fully performed.

For more information about how bankruptcy can help you, call us today or reach us online at We will help by coming up with solutions that work for you and have multiple locations for more convenient one on one office visits.

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