Three Major Events In Your Bankruptcy Case

Making the decision to file bankruptcy is a hard one, and it is even harder if you do not know what to expect. Having some idea of what is involved in filing a case can make it easier to decide if bankruptcy is the answer for you. From start to finish there are things that come up along the way, and when you are prepared for what is coming you can feel better about your decision and not worry about an unknown event.

Three major events that will take place in your bankruptcy case are:

•         Preparation: this phase of your case is the time where you will need to gather all of your income and debt information, and get it organized so it makes sense. Many times when people are in over their heads financially they let the bills pile up, without even knowing the balance or payment required. But when you prepare to file bankruptcy you will need to know what you owe, and going through that stack of bills is the best way to get accurate figures for your attorney. It is also a good idea to keep copies of the past 6 months of your paystubs, as well as a few years’ worth of tax returns. If you own your home, or own a car, you will need to take a copy of the deed to your house and all car titles to your attorney when you discuss your filing.

•         Filing: once you have all of your documents lined out, your attorney will enter the data on your petition and file your case. A short time after your case is filed you will be required to attend an initial meeting of creditors, referred to as the 341 meeting. The Trustee assigned to your case will be present, and a few of your lenders may also appear. The meeting is informal and is the time you will answer questions about your debts and what caused you to file bankruptcy. Your attorney will prepare you for this hearing, so you will be ready to give answers without being nervous.

•         Discharge: this is the goal of bankruptcy, and it is the entry in your case that means your debts are no longer due. In a Chapter 7 case the discharge is entered in about 3 to 6 months after filing, and in a Chapter 13 it can take up to 5 years.

We know it sounds like a lot to file bankruptcy, but the benefits are worth the work. And we don’t let you show up to Court without the information you need for a hearing, because we know how important it is to feel confident that the decision you made is the right decision. If you have more bills than you have money, call us to discuss how bankruptcy can help.

If you have more questions about bankruptcy, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.