Now that you have decided to file for bankruptcy you are likely wondering what you can expect next. You have taken the right step of choosing an experienced bankruptcy attorney. I am here to help guide you through the bankruptcy process. In this blog, I will give you a look at what happens once you have filed for bankruptcy.
Keep reading to learn about what you can expect after filing for bankruptcy.
After you have reviewed and signed your bankruptcy petition and supporting schedules I will file your documents with the local bankruptcy court.
Upon the filing of your case, you will also be issued a bankruptcy case number, a bankruptcy trustee will be assigned to your case, and a letter will go out to all of your creditors that you have filed for bankruptcy. An automatic stay will go into effect, stopping creditors from attempting to collect on a debt. In addition, any wage garnishments and foreclosure actions on your home will be stopped.
Before your required meeting of creditors, I will send the trustee assigned to your case your last filed tax return, last 60 days of paystubs, and last 3 months of bank history. The meeting of creditors is held in about 30-45 days after your case is filed.
At the meeting of creditors, the trustee will ask you basic questions about your bankruptcy petition and financial circumstances. Creditors can show up at the meeting, but they rarely do. This meeting will typically take about 5 minutes. If you have ever been to court before, you know that there are a number of cases on the docket. You do not know the order in which your meeting will be, so you should expect to be at court for about an hour.
You will need to complete a required financial management class. This should be done as soon as possible after your case is filed.
Creditors or the US Trustee have 60 days after the trustee meeting to object to your bankruptcy discharge. This rarely happens. The discharge will be issued in 90 days after your case was filed. Once this happens, a bankruptcy judge signs an order stating that your debt has been forgiven if the debt is of a type that is dischargeable. In a Chapter 13 case you will have a 3-5 year repayment plan so the discharge would happen once the plan is completed.
Hopefully this blog has given you a better understanding of what to expect after filing for bankruptcy. I am here to help guide you through the entire bankruptcy process. Contact my office today if you have any questions about filing for bankruptcy. Remember, there is life after bankruptcy and it starts here!