The Process

Information Gathering

The first phase of the process is to first determine whether bankruptcy is right for you. If so, we will give you enough information so you can make an educated decision regarding which chapter to file under. We’re going to look at your unique financial situation and advise you in a way that will simply your decision.

Chapter 7

The typical Chapter 7 bankruptcy process takes about 4 to 6 months from the date a petition is filed to the time of discharge. But before the petition is filed, you must complete a credit counseling course required under the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act. You will also need to collect your two most recently federal and state tax returns, several months of bank statements and pay stubs or income statements if you are self employed. We will then be able to prepare your petition and then review it with you before signing and filing with the court. Within four to six weeks after filing the petition, we will attend a meeting of the creditors at the courthouse. This is an informal meeting with the trustee where he or she has the opportunity to ask questions about information in the petition and schedules. Creditors are allowed to ask questions as well, however they rarely attend the meeting. After the meeting of creditors is concluded, there is a waiting period of a couple months where creditors are allowed to contest the discharge. During that period, you are required to complete a post-filing debtor education course in order to qualify for a discharge. If no creditors contest and your education course is completed and filed with the course, a discharge is granted and the case is closed.

Chapter 13

The Chapter 13 bankruptcy process is longer than that of Chapter 7, but a discharge of most if not all unsecured debt is still possible. The process is the same as a Chapter 7 up through the meeting of the creditors. Within about a month after the meeting of the creditors, we seek confirmation of the reorganization plan in the Bankruptcy Court. This is where we seek the court’s approval of the plan. After confirmation, you will make a monthly payment to the Chapter 13 trustee by the 25th of the month for three to five years. At the end of the plan, we will file a request of the court to discharge your remaining debts that existed at the time of filing the petition.  Call now!  559-495-1529