About the Bankruptcy Process

Bankruptcy Attorney

How does the bankruptcy process work? Each bankruptcy filing moves forward in a specific series of steps, with a projected amount of time before the process completes and your debts are discharged. As soon as the bankruptcy petition is filed, all collection actions are put on an "automatic stay" - you will no longer be receiving any calls, letters or demands for payment during the period of the automatic stay. This one change is the beginning of a fresh start, and the relief most clients feel is the first most dramatic benefit of filing for bankruptcy. In 2005, the federal bankruptcy laws were changed, and have more requirements in filing for bankruptcy than in previous years. With the assistance of a bankruptcy lawyer, all of the documentation and other requirement can be correctly filed on your behalf, and our attorney will guide you through the steps, including attending bankruptcy court with you.

How does the bankruptcy process work?

The timeline of the process is as follows:

• Meet with an attorney to review your financial situation if you require skilled assistance in filing (strongly recommended - the process is complex);
• Get credit counseling (required) - this can be done online;
• Take the "means test" - we assist you with filling this out accurately;
• Our attorney will prepare and file your petition and other legal documents required, including the schedules and Statement of Financial Affairs;
• In about a month's time, a creditor meeting will be held with the Trustee (creditors rarely attend);
• A 60 day waiting period for creditors to dispute the discharge of their debt (this rarely occurs);
• A financial management course is required before your debts are finally discharged;
• You receive a notice of discharge of the debts that were listed on your bankruptcy filing;
• The entire process takes approximately 4 - 5 months in most cases.

If you are considering filing for bankruptcy, it is crucial that you get your case reviewed. Our legal team offers a free bankruptcy evaluation to give you the opportunity to determine whether you are qualified to file bankruptcy and to advise you how the process will work in your case.

Contact a Bankruptcy Lawyer to get more information about the bankruptcy process, and to get a free bankruptcy evaluation.