The Process of Filing a Bankruptcy Case

The decision to file a bankruptcy case is not an easy one.  If you are contemplating a case, it is no doubt a stressful time in your life. It is important you seek an attorney to guide you through the process and ensure you get the fresh start you deserve.

What to expect:

Initial consultation: In your free initial consultation, we will thoroughly review your financial situation together. Once I have a clear picture of your assets, debts, special considerations and objectives, I can recommend an appropriate course of action. We will review Chapter 7 and Chapter 13 eligibility requirements, including the means test analysis.

Preparing your bankruptcy case: Once I have all necessary financial information — previous tax returns, pay stubs from the last six months, bills or creditor statements, asset inventory and other critical information, I can prepare your Chapter 7 bankruptcy petition and supporting schedules, including a schedule of debts and a schedule of exempt assets (assets that cannot be liquidated or sold). If filing a Chapter 13 bankruptcy, this information would be used to determine the plan payments that would be necessary to be paid to the Chapter 13 Trustee in order to receive an Order of Discharge upon the completion of the payments. We will work together to establish a manageable debt reorganization/repayment plan proposal that will be presented to the court.

Filing the Chapter 7 bankruptcy petition: In a Chapter 7 bankruptcy, once your bankruptcy petition is filed with the court, the court will schedule a meeting with your creditors and bankruptcy trustee. The bankruptcy trustee will have opportunity to ask you questions about your income, assets and debts. The goal is to have a properly prepared petition so that the hardest questions are your name, address and whether you owe child support. If there are no objections within a specific time limit, the court will enter an Order of Discharge. The process of filing a Chapter 7 bankruptcy, from filing to discharge, usually takes about four-and-a-half months.

Filing the Chapter 13 bankruptcy petition: In a Chapter 13 bankruptcy, your bankruptcy petition and proposed repayment plan are reviewed by the bankruptcy trustee, the judge and any interested creditors to determine if the repayment plan is realistically achievable and fair. Your plan payments begin with your first pay day after the filing of the Chapter 13 petition and continue until successful completion of your case, which is three to five years, at which time the Bankruptcy Court enters an Order of Discharge.