What To Expect During the Bankruptcy Process
Bankruptcy is a process that takes several months to complete. Because it helps to know what to expect, an outline of the bankruptcy process is available below.
If you are thinking about filing for bankruptcy, the law firm of Sheryl A. Shoebottom, PLLC, can provide the experienced, affordable representation you deserve. Call 888-343-9145 today or contact the firm online to schedule a free initial consultation with attorney Sheryl A. Shoebottom in Southfield, Michigan.
The Bankruptcy Process
- Meeting With Counsel. Before anything else, you will need to meet with a lawyer to find out if bankruptcy is the right solution for you. Do you meet the eligibility requirements? Which fits your situation best — Chapter 7 or Chapter 13 bankruptcy? Are there alternatives to bankruptcy that might make more sense for your situation?
- Reviewing Documents. Your attorney will carefully review the documents related to your assets, your debts, your income and other parts of your financial situation.
- Compiling Documents. Your lawyer will distill the information from your financial documents into a bankruptcy petition that the court can process and review.
- Filing the Petition. Bankruptcy petitions are filed electronically with the court. When you file the petition, it initiates the process with the court and sets certain timelines into place.
- Contacting the Trustee. The bankruptcy trustee has the power to approve or deny your bankruptcy. Your lawyer should contact him or her to make sure that all necessary documents were received.
- Meeting With Creditors. 20-30 days after your petition is filed, the bankruptcy trustee will hold a meeting with your creditors, and the trustee will have the right to protest your bankruptcy and ask you questions. (Often, creditors don't show up to the meeting). For Chapter 7 bankruptcy, your petition will either be approved or denied at this meeting.
- Confirmation Hearing (Chapter 13 Bankruptcy Only). If your creditors or the trustee find any problems with your petition, you will need to have those problems resolved during the confirmation hearing. If there are no problems, a confirmation hearing is not required.
- Debt Discharge. Roughly 90 days after you file Chapter 7 bankruptcy, your debt will be discharged, unless you creditors come forward with new objections. With chapter 13 bankruptcy, your debt repayment plan will go into effect. If any debt remains after 36-60 months of following this plan, that debt will be discharged.
For a free consultation at the law firm of Sheryl A. Shoebottom, PLLC, call 888-343-9145 or contact the firm online.
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