The Bankruptcy Process: How It Works & How To Navigate It
How does the Bankruptcy process work?
The process has several steps that must be completed fully and correctly if you hope to have a successful opportunity to get the benefits of bankruptcy. The first step in filing for bankruptcy includes filing an accurate bankruptcy petition, schedules, and Means Test. If you fail to disclose any of your assets, this can result in a denial, a delay or other serious legal bankruptcy issues. We assist our clients in all aspects of filing for bankruptcy, and will help you prepare your case with full disclosure and accuracy to avoid the pitfalls that many experience who attempt it on their own.
Moving Through the Bankruptcy Process
After an experienced, bankruptcy attorney has reviewed your income, it will be determined if you are eligible to file Chapter 7, or Chapter 13 bankruptcy. These forms of bankruptcy allow for significant relief from financial stress, whichever one is allowable in your case. After the petition is filed, in 30 – 40 days there will be a court appearance, called “First Meeting of Creditors.” This is usually a short meeting and creditors rarely appear, although they may and can ask questions of you at that time. Our firm will be with you at this meeting and will represent you in all aspects of this hearing. This will likely be your only necessary appearance in bankruptcy court.
Usually the process moves forward to the next phase: discharge of debt. This ordinarily takes place within 60 to 90 days of the creditor meeting. At this point, in Chapter 7, your debt will be discharged. After discharge, a bankruptcy case will close once the Trustee assigned to the case has finished their liquidation and administration of the case.
Contact a Phoenix bankruptcy lawyer for information about the bankruptcy process and your personal financial situation. Call 800-BANKRUPT now!