Bankruptcy    

Bankruptcy is very daunting because there are numerous chapters and selecting the correct one will determine what you can keep or control, so you should not have to face this alone. Whether

you are looking at Chapter 7 (liquidation) or Chapter 13 (repayment) bankruptcy, our firm can help you during this stressful time in your life.

If you were to file a Chapter 7 bankruptcy petition, you may be under the misconception that you can sit back, relax and wait for your discharge. Unfortunately, this is a misnomer that occurs far too often. There are certain steps one must take after filing the petition to receive his, her or its discharge.

First, you must attend the Meeting of Creditors (also known as the 341a Hearing). This is a short administrative hearing, usually lasting no longer than 5 minutes. Once your bankruptcy petition is filed, your attorney will notify you of the date and time for your Creditors Meeting. Your attendance at this meeting is mandatory. The Meeting covers basic questions concerning the information set forth in your bankruptcy petition. The Trustee will quickly review your assets, debts, monthly income and expenses, as well as any unique issues pertaining to your petition. While your attorney cannot speak on your behalf at the Meeting, he or she will be with you at the meeting.

Second, you will need to complete the second half of the Financial Management Course. Like the Credit Counseling Course, this Course is mandatory and must be completed within 45 days of the Meeting, or you run the risk of your case being dismissed.

You do not have to wait until the completion of your Meeting to take the Financial Management Course. This Course may be taken any time following the filing of your bankruptcy petition. For convenience, you may utilize the same service you used when taking the Credit Counseling Course. Your attorney will provide you with your bankruptcy number which you will need to complete this Course. Upon completion of the Course, a certificate will be forwarded to your attorney. It is always a good idea to call your attorney within the next day or so to ensure that he or she has received your certificate.

Order of Discharge

Typically, within 45 to 60 days after your Meeting, the Bankruptcy Court will issue an order of discharge. This time frame is mandatory as creditors are permitted a short period of time wherein they can file an objection to your discharge, or ask the Bankruptcy Court to exempt certain debts from the discharge. Even though exemptions to creditors are only granted on rare occasions, the time frame is mandatory for everyone.

The time frame set forth above is for “no asset” cases. If the Trustee is liquidating assets, your case may not close as quickly. Other factors may delay the issuance of your order of discharge, which include, but are not limited to, complaints filed by creditors, objections by the US Trustee or creditors, or requests for additional information if there is something unusual about your case.

For these reasons, your attorney will request that you gather an abundance of information. While it may seem overwhelming to obtain all the requested documentation, it is helpful to the attorney. The more information your attorney has, the better he or she may properly predict how your case

will most likely proceed through the bankruptcy process, warn you of any potential issues which may arise, and otherwise get you through this overwhelming process with ease.

Contact us today to speak to representative. Find out if filing for bankruptcy is the correct debt relief option for you.