The Bankruptcy Process
What is the bankruptcy process?
The bankruptcy process is a process that helps you to stop creditor harassment and collections. It stops foreclosures, wage garnishments, bank account levies. It can help wipe out debt or repay your debt on a three to five year plan.
For a free 1/2 hour consultation with our expert bankruptcy attorneys Contact Christie Lee Law Office today about recent bankruptcy filings or give us a phone call 209-910-5291
What types of bankruptcy, does the bankruptcy process offer?
The bankruptcy process offers many types of bankruptcy. The types are: Chapter 7, 11, 12, 13. Chapter 7 and Chapter 13 are the most common bankruptcies. Learn more about Chapter 7. The main causes of chapter 7 bankruptcy are credit debt, unexpected expenses, and income reduction. Chapter 13 is a reorganization program. Learn more about Learn more about Chapter 13.
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The Bankruptcy Process – What You Can Expect
The initial stage of the bankruptcy process is much the same, whether you are filing for Chapter 7 or Chapter 13 bankruptcy. When you come to our office, you will need to bring the following financial information:
- A list of sources, amounts and frequency of income
- A list of property and assets (bank accounts, car, home and other property)
- A list of creditors and the amount and nature of debts (It is extremely important that you include information about ALL debts. If you fail to include a debt in a bankruptcy filing, that creditor can continue to seek money from you.)
- A detailed list of monthly living expenses (food, clothing, shelter, utilities, taxes, transportation and medicine)
Bankruptcy attorney Christie Lee will review your financial information and advise you on the type of bankruptcy for which you will qualify — Chapter 7 or Chapter 13. She will explain any additional financial liabilities you may face and any potential tax consequences so you can make an informed decision about how to proceed.
Within 180 days prior to filing, you must have received credit counseling/financial management training from an approved credit counseling agency. You need a certificate to show that it was completed. You will also need to pay filing fees.
A bankruptcy petition along with a number of financial documents with the court including documentation of income you’ve received in the previous 6 months will be filed in the local court where you live. Once the bankruptcy petition is filed, it automatically stays (stops) most collection activities.
Chapter 7 Bankruptcy : The bankruptcy clerk will send a notice of the bankruptcy case to all the creditors you have identified. If a creditor wants to object to the bankruptcy, he or she will file a complaint in the bankruptcy court and a meeting will be held, called an “adversary proceeding.”
Between 21 and 40 days after the petition is filed, the bankruptcy trustee will hold a meeting of creditors. During this meeting, the trustee and creditors will ask questions. The debtor must attend the meeting. Within 14 days of the creditors’ meeting, the trustee will report to the court whether the bankruptcy should be approved. If there are assets that are not exempt property — and often there are none — the trustee takes those assets, sells them and distributes the profits to creditors.
The bankruptcy court will then issue a discharge order 60 to 90 days after the date first set for the meeting of creditors.
Chapter 13 Bankruptcy : If you are filing for Chapter 13 bankruptcy protection, you can usually keep your possessions and make payments to creditors through the bankruptcy trustee. There will be a confirmation hearing during which the court will approve or disapprove your repayment plan. You must complete all payments under the plan before your debt can be discharged.
Creditors can object to confirmation of the repayment plan, but they cannot object to the discharge of your remaining debt if you have completed making payments according to your plan. The discharge of your remaining debt will be complete within three to five years of when you complete your plan.
How to lean more about the bankruptcy process?
Learn more about the bankruptcy process :
Orange county bankruptcy.
Cheap bankruptcy lawyers.
Local bankruptcy lawyers.
Want to find out more about the bankruptcy process?
We give 1/2 hour free consultations – flexible scheduling
If you would like a free 1/2 hour consultation with our expert bankruptcy lawyer Contact Christie Lee Law Office today or give us a phone call 209-910-5291. Our office is conveniently located and open, 8:00am to 6:00pm. If you would like a weekend appointment, simply call and set one up. We are flexible with our schedule and most importantly want to get your problems resolved.
We have years of experience helping people file for bankruptcy under the US Federal Bankruptcy Law.