You will need to talk to your bankruptcy attorney about your options and discuss which chapter may be right for you. The choice is dependent on whether you can exempt all of your assets, if you need to keep a home, if you are behind on your mortgage, and if you have tax debt that you want to repay through your bankruptcy. Some other debts can also be repaid in Chapter 13, including restitution obligations and criminal fines. This also applies to fraud or misrepresentation debts; these can be repaid in chapter 13. If you have incurred debt within the last few months and cannot pay it, Chapter 13 may be right for you. The critical factor in the choice is your discussion with your bankruptcy attorney.
What Should I Expect To Happen Once I Have Filed For Bankruptcy?
Once you file for bankruptcy, you’ll get a docket number from the Bankruptcy Court and a meeting date with your bankruptcy trustee, typically about five weeks later. Creditors will stop calling, but they may not stop calling right away. They need to get that notice from the bankruptcy court, and that may take a few days. During that time, your attorney may suggest that you answer their phone, provide the docket number and provide your bankruptcy attorney’s name and phone number. That is going to assist you in getting those creditor calls stopped. You also will start preparing for your trustee’s meeting with your bankruptcy attorney. In addition, after you file for bankruptcy, it is essential not to forget the required course called Debtor Education.
How Long After Filing Bankruptcy Are The Creditors Going To Stop Calling Me?
The rule under bankruptcy is that an automatic stay goes into effect immediately upon filing. As a practical matter, it may take creditors a few days to get those notices that you have filed bankruptcy, even up to a week or two. So, suppose a creditor is continuing to call you, answer their call, and give them the docket number and your bankruptcy attorney’s information. That action will immediately stop them from calling.
When Do I Have To Complete The Pre-Bankruptcy Credit Counseling Course? If I Don’t Get It Done, Will It Hold Up My Case?
It will hold up your case if you don’t get the pre-bankruptcy credit counseling course done. Once you contact your bankruptcy attorney and decide to move forward, get that course done right away. Go online or do the course by phone. It typically takes an hour and a half to get the course done.
Walk Me Through A Brief Timeline Of What Happens In Chapter 7 Bankruptcy?
Chapter 7’s timeline encompasses a six-month process. The initial date is your bankruptcy filing date, and once your bankruptcy is filed, you get a docket number. The next thing that will happen is your trustee meeting, which will be about five weeks later. Once that meeting occurs, your creditors have 60 days from the meeting date to object to discharge. After the objection period expires the discharge is entered and your case can be closed.
When Will I Have A 341 Meeting Of Creditors In Chapter 7? What Does That Mean?
The 341 meeting is section 341 of the Bankruptcy Code, which provides for the creditor’s meeting. This means that you and your attorney will be meeting with your trustee. You should expect to be prepared for that meeting by your bankruptcy attorney. I send my clients the list of the potential questions for the meeting to my clients, then do a roleplay with them before the meeting. I go over those questions, and make sure that they understand to answer yes or no if at all possible. They should have a copy of their bankruptcy petition printed out and in front of them. Be familiar with your documents. It is not for your attorney to answer those questions. It is meant for you as the debtor in bankruptcy to answer those questions.
It is best if you are prepared to answer each of those questions to provide information to the trustee in a direct way without going into a long story about your past. If there are any thoughts or issues that you may have after the filing you should bring them up in advance at your trustee’s meeting. I also talk to my clients about reviewing mock trustee meetings on YouTube. YouTube has some outstanding mock meetings. A good Trustee meeting should be less than 10-15 minutes long.
For more information on Filing A Chapter 7 Bankruptcy, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (240) 539-9393 today.