What Is The Process Of Bankruptcy Like?

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Well, I always think of it as two parts. There is a process of coming in for a consultation and going from your consultation till the day that you actually file it. Now then there is a second part from when you file it just going through the court’s procedures. Most of the work on the client and the attorney’s side is really done in that first section. you know going to a consultation with a bankruptcy attorney and figuring out should you file in the first place if you should what chapter do you qualify to file for and then of course which chapter is going to put you in a position you want to be in at the end of the day.

Once you’ve got all of that sorted out you will know exactly what the fees are going to be associated with the bankruptcy filing. There should only be two. There should be the attorney’s fees and then there should be the court’s filing fee. Then you will also have a list of documentation that you’ll need to gather. When you file a bankruptcy, what you really doing is you are filing, if it is a chapter 7 a bankruptcy petition. If it’s a chapter 13 it is a bankruptcy petition plus a bankruptcy plan. So they’re not light documents. Most of them can run anywhere let’s say 55 to 75 pages long it sort of depends on the amount of assets and how long the creditor lists get but that’s all drafted based on information that the client is able to gather in and bring to us. In real broad strokes again, generally we are talking about being able to document the household’s income for the 6 months prior to filing so some cases that’s going to mean getting 6 months worth of paystubs together which is something payroll department usually prints for folks, two years of taxes – federal and state for a chapter 7 and 3 years of the same for chapter 13.

Then of course,we need to get the information together on the creditors. You know there is several ways to do it. I like to use the approach where we compare stacks of the client’s bills to credit reports because if you pull 3 different credit reports, unfortunately, you get three different stories about what your credits look like. And there are some creditors who just simply don’t report to the bureaus or may be the debt isn’t old enough to gotten that far. So, if you take sort of a shot gun approach to it, where you are generating a stack of all of the nasty mail they’ve sent you over the last couple of years and then comparing that to the creditors, you can get a fairly accurate list on that.

To continue reading the answer, see the text below or jump to another question using the links below:

  1. How Do You Know If You Qualify For A Bankruptcy?
  2. What Is Unsecured Debt?
  3. What Is The Process Of Bankruptcy Like?
  4. Can A Chapter 13 Be Converted To A Chapter 7?
  5. What Is the Process Of Bankruptcy Like – Part 2
  6. When Is The Best Time To File?
  7. How Can I Rebuild Credit After A Chapter 13?
  8. Can A Chapter 13 Be Amended?
  9. Can Filing Bankruptcy Prevent An Increase In Out Of Court Settlement?
  10. Is There Any Way To File Bankruptcy And Keep My Car Or My House?
  11. Will People From The Bankruptcy Court Send Someone To My House To Look At My Stuff?


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