Whether you file for Chapter 7 or Chapter 13 bankruptcy, there are some basic steps for the process. A bankruptcy attorney Doan Lawyers can help you manage the process and ensure that you fulfill all of the legal requirements for each stage. A bankruptcy lawyer will take the time to review your case file to ensure its accuracy and that you have filed all required documents with the bankruptcy court.
Here are the five necessary steps that you should know are required for a successful discharge of debt under bankruptcy.
1. File for bankruptcy in the appropriate courthouse.
First, you will need to file the appropriate documents required for bankruptcy in the right courthouse. A bankruptcy lawyer can help you figure out the appropriate jurisdiction for your bankruptcy filing. You will need to compile all of the schedules that are requested by the judge to prove your financial status. The judge will review the schedules to ensure that you are now misleading the court in regards to your income, assets and debts. You should be aware that it is critical for you to be completely honest in putting forth your financial information on the schedules. If the court finds that you are lying on your schedules, then you could be charged with perjury.
2. Attend the 341 Meeting of the Creditors.
About 30 days after the filing of your case, you will need to attend the 341 Meeting of the Creditors. The purpose of this meeting is for the judge to ask you certain questions about your schedules. Usually, the judge just wants to clarify that the information on your schedules is correct. A debtor’s creditors rarely show up at the meeting. The judge usually only questions a debtor for about 10 minutes. Some debtors are nervous about attending this meeting, but there is truly no reason for one to be nervous about it.
3. Obtain the automatic stay to prevent further collections.
After the judge has had a chance to review your case, he or she will issue the automatic stay. The automatic stay acts as an injunction to prevent your creditors from calling you or attempting to collect on past debts. The automatic stay protects the debtor. You will be able to focus on regaining control over your finances without the harassing phone calls of creditors.
4. Attend a financial management class that is approved by the court.
The next step after the 341 meeting is to attend a financial management course. You should make sure that the course has been approved by the court. The financial management course is very non-intensive. The course usually takes only a half hour to an hour to complete. You may also be eligible to fulfill this course by enrolling in an online course.
5. Obtain the final discharge of your debts.
The final step of bankruptcy is for the judge to enter the discharge of your debts. If the judge is satisfied with the information that has been presented, he or she will enter the final discharge of debts.These are the five most critical stages of bankruptcy. If you feel like you need to regain control over your financial future, then call a bankruptcy lawyer for immediate assistance today.