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The Bankruptcy Process
July 22nd, 2007 by Shenron
Filing for bankruptcy can be disheartening because in a way you will be admitting to failure and whatever you have worked hard for, for many years might be lost. However, what needs to be done should be done. You may have fallen at this time but it doesn’t mean you can’t rise up again. Here are a few tips on how to proceed with bankruptcy declaration:
- Make sure that you have gone over all the other alternatives. Bankruptcy should not be taken as an immediate solution but as a last resort. If all the other options proved unsatisfactory to you, then proceed. Besides, if your credit is in a really bad shape, bankruptcy is a way for you to start afresh.
- You may file for bankruptcy without the aid of a lawyer but it is a wise decision to obtain the services of one. Ask family members, friends and colleagues if they know a trustworthy lawyer who has an extensive experience on bankruptcy proceedings. If you choose a large law firm to represent you, most probably you’ll be dealing with a paralegal rather than a lawyer. It is always preferable if you can have direct contact with a lawyer.
- Meet with your lawyer and present to him all your bills, bank statements, copies of mortgages and loans, and tax payments. This will help you both determine if you’re going to file a Chapter 7 or a Chapter 13 bankruptcy. Don’t hesitate to ask questions from your lawyer. All your legal inquires must be answered before you make your final decision. Even questions about the cost of his services should be addressed as early as possible. It is also important that you trust your lawyer and you feel comfortable discussing your financial issues with him. Remember that you’ll be working with each other for some time.
- Once bankruptcy has been filed, automatic stay goes into effect and you should refer all your creditors to your lawyer. He will answer all inquiries from them. Remember that when creditors still contact you even after automatic stay has been enforced, you should inform your lawyer as damages could be assessed against them.
- When you filed a Chapter 7 bankruptcy, a trustee is assigned to your case. This person represents the interests of the U.S. Bankruptcy Court and they should ensure that your bankruptcy petition has been answered truthfully and that you fully understood what you have signed. The trustees are also responsible to collect and sell your assets (that which the court allows) and distributes the proceeds to your creditors.
- After your lawyer has submitted the petition, you will be scheduled to attend a meeting of creditors. When your hearing goes smoothly and you are able to accomplish the tasks set by the court, you will receive a discharge from the bankruptcy court.
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