Bankruptcy – What happens Prior to Filing

After you have submitted your paperwork to your attorney and it is determined that a bankruptcy is something that would be right for you, the court will notify your creditors and issue an automatic stay to stop collection efforts.  Creditors will no longer be allowed to contact you.  A bankruptcy trustee will be appointed to your case.

30-45 days prior to filing bankruptcy, you will be required to attend a meeting with your trustee and creditors.  Most creditors will not attend this meeting unless they wish to dispute assets or terms.  If you, the bankruptcy petitioner, choose not to attend this meeting, your bankruptcy will be dismissed automatically.

Approximately 60 days following the meeting, your debts will be discharged, if you filed for Chapter 7, unless your creditors have disputes.  Chapter 13 filers will continue to make their monthly payments as their debts are not subject to elimination.

If you are considering a bankruptcy, give us a call.  We can help you figure out if it is right for you.

Todd Courser 810-245-0813