Explaining the Bankruptcy Process Basics
Explaining the Bankruptcy Process Basics to the Public
Understanding how the bankruptcy process works is a great first step in the right direction. Below, I have simplified the bankruptcy process’ major steps for your understanding:
Step 1: Meet with an experienced bankruptcy professional about your particular financial circumstances and your bankruptcy options.
Step 2: Attend mandatory pre-filing financial and credit counseling courses.
Step 3: Prepare and File official court Bankruptcy Petition with all relevant financial information. Await court issuance of an automatic stay order, absent any objections from creditors.
Step 4: Attend mandatory Meeting of Creditors with an assigned bankruptcy trustee to arrange payment plan or certify information contained in Petition.
Step 5: Make any required payments and await court processing of documents for discharge.
Of course, the process contains many other smaller steps, but we provide you this outline as a reference. For more specific information about your options, and the process contact us for a free consultation at (310) 713-2334.