Explaining the Bankruptcy Process Basics to the Public
In this blog post we will help in 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.