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.
- Next step: Attend mandatory pre-filing financial and credit counseling courses.
- After that: 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.
- Almost done: Attend mandatory Meeting of Creditors with an assigned bankruptcy trustee to arrange payment plan or certify information contained in Petition.
- Finally: Make any required payments and await court processing of documents for discharge.
# 1: Meet with an experienced bankruptcy professional about your particular financial circumstances and your bankruptcy options.
Make sure you meet with an experienced bankruptcy lawyer. The right attorney will create the correct strategy to ensure the best possible outcome. All options will be considered after reviewing financial status and assets.
# 2: Attend mandatory pre-filing financial and credit counseling courses.
The mandatory pre-filing financial and credit counseling course are design to help get through the bankruptcy process smoothly be being prepared and knowing what paperwork is needed. Complete the entire course for best results.
# 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. Keep thing neat and prepare all your paperwork and file the bankruptcy petition in the court. Make sure to only provide relevant information.
# 4: Attend mandatory Meeting of Creditors with an assigned bankruptcy trustee to arrange payment plan or certify information contained in Petition.
All meetings with creditors are mandatory and must be in person with the assigned bankruptcy trustee provided by the court. Payment plan must be ready or the information must be correct to be certified in the contained petition.
# 5: Make any required payments and await court processing of documents for discharge.
To have a successful bankruptcy outcome make sure that all payments are on time and wait the required time for the processing of documents for your case to be 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.
We will keep updating this post as needed because bankruptcy laws are always changing. Check out our infographic called Bankruptcy 101.
