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Filing For Bankruptcy? Understand The Process.

About the Bankruptcy Process

What Happens When I File?

The bankruptcy process may seem overwhelming at first, but with the guidance of Atlantis Law Firm, bankruptcy will seem much less intimidating. The first step in the bankruptcy process is determining whether Chapter 7 or Chapter 13 bankruptcy is right for you. Our experienced attorneys can evaluate your situation to see which type will work best for you. Typically, in order to file for Chapter 7 bankruptcy, you must complete a means test and meet the eligibility requirements. If you are ineligible to file for Chapter 7, you can still seek bankruptcy relief through Chapter 13.

Considering bankruptcy? Contact Atlantis Law Firm online or call (888) 836-2396. Your initial consultation is free of charge! Our services are available in Spanish and Vietnamese!

What Happens During Chapter 7?

If you pass the means test and are eligible for Chapter 7, you may file. Below are the main steps to the filing process:

  • File the Chapter 7 bankruptcy petition. This includes documents backing up your finances (incomes, debt, property, etc.), certificate of completion for credit counseling course, and more.
  • The automatic stay will be triggered, which stops creditors and home foreclosure.
  • Submit supporting paperwork per the request of the bankruptcy trustee (or the court) five days before the meeting of creditors. Supporting paperwork may include tax returns, bank statements, or payroll stubs, and more.
  • Attend the meeting of creditors -- this is conducted by the trustee and is very quick. The creditors do not often appear at these meetings.
  • Completed a financial management course.
  • The bankruptcy court will issue a discharge of debt and your case will be closed after the trustee has distributed all nonexempt assets.

What Happens During Chapter 13?

  • Gathering all of your financial information for the previous two years. You will need to itemize your income and expenses, and your assets and liabilities.
  • Your attorney will determine which assets will be exempt from seizure or liquidation.
  • If you are filing for Chapter 13 bankruptcy, you will need to submit your proposed repayment plan.
  • Your attorney will submit your bankruptcy petition to the bankruptcy court.
  • Once the petition is filed, a "stay" is imposed on all collection actions. Creditors cannot contact you and they must cease all collection actions. Foreclosure proceedings on your home will also be halted.
  • You will attend a hearing at the bankruptcy court.

Difference Between Chapter 7 & 13

If the court accepts your Chapter 7 petition, you will be discharged from most of your unsecured debts. If you filed for Chapter 13, you will pay back the debts as outlined in your court-approved repayment plan. When the terms of the repayment plan have been met, you will be discharged of any remaining unsecured debts.

This brief overview is not enough to cover the complexities of the bankruptcy process, and every situation is unique. It is important that you discuss your specific situation with an experienced bankruptcy lawyer at the firm.

Call Atlantis Law Firm: (888) 836-2396

Although bankruptcy is certainly a life-altering event, it doesn't have to be a negative experience. Atlantis Law Firm is committed to helping clients through the bankruptcy process so that they can achieve fresh starts financially. They are passionate lawyers who work hard to ensure that their clients receive the compassionate and considerate attention they deserve.

Call Atlantis Law Firm at (888) 836-2396 or reach out online to understand your options. Our services are available in Vietnamese & Spanish.

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