The majority of individuals contemplating bankruptcy have no idea what to do, how long it will take, or the legal processes involved, such as petition filing. Regardless of these factors, the process may enable you to fulfill your financial obligations to creditors and alleviate your debt burden.
You must prepare a petition for bankruptcy court that contains a complete list of your assets and liabilities as the first step. You must also complete a credit counseling course prior to filing and include a completion certificate with your petition. This class is required if you intend to file for personal bankruptcy.
The bankruptcy court will appoint a trustee and require you to meet with your creditors at a 341(a) hearing once the petition process is complete. The trustee is responsible for verifying your identity based on the provision of government-issued identification documents, such as your driver's license and social security card. You will also be expected to provide the trustee with some fundamental information regarding your case. If you wish to be considered for debt relief, you will be required to complete a debtor education course on financial management.
If you file for Chapter 7 bankruptcy, the process is likely to take approximately six months, including the required meeting with your creditors in the presence of the court-appointed trustee(s). Except in cases where a reaffirmation hearing is required, individuals filing for Chapter 7 bankruptcy are rarely required to see a judge. Chapter 13 bankruptcy cases require additional time and effort to be resolved. Depending on the debtor's obligations and repayment capacity, the typical resolution period for such cases can range from three to five years.
Filing for bankruptcy can have social and professional repercussions in addition to financial ones. The fact that you filed for bankruptcy will be reflected on your credit report for seven to ten years, depending on the Chapter under which you filed.
In addition, there is a lockout period that prevents you from registering for bankruptcy again before its expiration. Personal bankruptcy has such far-reaching consequences that it is best to find a counsel who can guide you through these difficult times by ensuring you have the best options.""
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