Bankruptcy Process for Chapter 7 & Chapter 13
THE BANKRUPTCY PROCESS
As part of the process for filing a petition under Bankruptcy Law, we require an initial face to face consultation with one of our bankruptcy attorneys. During your initial consultation, you will need to provide us with some basic information which is necessary to asses whether you are better served filing a Chapter 7 Bankruptcy Petition or a Chapter 13 Petition. Types of information we'll need for you to bring include:
- Information on your debts including:
- credit card debt;
- any lawsuits;
- foreclosures;
- repossessions;
- outstanding tax obligations;
- student loans; and
- medical bills
- Information about property/assets you
own:
- bank accounts;
- real estate;
- cars;
- cash value insurance policies; and
- retirement accounts; etc.
We strongly encourage you to use our Bankruptcy Questionaire to provide much of this information ahead of time. After reviewing this information with you, we can discuss your finances, concerns, and answer any Questions you might have. Based upon the information and concerns you provide, we then propose a recommendation for action along with directions on what you need to do to help us Prepare for your Bankruptcy petition.
Once you have retained our Law Firm to help you, you may refer all creditors to us and they will almost always stop contacting you.
Our next step is to begin the process of preparing a Petition for Bankruptcy from the information you provided. We will have you review it carefully to ensure it's accuracy and that it addresses all of your outstanding debts. If you are filing a Chapter 13 Bankruptcy, we will prepare a Chapter 13 plan as part of the Petition; this plan sets forth a monthly payment amount to be distributed to your creditors over a set period of time.
After you sign the Petition, we will file it with the Bankruptcy Court, at which time a trustee is appointed. At this point your creditors must stop harassing you. Any contact from them can be referred to your Attorney. Filing a Bankruptcy Petition also stops any lawsuits, foreclosures, garnishments and attachments.
Next, the Court sets a date for a creditors meeting and notifies your creditors. The creditors meeting takes place approximately one month after filing. This is usually a brief, informal hearing which we will attend with you. The trustee will question you regarding your assets and your outstanding debt. Your creditors can attend too (however, most times they do not).
If you are filing Chapter 13 bankruptcy, the trustee reviews your plan at the creditors meeting to ensure it is feasible. A confirmation hearing is then held a few weeks later (which you usually do not need to attend), where the Court determines whether it approves your Chapter 13 plan. Then, you or your employer will make monthly payments in accordance with your plan, which the trustee distributes over a set period of time (usually between three to five years).
In a Chapter 7 bankruptcy, your case will generally be discharged after approximately three months. You will receive a Notice of Discharge from the Court eliminating your debts. Under a Chapter 13 bankruptcy, the Court issues a discharge once you have made all of your scheduled payments. After discharge, creditors are prohibited forever from collecting these discharged debts.
The Law Firm of Wampler, Souder and Sessing L.L.C. is pleased to provide a wide range of comprehensive Legal Services designed to protect the rights and interests of our clients. We would love the opportunity to work with you on your Bankruptcy petition and facilitate a successful outcome on your behalf. We do offer payment plans as well. To schedule a free bankruptcy consultation, contact our of offices today at (301) 881-8895 or use our no obligation Inquiry Form to have someone from our office contact you directly.