The Bankruptcy Process
Dayton, Ohio, Consumer Bankruptcy Lawyers
The thought of filing for bankruptcy can be very intimidating. Most people have never had any contact with these complex legal proceedings. Are you eligible? What does it involve? How long does it take? Do you have to go to court? Will you lose assets?
At Stamps & Stamps, Attorneys at Law, we know bankruptcy forward and backward, but we understand that it is new and maybe scary to you. Our lawyer takes it slow on the front end, answering your specific questions and explaining your options without any pressure. We invite you to explore bankruptcy to decide if it is right for you.
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What to Expect in the Bankruptcy Process
Attorney Eric Stamps has helped hundreds of clients save their homes, stop creditor harassment and get out of debt through bankruptcy. In a free initial consultation, he will sit down with you to determine if bankruptcy is the solution to your debt problems. If you do go forward, he will personally prepare your petition and shepherd your case through Bankruptcy Court.
The first meeting is exploratory. You do not need to bring anything, and we do not give our clients pages and pages of “homework.” Mr. Stamps will address:
- An overview of your current situation
- The nature of your debts and whether they can be discharged
- Which assets you would retain or forfeit
- Your options and the best case scenario for you
- Eligibility problems or reasons not to file
- The costs of filing for bankruptcy
We want you to be comfortable before going ahead with bankruptcy so that there are no surprises or regrets. We also strive to make it affordable for our clients. Our rates are more reasonable than most local bankruptcy lawyers.
A Rough Timeline of Bankruptcy
If you decide to file for bankruptcy, Mr. Stamps will gather your financial information (income, assets, debts, expenses) and your specific circumstances to determine if you should file for Chapter 7 discharge of debts or Chapter 13 protection from creditors.
— Before your file, you must complete an approved credit counseling course to ensure that you understand bankruptcy and the alternatives. These courses can often be completed over the phone or Internet.
— Mr. Stamps will help you fill out the bankruptcy forms and within a few days to a week he will submit your petition to the Bankruptcy Court electronically.
— From the day that you file, creditors must stop legal action, collection efforts and phone harassment.
— Within a month, you will need to state your intentions to the court regarding secured debt, such as reaffirming loans or surrendering property.
— In a Chapter 13 bankruptcy, your first payment is due 30 days after filing, even if your repayment plan has not been confirmed.
— Four to six weeks after filing, you will need to appear in Bankruptcy Court for an informal proceeding called the Meeting of Creditors. (Actual creditors almost never show.) The hearing only takes 5 to 10 minutes. We will be in court with you.
— Creditors have 60 days from the date of the meeting to file any objections to your bankruptcy petition. In most cases, there will be no objection unless you are suspected of bankruptcy fraud or preference payments to select creditors.
— In a Chapter 13, you must appear in court a second time for confirmation of your payment plan.
— In a Chapter 7 bankruptcy, your eligible debts can be discharged about four months after filing. You must complete a financial management program as the final step before your discharge is official.
— Chapter 7 payments continue for 36 or 60 months, depending on your plan. If you complete all the scheduled payments, any remaining unsecured debts covered in the plan are discharged.
We Strive to Make a Daunting Process Easy for You
We help people file for bankruptcy only after close consultation to confirm that it is in their best interests. We offer a free initial consultation to individuals and couples in the Dayton area and surrounding counties of Ohio. Call (937) 247-6447 or 888-435-0085,or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code
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