Your attorney needs to have a basic knowledge of your financial situation, such as the types of debts, the approximate amounts, your annual income, and the assets that you have. If you wish to get started that day, it’s a good idea to bring a retainer.
You should always focus on the issues that are most important to you. If you have a house, ask whether or not you can keep it. The same goes for a car or other property. Certain debts that you have and whether or not they are dischargeable and which things you should or shouldn’t be doing, such as paying off debts, or disposing of assets are important to discuss with your attorney.
The most important thing is to meet with your attorney and follow his or her advice. There are certain things that aren’t allowed under the bankruptcy code and if you have any missteps, that can cause you a lot of difficulties. By meeting with your attorney and going through all those things prior to filing a bankruptcy, you can make the process much easier.
Generally speaking, you should not pay off debts before filing for bankruptcy. You are better off, once you decide to file, to stop paying on any debts, unless it’s a specific creditor. If you are going to keep the asset, then you’ll want to keep paying on it.
Once you’ve determined that you are going to file for bankruptcy, use of credit is prohibited. That would be considered fraud.
At that meeting, the whole process is going to be explained. Next you will gather all the documents that are needed, such as tax returns and income information. Then, you will take the first required course, which is the credit counseling course. It is available online.
The first thing that happens is you will receive a notice from bankruptcy court that the case was filed. It will include your case number and the date and time of the hearing. Once you have your hearing date and your case number, you can take the second mandatory course, which is debtor education. It is also available online.
There are two mandatory classes. The first one is required to be completed prior to being eligible to file and the second one is required to be completed after your case is filed.
After the case is filed, take the second required course, preferably before the meeting of creditors, and attend the hearing.
The meeting of creditors is the actual bankruptcy hearing. It’s very unusual for any of the creditors to show up, but it does give them the right to attend and ask questions. It’s typically just you and the trustee, along with your attorney. They are going to be asking questions to make sure that you don’t have any assets available to pay your debts or any assets coming to you, like from an inheritance. The meeting usually takes place four to eight weeks after the filing of the case and most of the time it takes five minutes or less.
In general, once your case is filed, it’s about three and a half to four months before the discharge is issued. At that point, your case will be complete. After the hearing, there is a 60 day mandatory waiting period before the judge is allowed to issue the discharge.
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