On Options: My Experience Explained

Things That Happen After Filing for Bankruptcy

Someone who has filed a bankruptcy case becomes perplexed. It is always not an easy task to file a bankruptcy case, but at times it is vital. Navigating bankruptcy doesn’t have to be confusing or unpredictable.Read on to learn what happens after you file for bankruptcy so that you can feel prepared for the future.

Categories of bankruptcy
What happens after you file for bankruptcy can depend on what type of bankruptcy you file for chapter 7 or chapter 13.The main difference between the two types of bankruptcy is whether or not individuals get to keep the property; chapter 7 bankruptcy liquidates all assets while Chapter 13 enables people to keep their property and participate in a payment plan to pay off debt.

Your case is numbered and given a judge
After you file for bankruptcy; your situation immediately becomes a case in the eyes of the law this means that it will be given a case number-just like a medical claim number-and will also be assigned a trustee and a judge. You need to know the number of your case each time. The individuals and the lenders should not ask you anything because of automatic stay but have to face the court if they want anything solved. During the court days, your trustee will be asking you questions. At this point, an attorney such as Stone Law Firm Columbia Bankruptcy lawyer will be helpful.

The date for the meeting of your creditors is set
Shortly after filing for bankruptcy and receiving the meeting, there will be the setting for the meeting of all your creditors. During this meeting, your trustee will have a chance to ask some questions and also permits any creditors to ask you any questions.

Your attorney steps in
In the temporary between your filing and first court appearance, your attorney will take the reins for a while. Your lawyer will make sure that any other lawyer who is connected to your situation is aware of the case as well as appraising everything you have and if you are filing a Chapter 7 bankruptcy, this property may be sold to pay back creditors. You will also be briefed about the questions that the trustee was asking during the creditors meeting.

You go to a creditors meeting
A lot of the questions that you will be asked in the creditors meeting will have been briefed by your lawyer.

The case can be suspended
When your trustee needs more documents from you and your lawyer, your case can be postponed.

You get a discharge
When your case is closed, you will be given a release notice within sixty days.

Get a new beginning
When you are set free, you can restore your credit score and be in control of a new monetary prospect.