Against common belief, filing bankruptcy can be a very easy process; especially if you are filing a Chapter 7 Bankruptcy. Knowing what to expect when filing bankruptcy as well as hiring an experienced bankruptcy attorney are the keys to making it as easy of a process as possible. The goal of this article is to inform you of what to expect when filing bankruptcy.
Regardless of whether you are planning to file a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, the beginning of the process is very similar. If you choose to hire an attorney, which I strongly encourage you to do, the process begins with an initial consultation in which you and your attorney discuss your reasons for filing bankruptcy, your income and household size, as well as your assets. Depending on your goals, income and assets, you and your attorney will discuss the pros and cons of filing a Chapter 7 Bankruptcy verses a Chapter 13 Bankruptcy and together come up with a plan that is unique to your specific set of circumstances.
Once you have decided which type of bankruptcy you will be filing, the next step is to gather the documentation your attorney will need in order to prepare your bankruptcy petition. Your attorney will let you know what he or she will need, which differs depending on your specific set of circumstances. Once your attorney has all the documentation he or she will need for your petition, an appointment is set for you to meet with your attorney again in order to review your bankruptcy petition for completeness and accuracy. Once the petition has been reviewed and signed by you, your attorney will file it with the court and you are then automatically assigned a bankruptcy case number. Continue reading →