Learn About the Bankruptcy Process
How Filing for Chapter 7 or Chapter 13 Works
The bankruptcy process may seem very complicated and challenging. Nevertheless,
with the help of a
bankruptcy attorney in Encino at
Price Law Group, you may proceed through your bankruptcy with the confidence that you
are doing the right thing and that it is being done correctly.
Contact the Price Law Group online or call (866) 210-1722 to schedule a consultation. Se habla Español.
Types of Bankruptcy
There are two main forms of bankruptcy that individuals and families use:
Chapter 7 and
Chapter 13. One would choose Chapter 7 bankruptcy if they are seeking to
discharge debt. Under Chapter 13 bankruptcy, you agree to a payment plan over three to
five years to pay off your debts while under bankruptcy court protection.
What is the Chapter 7 Process?
There are generally 6 steps when it comes to filing for Chapter 7 Bankruptcy:
- 180 days before filing, you must complete a credit counseling course that
has been approved by the U.S. Bankruptcy Trustee. Courses are available
online or via phone.
- File for your bankruptcy forms with the assistance of an experienced bankruptcy
attorney. Doing this will trigger an automatic stay, which will notify
your creditors to cease any collection against you.
- Send a copy of your most recent tax return to the bankruptcy trustee assigned
to your case. If they need additional information, they will request it.
- Within 30 to 45 days after the filing, attend the meeting of creditors.
This is where the bankruptcy trustee will interview you about your petition
and the creditors may ask some questions, however, it is rare for them
to appear. This meeting is typically very short and lasts 5 minutes.
- You must attend a mandatory budget counseling no later than 60 days after
the creditor’s meeting. When completed, you will receive a certificate.
Send a copy to the bankruptcy court to let them know this was completed.
- 60 - 75 days after the creditors’ meeting, the bankruptcy court will
send you a letter notifying you that your debts have been discharged.
The trustee will then arrange with you to liquidate your nonexempt property.
The Chapter 13 Process
Below are the steps for Chapter 13 bankruptcy:
Consult with Attorney.
Go over your debt situation with an experienced lawyer and he or she will
advise you of your options. We professionally prepare your documents.
File the Bankruptcy.
At Price Law Group, we will file your bankruptcy. Your creditors are notified
and must cease any collection action against you.
Meeting of Creditors.
Within 30 to 45 days after the filing, you have a meeting of creditors.
The bankruptcy trustee interviews you about your petition and any creditors
present may also ask questions.
Chapter 13 Payments.
Under Chapter 13, the bankruptcy trustee takes your monthly payments and
makes regular distributions to creditors. This will go on for three to
five years until you complete your payment plan.
Chapter 13 Discharge.
Upon completion of your payment plan, the court issues a discharge of
any remaining unsecured debts you may have.
Contact Price Law Group Today
We encourage you to contact a bankruptcy attorney at the firm to discuss
your debt situation. We will go over the
alternatives to bankruptcy as well as the
benefits of bankruptcy with you and advise as your options. We will then help you carry out your
plans. If you choose bankruptcy, we will prepare your papers and guide
you through the process.
Contact a Bankruptcy Lawyer
at the firm to discuss your needs today.
For more information call us at 866-210-1722 or fill out the form below.