Tracking the Critical Stages of Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy can give you enormous debt relief. You can get all of your unsecured debt discharged if you qualify, including all your credit card debts, medical bills, personal loans, and more. Imagine how your finances would look if you suddenly didn’t have to pay for any of those things. That’s what fling for Chapter 7 bankruptcy in Gilbert can do for you.
However, many people avoid getting the debt relief they need through bankruptcy because they are confused about the bankruptcy process. They think it will be too complicated or too expensive, or that it will destroy their credit. The truth is that bankruptcy can actually save your credit, as opposed to you struggling with delinquencies and high balances for too long.
Start the bankruptcy process by scheduling a consultation with an experienced bankruptcy attorney in Gilbert. The attorney will review your financial circumstances and help you understand if Chapter 7 would be the right option for you, or if you would be better off with Chapter 13 bankruptcy or another option. The attorney will also help you learn if you are qualified to file for Chapter 7, which requires passing a means test that evaluates your income and assets.
Retain an Attorney
After reviewing your options, if you decide to move forward in the process, you will have to retain an attorney to get things started. You will need to sign a contract, and you may need to pay a deposit or even the full amount. Your Gilbert bankruptcy attorney will let you know what the options are for payment.
Put Together Paperwork
You will need to provide your attorney with a lot of paperwork that he or she will use to prepare your filing. That might include a credit report, information about old debts, information about payments, information about your assets, and so on. You will also have to sign a number of forms.
Your bankruptcy attorney serving Gilbert will go through what is needed and work with you on putting all this paperwork together.
Take the Counseling Course
You are required to take a credit counseling course before you file for bankruptcy. The course takes about 90 minutes to complete, and it costs about $15. Your attorney will advise you on when and where you can take this course for your convenience and for the expediency of your case filing.
Your attorney will then get to work on preparing your filing. Your bankruptcy attorney in Gilbert will review all your paperwork and will reach out to you if anything else is needed for your filing. Many attorneys who accept payment plans for your legal fees also require that the final payment is delivered at this stage.
Sign and File
You will be given a chance to review your paperwork. Then you will be asked to sign everything, and your attorney will file the paperwork.
Meeting of Creditors
A meeting of your creditors will be scheduled about a month after the bankruptcy paperwork is filed. The meeting is brief – maybe even just 10 minutes – and it involves a bankruptcy trustee asking some basic questions about the case. You likely won’t even need to attend this meeting. Your attorney will be able to answer questions on your behalf.
Take the Debtor Education Course
You will have to take a final course before your bankruptcy can be discharged. You have to take a debtor education course with 45 days of your meeting of creditors. This is another 90-minute course, and it also costs about $15. You can take it online, and it will cover good financial management tips to help you avoid running into problems with debt in the future.
So long as you take your debtor education course, your bankruptcy case can be discharged 60 days after your meeting of creditors. That means that your debts can be completely wiped out. You will no longer owe anything to your credit cards, your medical providers, and other unsecured creditors. Your Gilbert bankruptcy attorney will advise you long before this stage what debts are included in the filing.
If you are struggling with debt, call Gilbert Bankruptcy Lawyers today to learn more about how bankruptcy may be able to help you. We represent clients in both Chapter 7 bankruptcy and Chapter 13 bankruptcy, and we’re ready to help you find the option that will give you the maximum debt relief. We also help businesses who are looking for protection under bankruptcy law. Call us in Gilbert today to schedule a consultation with a bankruptcy lawyer and learn about your options.