Filing for bankruptcy may seem confusing, but the process actually makes sense if you know what to expect. If you hire a skilled bankruptcy attorney, he or she can help explain the process so things go smoothly.
When you contact the experienced bankruptcy attorneys at O’Connor, Acciani & Levy, we will discuss your goals for bankruptcy and review your income, assets and household size. This will help you decide if Chapter 7 or Chapter 13 bankruptcy is best for your situation.
When you have decided which type of bankruptcy to file, we will help you prepare the appropriate bankruptcy petition. After you review and sign it, we will file the petition and you will be assigned a case number.
Your assigned bankruptcy trustee will contact you within a week to request financial documentation to support your petition and our attorneys will help you to prepare these documents.
Chapter 7 Bankruptcy
If filing Chapter 7 bankruptcy, you will also receive a date for a phone interview with your trustee. One-on-one, you will discuss your bankruptcy petition and any supporting documents that were provided.
One month later, you will go to the federal courthouse to be questioned under oath by your trustee – your attorney will be present. Your creditors may appear and object, though this rarely happens.
If you wish to keep secured debts such as a home or automobile loan, you may reaffirm the debts with your lender.
If everything proceeds as it should, your bankruptcy will be discharged within 120 days.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy reorganizes your debt, allowing you to make monthly payments that are distributed to your creditors. This is done according to income, unsecured debts and secured debts that are kept.
After filing Chapter 13 bankruptcy, you will meet with your trustee in approximately one month. Your first payment is due within 30 days of filing. After you make your 60th payment, your bankruptcy will be discharged.
The experienced bankruptcy attorneys at O’Connor, Acciani & Levy will guide you through every step of the bankruptcy process, looking out for your best interests.