When a person doesn’t know what to expect during bankruptcy, it becomes more intimidating than necessary. For a Chapter 7 filing, the entire process lasts about four months; a Chapter 13 case takes longer because of the repayment plan. Read on to learn the major steps in the bankruptcy process.
Counseling
Before filing with the help of a Bankruptcy Attorney In Puyallup WA, clients must meet with government-approved credit counselors. At the meeting, the client will discuss his or her finances, bankruptcy options, and budgeting plans. Typically, bankruptcy attorneys recommend counselors.
Filing the Petition
The petition itself is the most complex part of the bankruptcy process. This intricate document categorizes and outlines all of a client’s outstanding debts. Once the lawyer collects the necessary information and creates the document, the client may formally file with the court.
The Automatic Stay
As soon as the filing occurs, the courts issue an automatic stay. This court order prohibits creditors from making further collection attempts. To accomplish this, the court sends out a Notice of Stay and a Notice of Filing to creditors. From that point, creditors can no longer call the client; they’ll have to get in touch with the attorney.
The Creditors’ Meeting
Approximately 60 days after filing, the client and his or her Bankruptcy Attorney In Puyallup WA will go to a creditors’ meeting that’s set up by the bankruptcy trustee. Usually, the meeting lasts a little less than an hour and is attended by the client, their attorney, and the trustee. Here, creditors get a change to lodge complaints and present their cases, but this rarely happens.
Discharge Notice
After following these steps and fulfilling the educational requirements, the client’s debts are discharged. Whether it’s a Chapter 7 or Chapter 13 case, the client receives a Notice of Discharge, which means they can never be questioned about the included debts again.
Get In Touch Today
If a person is considering filing for bankruptcy, the firm is ready to work with them at every point in the process. Call today for a no-obligation consultation or visit the website for further details.
