Get Answers to Your Bankruptcy-Filing Questions
Frequently Asked Questions
What happens when you file for bankruptcy?
First, we'll need to determine the type of bankruptcy that you are eligible to file for and makes sense for your situation: chapter 7, chapter 11, or chapter 13. We can talk through the pros and cons of each during our consultation.
No matter which type of bankruptcy you file, you'll be required to complete a pre-filing credit counseling course. Then, we'll begin filing the required forms with the court. This includes an automatic stay, which means that your creditors will be stopped from trying to collect on debts.
A court-appointed trustee or administrator will oversee the bankruptcy, and you'll meet with your trustee at a 341 creditor meeting, where you'll answer questions about your finances under oath. Depending on the type of bankruptcy you file, your trustee will either manage the liquidation of your assets to pay your creditors, or handle submission of your payments to your creditors.
After you've completed any required financial management courses and, if filing chapter 13, made all required payments, the court may discharge your remaining debt.
When will I get my discharge?
You file a bankruptcy in order to get a discharge from your debts. Generally, you will receive your discharge in a Chapter 7 within 90-120 days from the date of the filing of your petition. Your discharge can be denied if you lie on your petition and schedules, conceal an asset, disobey a Court order, or otherwise fail to cooperate with the Trustee or the Court. This is not a complete listing of reasons that your discharge may be denied. At your free consultation, I will discuss with you the reasons your discharge may be denied.
Also, there are certain debts that you may still be responsible for paying after your bankruptcy. These debts are either non-dischargeable debts or debts which you have agreed to pay despite the filing of the bankruptcy. For example debts that you may agree to pay are: mortgage debt, car debt, or other secured debt.
The bankruptcy code states that certain debts are not dischargeable. For example, student loans, certain taxes, alimony, child support, and in some instances property settlement agreements entered into in a divorce may not be discharged when you file. Other debts that may not qualify for a discharge are debts for fraud, willful and malicious injury , cash advances and credit card charges incurred within 90 days prior to filing and breach of fiduciary duties. This is not a complete list of all of the non-dischargeable debts, but I will discuss this with you at your consultation.
1.
2.
3.
4.
5.
6.
7.
Schedule a free consultation today and get all of your questions answered.
Lori and her team are located in Valparaiso, IN. They are committed to making the bankruptcy process as stress-free as possible. Call or text 219.769.0783 to get started or contact us below.