Filing for bankruptcy is overwhelming. Although the laws vary from state to state the general process is the same. If you are thinking about filing, start by obtaining a bankruptcy attorney. They will provide the support and representation you need to navigate the process while protecting your rights as a debtor.
The bankruptcy attorneys at Hines Law have been helping clients throughout Massachusetts obtain debt relief with a high level of success for over twenty years.
Personal bankruptcy situations can be complicated and confusing so it’s important to know that you are not alone, that you have options, and you’ll get through this.
When a person is drowning in debt and in severe financial straits, understanding how a debt solution works will help them make an educated decision about how to proceed.
Here is a brief explanation as to how the process of Chapter 7 personal bankruptcy works.
The Chapter 7 bankruptcy process takes from four to six months to complete. Depending on where you live and the complexity of your case, the cost varies. Credit counseling is required from an agency that has been approved by the United States Trustee’s Office before you file. In some places, it can be done on-line.
Next, you will be spending most of your time completing and filling out forms. These include a bankruptcy petition, schedules that list financial information, forms that list your income and expenses and you will need to claim your property exemptions. You will then need to file your bankruptcy petition and show that you can pass the Chapter 7 means test.
Once you file your petition, the automatic stay goes into effect. This stops most of your creditors from collecting against you. A bankruptcy trustee is then assigned to administer your case. He will review your paperwork, look for inaccuracies and check for possible fraud.
Then you will have a meeting with the creditors. This meeting is when you have to answer questions about your petition and finances from the trustee and creditors, if they show up. It is usually a short meeting.
After the creditors meeting, there is a 60-day window in which the creditors or trustee can object to a discharge of any particular debt. If they do, they need to file a lawsuit in bankruptcy court. If there is no discharge filed within the 60 days, the court will issue an order to discharge you unsecured debts. There are debts such as taxes, child support and student loans that are non-dischargeable.
When and if your discharge is ordered, you no longer owe unsecured debts and your creditors have no legal right to collect from you. The automatic stay is lifted, and your case will be closed. It’s time to start over and follow a new financial path.
Bankruptcy Law Offices Near You
If you have questions or need help deciding on the debt solution that is right for you, contact Hines Law Offices located throughout the greater Boston area. Our bankruptcy attorneys are experienced and have a deep understanding of bankruptcy law so that the process will be done efficiently and with support. Call one of our bankruptcy firm locations today for a Free case evaluation and see if filing for bankruptcy is the way to proceed.