Bankruptcy Process
If you are considering bankruptcy as a solution to your financial hardship, then you are most likely wondering what you can expect during the next couple of months. Is the bankruptcy process as easy as pressing a button and absolving your debt? Not quite. Our lawyers will meet with you to discuss the bankruptcy process in depth; however, below is a brief explanation of the Chapter 7 and Chapter 13 bankruptcy process.
Chapter 7 Bankruptcy Process
Filing for chapter 7 bankruptcy starts with a meeting with our attorneys. You will need to gather all your income and expenses. Our attorneys will file a Petition and Statement of Financial Affairs on your behalf. We will discuss what options you have and what assets you want liquidated. You will need to attend a Credit Counseling course before the petition can be filed. As soon as the petition is filed, the creditor harassment and wage garnishment will stop. Thirty days after we have filed the petition, you will need to attend a Trustee meeting to meet with the creditors and confirm the bankruptcy. There is then a 60 day waiting period where anyone can object to the discharge. Four to six weeks later your Notice of Discharge will arrive in the mail and your non-exempt debts will be eliminated.
Chapter 13 Bankruptcy Process
The chapter 13 bankruptcy process is a little different than the chapter 7 process as you are not liquidating your assets. You will need to meet with our attorneys, gather all income and expenses and attend a credit counseling course; however, a Statement of Financial Affairs must also be filed to the Court, which will outline the different debts and payment plans. Our lawyers will go through each debt with you to determine your best option.
Thirty days after we have filed for Chapter 13 bankruptcy, you will need to attend a Trustee meeting to meet with the creditors and confirm the bankruptcy and review the payment plan. You will then need to attend a Plan Confirmation Hearing which will discuss any objections or changes to the plan. Once your Plan is approved, the first payments to your creditors are due within 30 days. Three to five years later, depending on your plan, the remaining unsecured debts will be discharged and the bankruptcy complete.
Minnesota Bankruptcy Lawyer & Attorney
In both chapter 7 and chapter 13 bankruptcy filings, there is a lot of paperwork and confusing legal jargon. The entire process can be a little intimidating and overwhelming. This is where we come in. Our lawyers are diligent, reliable and, most importantly, dedicated to making this process as smooth and stress free as possible. We understand how hard this situation is and are available 24/7 to meet with you and discuss any questions or concerns you may have.
We represent bankruptcy clients in matters involving Chapter 7 bankruptcy, Chapter 13 bankruptcy, wage garnishment, creditor harassment, foreclosures and debt consolidation. Contact Myles A. Schneider & Associates, Ltd. 24 hours a day, seven days to week at 763-315-1100 to see how we can help you.
