What Happens After Bankruptcy?
What Happens After Bankruptcy?
Like many uncertain situations in life, bankruptcy can lead to a lot of questions. If you don’t know where to find the answers that can lead to a lot of unnecessary stress and frustration. People tend to make knee-jerk decisions when they get into these kinds of situations, which usually just end up causing more stress and frustration. If you have questions about bankruptcy then you can find the answers from the Merrillville bankruptcy attorneys, Schmidt Whitten & Whitten including answers to the question: what happens after I file for bankruptcy?
There are many steps to the bankruptcy process and each one has to play out in due course. One of the first actions taken after you file for bankruptcy will be by the bankruptcy court. The court will send notification via mail to all of your creditors to inform them that you have filed for bankruptcy. This is called a Notice of Commencement of Case. At the time all of your creditors must stop any and all collection activity against you. After this takes place, there will be a meeting, usually about 30 to 40 days from your filing date. You will have to attend this meeting. This is called the First Meeting of Creditors and will be presided over by a bankruptcy trustee. You will be asked certain questions under oath, including details regarding your debts, assets and anything else regarding your bankruptcy filing and financial situation.
What happens next depends on which type of bankruptcy filing you choose, Chapter 7 or Chapter 13. If you select Chapter 7, then normally the court will grant an Order of Discharge between 60 and 75 days after the First Meeting of Creditors. If you select Chapter 13, then as soon as you meet all the requirements of the agreement, the bankruptcy court will enter an order setting a hearing to review the plan you proposed. Subsequently, your plan will get confirmed and approved by the bankruptcy judge. When you complete all of the terms of your Chapter 13 plan you will then receive a discharge from the court.
After you have filed for Chapter 7 Bankruptcy you no longer have to worry about dealing with creditors. They are not legally allowed to continue seeking payments from you. If you choose Chapter 13 Bankruptcy, you will still make payments to your creditors so you will continue to have interactions with them. However, when you retain a bankruptcy attorney at Schmidt Whitten & Whitten, we will help you in dealing with your creditors.
Most consumers have a lot of questions regarding their options when it comes to bankruptcy, which is why you should contact the bankruptcy attorneys at Schmidt Whitten & Whitten in Merrillville today. We help people in need throughout the Northwest Indiana area, including those looking for a Crown Point bankruptcy lawyer, Gary bankruptcy attorney, and Hobart bankruptcy lawyers. Give us a call at 219-756-0555 for more help, or contact us online.
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At Schmidt Whitten & Whitten, we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed