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A Voyage through Bankruptcy

 Generally, bankruptcy proceeds as follows:

ALL CASES
 Conference with Attorney

General explanation of bankruptcy
Review past 6 months income & expenses
Examination of history &  classification of all debt
Compilation of assets, determining exempt or exposed property
Assess prior financial conduct & affairs
Discuss types of relief available
Analyze bankruptcy benefits for your situation
Second conference with attorney, if required 

 Meet with case manager
Review & sign prepared documents
Obtain credit counseling certificate

 

 

CHAPTER 7 CASES
 CHAPTER 13 CASES
 PETITION, SCHEDULES & CERTIFICATES FILED WITH THE COURT
Automatic Stay stops collection
Automatic Stay stops collection
  1st payment to Trustee due within 2 weeks
 §341 (a) FIRST MEETING with creditors & Trustee (usually 3 weeks after filing case)
Meet with attorney at hearing location
Meet with attorney at hearing location
Bring driver's license & social security card 
Bring driver's license & social security card
Trustee will examine documents
Trustee will examine documents
Creditors may appear & ask questions
Creditors may appear & ask questions
US Trustee may appear to review eligibility 
US Trustee may appear to review eligibility
  Bring proof Trustee has been paid
 AFTER §341 (a) FIRST MEETING
Obtain Financial Management Certificate
Take Trustee's Finance Management Course
Possible Reaffirmation Hearing
Keep home & car insured
Order Granting Discharge Court Order required if you want to sell property worth a  $1,000 or more
Notify Court of inheritances within 6 months of discharge 
New loans only with Court permission
  IRS returns filed by April 15th of each year 
  Order of Discharge