Questions About Options You Must Know the Answers To

Questions About Options You Must Know the Answers To

by magicmmconsulting

What Will Follow After Being Declared Bankrupt

Someone who has filed a bankruptcy case becomes perplexed. It is always not an easy task to file a bankruptcy case, but at times it is vital. You need not be overwhelmed in the situation where you have a bankruptcy case; it is possible to find support as you go through this time and answers to the questions that you possibly have. The following are the things that happen after you file that you are broke.

Categories of bankruptcy
The type of the bankruptcy can dictate what will happen after filing for bankruptcy. The primary difference between the two bankruptcy is whether or not people have the ability to keep their property; chapter 7 settles all benefits and chapter 13 make people keep their belongings and plan how they are going to be paying off the debt.

You case is given a number and a jury
After you file for bankruptcy; your situation immediately becomes a case in the eyes of the law this means that it will be given a case number-just like a medical claim number-and will also be assigned a trustee and a judge. You need to know the number of your case each time. if your creditors want to contact you, they have to go through the courts. During the court days, your trustee will be asking you questions. At this point, an attorney such as Stone Law Firm Columbia Bankruptcy lawyer will be helpful.

The creditors meeting date is set
After you file for bankruptcy and receive your case assignation, a date for your creditor’s meeting will be set and any of your creditors can come to this court meeting. Your trustee will be able to ask some questions.

Your lawyer comes in
In the temporary between your filing and first court appearance, your attorney will take the reins for a while. Your lawyer will make sure that any other lawyer who is connected to your situation is aware of the case as well as appraising everything you have and if you are filing a Chapter 7 bankruptcy, this property may be sold to pay back creditors. You will also be briefed about the questions that the trustee was asking during the creditors meeting.

You go to a creditors meeting
Most creditors meetings don’t involve any creditors; you’ll appear in court and answer the trustee’s questions, many of which your attorney will have briefed you on beforehand.

The case can be suspended
When your trustee needs more documents from you and your lawyer, your case can be postponed.

You obtain a set free
You will receive a set free notice within sixty days once your case is closed and your creditors, employers, and other attorneys involved in lawsuits will be notified immediately via mail.

Get a new beginning
After you obtain a discharge; it’s time to breathe easy; you can rebuild credit and take control of a new financial future.