Things That Happen After Filing for Bankruptcy
It is true that after filing a case that you are bankrupt, you will become baffled. 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. This article focuses on telling you what happens after filing for bankruptcy.
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. It is important that you keep your case number in your finger-tips after getting it because You will be able to give it to any creditors who come knocking-they won’t be able to hound you the moment that your bankruptcy filing becomes a case due to the law of automatic stay. if your creditors want to contact you, they have to go through the courts.Your trustee will be an important contact; he or she will be asking you the majority of questions during your court appearances. You will likely already have an attorney at this point, such as a Stone Law Firm Columbia bankruptcy lawyer.
The date for the meeting of your creditors is set
There will be a date set for the meeting of your creditors after filing that you are broke. Your trustee will be able to ask some questions.
Your attorney comes in
In the temporary between your filing and first court appearance, your attorney will take the reins for a while.Your attorney will also make sure that any other attorneys involved in your situation are aware of the case and that any ongoing lawsuits cease and will appraise all property and assets you own. Your attorney will also tell you about the queries of the trustee in the creditors’ meeting.
You attend the creditor’s 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.
Your case can be adjourned
Your case can be delayed if your trustee requires more information from you and your attorney it will then have a second hearing, but you likely won’t have to appear in this one.
You get a discharge
When your case is closed, you will be given a release notice within sixty days.
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.