3 Tips Tips from Someone With Experience

Things That Happen After Filing for Bankruptcy

Someone who has filed a bankruptcy case becomes perplexed.Filing for bankruptcy is a difficult but sometimes necessary decision to make. It should however not be overwhelming to steer for bankruptcy. This article focuses on telling you what happens after filing for bankruptcy.

Forms 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.

Your case is numbered and given a judge
Shortly after filing for the bankruptcy case, it will be given a trustee and a judge. You need to know the number of your case each time.Throughout the extent of your case, creditors, and other financial institutions won’t be able to contact you because of automatic stay; they will have to speak with the court itself if they want to have a conversation.Your trustee will be an important contact; he or she will be asking you the majority of questions during your court appearances. Your lawyer at this point will be essential after you file for bankruptcy.

There is a setting of the meeting of your creditors
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 attorney steps in
In the temporary between your filing and first court appearance, your attorney will take the reins for a while. He or she will inform any other lawyer involved in your case is aware of your situation and will also assess your belongings. 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.

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

You acquire a release
Once your case is closed, you’ll be given notice that you will be discharged within sixty days; your discharge means that you have a fresh financial horizon ahead of you.

You will have a new start
When you are set free, you can restore your credit score and be in control of a new monetary prospect.