If you are struggling with debt problems and considering bankruptcy, you may have questions about the bankruptcy process. At Pelley Law Office, L.L.P. our bankruptcy lawyers can tell you what you need to know about filing for Chapter 7 and Chapter 13 bankruptcy protection. If you decide to file, we will guide you through every step of the process.
Contact us today to speak with an experienced Texas bankruptcy attorney.
Bankruptcy Basics
Every bankruptcy is different. However, you can generally expect the following from the bankruptcy process:
- The first step in the process is to meet with one of our attorneys for a free initial consultation. During this meeting, one of our experienced bankruptcy attorneys will discuss your assets and debts in order to get a clear understanding of your financial situation. We will discuss all of your bankruptcy as well as your non-bankruptcy options. That way, you will leave knowing all of your alternatives and which strategy that we recommend. Each case is different, and we will take the time to understand the specifics of your individual situation.
- If we both decide that you need to file, then we will provide you with all of the necessary forms and assist you with any questions throughout the process.
- We will provide you with a checklist of items that we will need prior to the time we file the bankruptcy petition. After we carefully review your pleadings with you to ensure they are accurate, we will then file the bankruptcy petition. When the petition is filed, the "automatic stay" provision of the bankruptcy code comes into effect. This "stay" immediately bars your creditors from taking any legal action against you and even prohibits them from calling you. The filing also initiates the process which will result in the discharge of your unsecured debts.
- Shortly after the bankruptcy is filed, you will have a 341 meeting. This meeting is also known as "First Meeting of Creditors." However, that name is a misnomer for two reasons: First, there is rarely a second meeting. Secondly, the creditors rarely attend the meeting. The meeting is informal, but one of our attorneys will be there to represent you since you will be under oath and on the record.
- In a Chapter 7 bankruptcy, you should receive your discharge approximately 60 days after your 341 meeting.
- In a Chapter 13 bankruptcy, we will prepare a plan for confirmation in which you can make payments to the trustee to catch up on those creditors whom you actually wish to pay. Most of the time in a Chapter 13 bankruptcy, most of our clients pay back little to none of their unsecured (credit card) debt just as if they had filed a Chapter 7. This "wage earner's plan" enables people to become current on their homes to avoid foreclosure, repossession and adverse actions by the IRS and other creditors.
Contact Us
Pelley Law Office, L.L.P. is recognized as a leader in the bankruptcy law arena. We have helped thousands of clients file for bankruptcy protection since 1974. Contact us today to speak with an experienced Texas bankruptcy lawyer. We will explain your options, and you will be under no obligation to hire us.
Pelley Law Office, L.L.P. has been named by The United States Congress in Washington, D.C. as a debt relief law firm and we help people file for bankruptcy relief under the Bankruptcy Code.
