The Bankruptcy Process

If you are struggling with debt problems and considering bankruptcy, you have questions about the bankruptcy process and your future depends on getting the right answers. Our expert bankruptcy lawyers can tell you what you need to know about filing either Chapter 7 or Chapter 13 bankruptcy.

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, Mr. Pelley 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.
  • 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 goes into effect. This "stay" immediately bars your creditors from taking any legal action against you and even prohibits them from calling you.
  • Shortly after the bankruptcy is filed, we will meet with the trustee. This meeting is also known as the "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.
  • 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 Pelley Law Office, L.L.P., Today

We invite you to call us at 972-608-0335 to schedule a free confidential consultation with our experienced bankruptcy lawyers. You can also contact us by email now to request an appointment to discuss your options. You will be under no obligation to hire us. We look forward to speaking with you and explaining how we can help.

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