Incredible Lessons I’ve Learned About Finances

What Happens After You File 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. It should however not be overwhelming to steer for bankruptcy.Read on to learn what happens after you file for bankruptcy so that you can feel prepared for the future.

Types of bankruptcy
What happens after you file for bankruptcy can depend on what type of bankruptcy you file for chapter 7 or chapter 13. 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
Your case will be given a judge and a trustee after it has been given a number. 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. Your trustee will be asking you several questions at the times of your court meetings. At this point, an attorney such as Stone Law Firm Columbia Bankruptcy lawyer will be helpful.

The creditors meeting date 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 lawyer comes in
Your lawyer will take care of some necessary paperwork and communications in the interim between your filing and your very first court meeting and this includes communicating with the trustee for your case, making sure all documents are in order. 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.

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Attending 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
In some cases, your case will be adjourned and this happens when the trustee needs more information in the form of documents from you and your attorney.

You obtain a set free
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.