Brandon Bankruptcy Law Firm
Bankruptcy is a legal process that involves the United States federal court system and appointed judges and trustees. Just like any other lawsuit, you will need to petition in court, and the authorities will review your petition for bankruptcy and decide whether or not you case has merit to proceed. Because of the intense, legal nature of a bankruptcy case, it is important that you hire a skilled bankruptcy attorney in Brandon to represent you in your case.
Chapter 7 & 13 Bankruptcies
Chapter 7 Bankruptcy
Chapter 7 bankruptcy involves the liquidation of all assets. In a Chapter 7 bankruptcy case, people can often discharge most of their debts, and they will be protected from legal action by creditors through automatic stay. Unfortunately, not all applicants qualify for Chapter 7 bankruptcy. Petitioners must be in a lower income bracket in order to file, and eligibility is determined through a means test. Talk with a lawyer at The Golden Law Group to learn whether you qualify.
Chapter 13 Bankruptcy
People who don't qualify for Chapter 7 bankruptcy may be able to file under Chapter 13. Chapter 7 bankruptcy allows the petitioner to consolidate all debts into a monthly payment plan that is approved and supervised by the court. Normally, this repayment plan lasts three to five years. It is possible to discharge some debt in a Chapter 13 bankruptcy case, and filers still receive automatic stay as a privilege of the bankruptcy process.
Steps of the Bankruptcy Process
The bankruptcy process involves many steps. Thankfully, with a lawyer to guide you, the bankruptcy process can become much simpler than you may think it will be. Every client who works with The Golden Law Group receives efficient, effective, and personalized representation. Because The Golden Law Group is run by a board-certified bankruptcy law attorney, you can trust that you are getting representation from an expert.
A typical bankruptcy case will involve the following steps:
- Step 1: You will have a free consultation with an attorney, during which the lawyer will determine the most appropriate course of action for your situation. You can ask questions and learn how current laws will apply to your case.
- Step 2: If bankruptcy is the best course of action, then you will receive a packet of forms and information to fill out on your own. Once you complete these forms, a legal assistant will review them to make sure there are no mistakes.
- Step 3: Your attorney will review all relevant documents with you and make sure that everything is in order. You will then file the bankruptcy papers for the appropriate chapter.
- Step 4: Your bankruptcy petition will be filed with the court.
- Step 5: Within 10 days of filing, you will receive a response from the court, and the court will set a date for your meeting of creditors with a bankruptcy trustee. The trustee will ask questions about your income and assets as well as your expenses and liabilities. Creditors may protest your bankruptcy at this meeting if they choose to attend.
- Step 6: Creditors have 60 days to object to a bankruptcy, and trustees have 30 days to object. If no party objects to the bankruptcy, then your debt will be officially discharged. In a Chapter 13 bankruptcy case, you can organize your repayment plan after this time. If you want more information about this process, contact an attorney at the firm today.
Call Today for Affordable Representation
After your debts have been discharged, The Golden Law Group will conduct a free credit report follow-up review to ensure that your credit profile is accurate and that your debts are gone for good. Call right away to get started with a free consultation and to get more information about the bankruptcy process and how to file for bankruptcy!