The concept of filing for bankruptcy is fairly simple. All you have to do is to discharge debts and in return you can regain your financial footing. Unfortunately, the proceedings involved in getting this achieved are complicated. Because of the risk of disputes theoretically arising at each stage of the process, working with a seasoned lawyer could better your chances of getting the much needed debt relief within the least timeline possible. If you want to file for bankruptcy under chapter 7 Monterey can offer you a dependable number of highly regarded attorneys.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
The proceedings will officially begin after your petition is filed. You want to work with a proficient attorney who can look into your unique situation and guide you on the best steps to take. Bear in mind that your debts are likely to be discharged in six months if all the vital details are streamlined right from the beginning.
Within 15 days of filing your petition, you will need to table certain financial documents in court. Your attorney will again assist you in filing the necessary paperwork and attaching it to your original petition. Within this time, the court will also notify your creditors that they should stop all collection efforts.
30 days or rather one month after a petition is filed; you will need to file a statement of intention. The statement in question will provide information about your assets that were used as security for particular debts. If you would wish to retain possession of these assets, you ought to reaffirm the secured loans and also proceed to make payments as usual. In about 45 days once the statement of intention is filed, you could choose to either surrender the assets serving as security to proceed to service your loans.
A creditors meeting should be organized between 3-6 weeks after this. The courts will get a trustee appointed and he or she will chair over the meeting. You want to consult with your lawyer for you to know what to expect during the meeting and also what will be expected of you.
Between 2-3 months after meeting with the creditors, they will be legally allowed to object to any discharges that are listed in your petition. In case objections are raised, your lawyer will assist you in resolving the issues that are highlighted. Then again your creditors will have 90 days following the creditors meeting to file proofs of their claims and indicate how much you owe them so that the debts can be discharged.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
The proceedings will officially begin after your petition is filed. You want to work with a proficient attorney who can look into your unique situation and guide you on the best steps to take. Bear in mind that your debts are likely to be discharged in six months if all the vital details are streamlined right from the beginning.
Within 15 days of filing your petition, you will need to table certain financial documents in court. Your attorney will again assist you in filing the necessary paperwork and attaching it to your original petition. Within this time, the court will also notify your creditors that they should stop all collection efforts.
30 days or rather one month after a petition is filed; you will need to file a statement of intention. The statement in question will provide information about your assets that were used as security for particular debts. If you would wish to retain possession of these assets, you ought to reaffirm the secured loans and also proceed to make payments as usual. In about 45 days once the statement of intention is filed, you could choose to either surrender the assets serving as security to proceed to service your loans.
A creditors meeting should be organized between 3-6 weeks after this. The courts will get a trustee appointed and he or she will chair over the meeting. You want to consult with your lawyer for you to know what to expect during the meeting and also what will be expected of you.
Between 2-3 months after meeting with the creditors, they will be legally allowed to object to any discharges that are listed in your petition. In case objections are raised, your lawyer will assist you in resolving the issues that are highlighted. Then again your creditors will have 90 days following the creditors meeting to file proofs of their claims and indicate how much you owe them so that the debts can be discharged.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
About the Author:
Get an overview of the things to keep in mind when selecting a Chapter 7 Monterey attorney and more information about a well-respected lawyer at http://www.centralcoastbankruptcy.com now.
No comments:
Post a Comment