Attorney For the Bankruptcy Process

What is The Bankruptcy Process?

The bankruptcy process can be lengthy and confusing if not done by a professional.  There are very important forms that must be filled out very accurately and in a timely manner to avoid costing you in unhandled debts.  Delays can also affect how your creditors react, possibly resulting in more legal action and garnishments against you.  The Malaise Law Firm are knowledgeable bankruptcy attorneys who can explain any part of the bankruptcy process to you in easy to understand terms, and answer all of your questions.  Serving the Corpus Christi, McAllen, Brownsville, and Harlingen areas of South Texas, we have 7 bankruptcy lawyers who focus specifically on bankruptcy law alone.  With this kind of proficiency, our legal team can provide you with the excellent service you need at a difficult time.

The bankruptcy process in brief is outline below:

CHAPTER 7 

Prior to any filing, a person must take a mandatory credit counseling course within 180 days prior to the filing of the Petition.  Once you meet with our attorneys, our staff will assist you in gathering together all relevant documents needed for your filing, including asset and liabilities, as well as all income and expenses.  Our office will prepare your Petition, any Schedules and your Statement of Finances to file with the Bankruptcy Court.  Approximately 30 days after filing there will be a Trustee Meeting, which is a representative of the Court who will work with you and your attorney in liquidating any non-exempt assets you have and deal with any creditor objections.  Creditors will have 60 days from this meeting to present any objections, however this is a rarity.  Approximately 90 days after filing your Notice of Discharge will be issued, however it takes 4 to 6 weeks for you to receive it and for your discharge to become final.  Prior to this filing you must complete another mandatory financial management course.  Once your discharge is finalized you no longer owe any of your debts, except those that were exempted from bankruptcy filings, such as child or spousal support or property and IRS taxes.

CHAPTER 13

Many of the steps for Chapter 13 are the same as for Chapter 7.  In addition to the Petition, your attorney also has to file a Plan showing how your debt will be restructured and re-paid, either within 3 or 5 years.  Your disposable income must all go to pay for these debts.  This amount is determined by IRS allowed expenses and can sometimes be a hardship to live within the allowed means.  Certain creditors must be fully paid back, while other debts can be negotiated.  At a later date a Plan Confirmation Hearing will be held to discuss any objection or changes to the plan.  Once your Plan is approved, the first payments to your creditors are due within 30 days.  All payments must be made timely throughout the repayment period, whether it is 3 years or 5 years.  Failing to make payments puts you at risk of falling out of bankruptcy protection, allowing creditors to once again pursue you for full payment.  At the end of your Plan, the Trustee will process your discharge; however a financial management course must be completed prior to the final filing. 

Contact Our Bankruptcy Lawyer for More on the Bankruptcy Process

The Malaise Law Firm can make your bankruptcy filing as painless and quick as possible.  With the right legal team working for you, you can feel confident your filing will go as planned with little for you to worry about.

Call the Malaise Law Firm  in Corpus Christi, McAllen, Brownsville or Harligen to find out how the bankruptcy process works