If you’re saddled with debt and unable to breathe, the bankruptcy court can help. Chapter 7 is a total debt liquidation. You can keep certain assets but each case is unique. The court guides and enforces this process so you don’t have to worry about your creditors, you deal only with the court itself.
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You must a credit counseling class before you are able to file a bankruptcy petition.
Filing the petition
The process begins with North Metro Litigators filing your petition for bankruptcy to the US Courts. The Court will appoint a Trustee to your case. The Trustee manages the case until the judge discharges the case.
Over the next 30-60 days there will be a 341 Meeting, which is where your debts and income are documented. Your creditors will be notified, but most don’t appear in person. You sit down with your attorney and the trustee.
Over the next 30-60 days, the Trustee will determine if they have any objections to the plan. During this period creditors may file their own objections as well.
After your meeting of creditors, your case is discharged. The discharge typically occurs 4-6 months after the meeting of creditors.
Over the next 24-36 months, you can rebuild your credit and put the past behind you!