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Understanding The Bankruptcy Process
It is important when considering a bankruptcy to understand the bankruptcy process so you know what to expect. The following are typical steps for both Chapter 7 and Chapter 13 bankruptcy.
- Meet with your lawyer to assess your situation. For this appointment, you need your most recent tax return, pay stubs for you and your spouse for the past six months, and the name and address of each entity to which you owe money.
- Second meeting to review the bankruptcy petition and sign it. This appointment is typically less than an hour long.
- File for bankruptcy.
- After about 30 days, you meet with the bankruptcy trustee, who asks you basic questions regarding your employment and confirms the listing of your assets and debts. This meeting typically lasts less than 15 minutes.
- After two to three months, you receive a letter stating that the review process is complete and either your debt is discharged (for Chapter 7) or you may start making your payments that will last three to five years (for Chapter 13).
Additionally, you are required to take two online classes. These do not have to be complete when you initially meet with your attorney. The first class, however, should be completed before filing and the second class within 30 days after filing. Each class takes less than one hour, and there are no right or wrong answers.
Contact A Dedicated St. Louis Debt Relief Attorney
Through bankruptcy, you can stop any actions against you by your creditors, and the process is a lot easier than you might think. And bankruptcy is legally protected, so as long as you qualify, you will get out of debt and achieve the fresh financial start you need.
At Michael A. Reichert Attorney at Law, in St. Louis, Missouri, we guide consumers through every phase of the bankruptcy process. We believe everyone deserves a second chance and are dedicated to helping our clients receive a fresh financial start.
For a free initial consultation, contact our firm today at 314-600-8276. We offer evening and weekend appointments upon request.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.