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What Happens After You File For Bankruptcy?

Someone who has filed a bankruptcy case becomes perplexed.Filing for bankruptcy is a difficult but sometimes necessary decision to make. It should however not be overwhelming to steer for bankruptcy. This article focuses on telling you what happens after filing for bankruptcy.

Categories of bankruptcy
The type of the bankruptcy can dictate what will happen after filing for bankruptcy. The disparity between chapter 7 and 13 is whether or not individuals will have the mandate to keep their assets or not.

Your case is assigned a number and a judge
After you file for bankruptcy; your situation immediately becomes a case in the eyes of the law this means that it will be given a case number-just like a medical claim number-and will also be assigned a trustee and a judge. It is important that you keep your case number in your finger-tips after getting it because You will be able to give it to any creditors who come knocking-they won’t be able to hound you the moment that your bankruptcy filing becomes a case due to the law of automatic stay.Throughout the extent of your case, creditors, and other financial institutions won’t be able to contact you because of automatic stay; they will have to speak with the court itself if they want to have a conversation. During the court days, your trustee will be asking you questions. At this point, an attorney such as Stone Law Firm Columbia Bankruptcy lawyer will be helpful.

There is a setting of the meeting of your creditors
There will be a date set for the meeting of your creditors after filing that you are broke. During this meeting, your trustee will have a chance to ask some questions and also permits any creditors to ask you any questions.

Your attorney comes in
In the temporary between your filing and first court appearance, your attorney will take the reins for a while.Your attorney will also make sure that any other attorneys involved in your situation are aware of the case and that any ongoing lawsuits cease and will appraise all property and assets you own. Your attorney will also have a conversation with you about the types of questions your trustee will ask you at the creditors meeting, so you can feel confident in how you’ll answer.

You attend the creditor’s meeting
Most creditors meetings don’t involve any creditors; you’ll appear in court and answer the trustee’s questions, many of which your attorney will have briefed you on beforehand.

Your case can be adjourned
Your case can be delayed if your trustee requires more information from you and your attorney it will then have a second hearing, but you likely won’t have to appear in this one.

You obtain a set free
You will receive a set free notice within sixty days once your case is closed and your creditors, employers, and other attorneys involved in lawsuits will be notified immediately via mail.

Get a new beginning
When you are set free, you can restore your credit score and be in control of a new monetary prospect.