Whether to file bankruptcy is a complex question. Should you file? Is now the best time to file? An experienced bankruptcy attorney can help you determine whether filing for bankruptcy is the best choice for you or if there are other options you could try first.
Determining the type of bankruptcy that is best for you requires careful and detailed consideration of your current situation including: your level of debt, your income and income source(s), the assets you want to keep, and your future goals. A qualified bankruptcy attorney can review your situation with you to ensure you file for protection under the best chapter to suit your needs and circumstances.
Your attorney will gather the necessary documentation and submit your petition for bankruptcy to the court. Filing for bankruptcy triggers a number of events, including the "automatic stay" imposed on your creditors and the appointment of a Trustee to your case.
You must attend the Meeting of Creditors. At this meeting, your creditors are given the opportunity to ask you questions about your financial situation. Your attorney will accompany you and ensure you are well prepared prior to the meeting.
If you file Chapter 7 bankruptcy, you will typically receive your discharge quickly. If you file Chapter 13 bankruptcy, the discharge can take three to five years or longer, depending on the length of your repayment plan approved by the court.