Pre-Filing Bankruptcy Class & Court Filings.

If you’ve been struggling with debt for some time, it can become suffocating, and can even begin to negatively affect your mental and physical health. One of the biggest steps you can take to get your debt under control, catch up, and get some breathing room, is to file for bankruptcy protection.

Many people have heard of bankruptcy, but most don’t know how it works, which can make the entire process much more intimidating. Here’s what you need to know about how the process works, and what to expect from your case, so you can get started with confidence.

Before You Begin

One of the most important things to remember is that once you file for bankruptcy you shouldn’t incur any new debt, open new lines of credit, and so on. Each case will be different, however, so your bankruptcy attorney will be the best source of guidance on whether or not to open that new credit card or line of credit.

Also, if you’re filing for Chapter 13, you’re filing for bankruptcy protection that allows you to keep your current assets like your car and home. This means if you still have a financial obligation to your auto lender or mortgage lender, you should continue to make payments on those agreements as you normally would. 

Pre-Filing Bankruptcy Class & Court Filings

Before filing bankruptcy you will ideally take a pre-filing class which will give you a detailed outline of what to expect, as well as the process as it pertains to your specific case. If you are working with an attorney, they will generally arrange this for you. Once complete, you and your attorney will finalize the last-minute details that must be accurate on the day of filing, like final bank account balances. Your attorney will also handle all of the communication with any parties taking legal action against you for your debt, notifying them of your filing.

Meeting Of Creditors

The next step is generally the Meeting Of Creditors and will be a relatively quick hearing. This is one of the few occasions where, although your attorney will be present, they will not be able to speak on your behalf. You will meet with your assigned trustee, and they will ask you questions about the debts and assets you listed in your filing. In most cases, this meeting will only be 20-30 minutes long.

Discharge Of Debts

The discharge of your debts by the bankruptcy court will only happen once you’ve completed the pre-filing class, and the bankruptcy attorney representing you has filed the certificate with the appropriate court entities. Discharge is usually 30-90 days from when it’s initially filed, and often your bankruptcy case is closed within a week of the discharge order.

After Your Bankruptcy

Once your bankruptcy is complete, it will be time to begin rebuilding the damage to your credit. Start small, and go slowly. The best first step is generally to get a secured credit card with a low limit and maintain that for a while, as you continue to make payments to all other obligations on time.

We Are Your Trusted Bankruptcy Lawyers Mentor, Ohio

If you’ve had enough of spiraling debt and feeling like there’s no way out, the first step is generally to contact a trusted, local attorney that specializes in the bankruptcy process. Not only will they be able to guide you through the process with much more ease than stumbling through it individually, but they can also act as your advocate and negotiator when dealing with your creditors. Reach out to the experts at Moseman Law to discuss the details of your needs in a private and confidential environment, and get started on a brighter financial future today. We are a group of Bankruptcy Lawyers Mentor, Ohio