If you have considered filing for bankruptcy you may be wondering what you can expect. While the process isn’t meant to be intimidating, there are some specific guidelines that you will need to follow. While you will be required to participate in the process understanding what to expect is the best way to achieve a successful outcome.
At A Glance
When you start the process your Dayton bankruptcy attorney will ask you to provide a detailed account of your financial situation. This includes information about your debts, assets, fund accounts and income. This information is used to evaluate your financial situation and determine your debt relief needs. If you decide to pursue bankruptcy, this information will be outlined on the filing petition. Further, your financial standing will be subject to a means test. This test determines your eligibility for Chapter 7 bankruptcy. Failing the means test would mean that you may be required to file for Chapter 13 instead.
Once your petition is filed with the court, an automatic stay order is issued. A copy of this order is provided to all of your creditors, prohibiting them from collections until the court makes their ruling. The automatic stay order protects you from collection actions, halts garnishment, repossession or foreclosure actions until your case is reviewed by the judge.
Approximately 30 days after your filing, you will be required to attend the 341 meeting of creditors. This meeting is held to allow for creditors to stake their claim and for any reaffirmation agreements to be made. You will also be required to attend a debtor’s education course and pay the necessary court filing fees. Once these requirements are met the court will make their final ruling as to how your bankruptcy case will be completed. Depending on whether you filed for Chapter 7 or Chapter