Step 1 - FREE Initial Consultation
At the initial consultation, a specialist will spend an hour with you, free of charge, to help determine the best option to help you reach your financial goals. If you have a modest amount of debt, with only 1 or 2 creditors, a debt settlement may be in order.
However, if a bankruptcy is the best option, your specialist will determine whether you should file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Whether you file Chapter 7 or Chapter 13 bankruptcy will be determined based upon your specific situation and end goals.
Step 2 -Prior To Filing
Prior to filing bankruptcy, the client must first complete a credit counseling course by an approved credit counseling provider. The Bankruptcy Court requires this for every case filed.
The Bankruptcy Court also requires some financial documents to assure that the petition is filled out correctly. As each client’s situation is unique, your specialist will provide you with a highlighted list of documents our office and the Court will need in order to obtain a discharge of your debt.
Step 3 -Filing the Petition
Filing the petition is next on the bankruptcy timeline. After we receive all the necessary information, your specialist will prepare the entire petition. Once it is prepared, the client will review the petition with an attorney to ensure accuracy. After reviewing the petition, the client will sign the petition and file it with the Bankruptcy Court.
The Bankruptcy’s automatic stay goes into place once the petition is filed. The automatic stay gives you protection from creditors and will help stop a sheriff sale, garnishment and creditor harassment!
Step 4 -Post Filing
You will receive a case number after we file your petition. A trustee is randomly assigned to your case. The Trustee is assigned by the Court to administer the bankruptcy process.
Once you have a case number, you must do a second credit counseling course. This course is required by the Bankruptcy Court in order to receive a discharge.
Within a few days of filing the Bankruptcy petition the Court will schedule a 341 meeting, also known as a creditors meeting. This meeting allows the Trustee to review your case and ask any questions they may have.
The 341 meeting is typically scheduled 30 days after the filing of your case. You will receive notice of the date and time of the hearing in the mail from the Bankruptcy Court. You will also receive a reminder from our office the day before the hearing. Make sure to bring your driver license, social security card, and filing fee (if applicable) down to the 341 hearing.
Step 5 -Financial Freedom!
About 90 days after the filing of the case, you can start checking the mail. The United States Bankruptcy Court will mail you the official order discharging you of all your debts. Now, the majority of your debts are officially history! At this point, you can check out Angel Credit Repair to increase your score as quick as possible.
Remember, the bankruptcy timeline starts with a FREE INITIAL CONSULTATION. So, contact us at 616-730-2164 to take your first step towards financial freedom!!
