What Is the Process of Bankruptcy Like?

Experienced Bankruptcy Lawyer in Richmond

When you are considering declaring bankruptcy, the first order of business is to call an experienced bankruptcy attorney. Once you begin the process, you will be knee-deep in opportunities to make mistakes that could cost you for years to come. Don’t take the risk of making bankruptcy more challenging than it has to be—call our experienced Richmond bankruptcy lawyer at Bruce W. White, P.C. right away.

For individual debtors, the process of bankruptcy begins with deciding whether you will file under Chapter 7 or 13, or pursue another form of bankruptcy. (The processes referred to herein pertain to bankruptcies filed under Chapters 7 and 13, as these are most common.) The chapter you choose to file under will depend largely on the type and amount of debt you owe. After deciding which route to take, your bankruptcy attorney will file for you.

After your bankruptcy has been filed under Chapter 7 or 13, your creditors will be notified and required to stop all collection efforts. Between 30 and 45 days after your initial filing, your creditors will assemble with you, your lawyer, and the bankruptcy trustee to interview you and discuss your financial situation. Your creditors will be able to file an official objection to the discharge of your debts; if this occurs, you will be required to appear in an adversary hearing.

In the final stage of a Chapter 7 bankruptcy, your debts will usually be discharged within 6 months from the original filing date. In the final stages of a Chapter 13 bankruptcy, your 5-year payment plan will kick in and payments will be divided among your creditors. If you have fulfilled your obligations at the end of 5 years, whatever unsecured debts remain can be officially discharged.

Don’t wade into bankruptcy proceedings without an experienced Richmond bankruptcy attorney at your side to guide you through the process. At Bruce W. White, P.C., we’re committed to getting you the best outcome possible and doing whatever it takes to help you regain financial stability.

Call us at (804) 655-0502 or contact us for a free case evaluation today.