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.
