What Is the Process of Bankruptcy Like?

Experienced Bankruptcy Lawyer in Richmond

When you are considering declaring bankruptcy, the first thing you need to do is to call an experienced bankruptcy attorney.  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.) 

After your bankruptcy case 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 case is filed, a meeting with the Trustee and your attorney will be scheduled.  Your creditors will also have the right to attend that meeting and ask questions.   Your creditors have the right to file an objection to the discharge of the debt owed to them if they believe the debt was fraudulent or incurred immediately before filing bankruptcy.  This rarely happens and will be discussed at the first meeting with your attorney.

In the final stage of a Chapter 7 bankruptcy, your debts will usually be discharged within 6 months from the original filing date. Within 30 days of filing a Chapter 13 bankruptcy, your payment plan will begin and payments made to the Trustee will be divided among and paid to your creditors. One you have made all required payments at the end of the 3-5 year Plan, you will receive your Discharge.

Do not consider filing bankruptcy 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 and keep your property.

Call us at (804) 288-4328 or contact us for a free phone consultation.