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The Bankruptcy Process

The Bankruptcy Process

Outlined by a Westchester County Bankruptcy Attorney

The specific process involved with filing for bankruptcy will vary depending on whether you file a Chapter 7 or Chapter 13 case as well as the unique financial circumstances you are dealing with. Although the specific process may vary, there are many ways that an experienced bankruptcy attorney at our Westchester County law firm can assist you. We can also help to familiarize you with what to expect in the coming weeks and months.

Summary of the Bankruptcy Timeline:

  1. The bankruptcy process begins when you file your petition. In order to file, you will need to complete credit counseling.
  2. Once you file your bankruptcy petition, all of your creditors will be notified that they must immediately cease all collection efforts against you. This will include an automatic stay on foreclosure or any debt collection lawsuits.
  3. The next step will be to file all information regarding your assets, income, debt and expenses with the court. You must do this within 15 days of your petition. If you are filing a Chapter 13 bankruptcy, you will also need to include your proposed repayment schedule.
  4. You will then need to file a statement of intent regarding certain debts and assets, such as whether you would like to keep your car or maintain other debt.
  5. A meeting of creditors will be the next step in the Westchester County bankruptcy process. This takes place within 45 days of the date you filed your petition. At this meeting, you will need to be present to testify regarding the accuracy of your bankruptcy petition.
  6. The final step is the discharge of all eligible debt. For a Chapter 7 bankruptcy, your debt will generally be discharged within 4 to 6 months of the filing of your petition. For a Chapter 13 bankruptcy, the discharge will not take place until the successful completion of your repayment plan, which may last 3 to 5 years of filing your petition.

For experienced, dedicated help through the bankruptcy process in the Westchester County area, contact a Westchester County bankruptcy attorney at our law offices today.