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:
The bankruptcy process begins when you
file your petition. In order to file, you will need to complete credit counseling.
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.
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
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.
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.
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.