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The concept of filing for bankruptcy is fairly simple. All you have to do is to discharge debts and in return you can regain your financial footing. Unfortunately, the proceedings involved in getting this achieved are complicated. Because of the risk of disputes theoretically arising at each stage of the process, working with a seasoned lawyer could better your chances of getting the much needed debt relief within the least timeline possible. If you want to file for bankruptcy under chapter 7 Monterey can offer you a dependable number of highly regarded attorneys.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
Proceedings will commence from the moment a bankruptcy petition is filed. Your lawyer will review your situation in detail before informing you about the best way forward. If every detail is streamlined right from the start, it should take between three and six months for your debts to be discharged.
After you have filed a bankruptcy petition, you will have no more than 15 days to have submitted your financial documents. You want your lawyer to review your documents and affirm that they are in order. Within these 15 days, the courts will also let your creditors know that all attempts to recover their money should be stopped.
30 days or rather one month after a petition is filed; you will need to file a statement of intention. The statement in question will provide information about your assets that were used as security for particular debts. If you would wish to retain possession of these assets, you ought to reaffirm the secured loans and also proceed to make payments as usual. In about 45 days once the statement of intention is filed, you could choose to either surrender the assets serving as security to proceed to service your loans.
Within 3-6 weeks after filing your petition, the courts will meet the creditors and a bankruptcy trustee will be appointed. The trustee will preside over the meetings and you shall be required to be present during all of them. Your lawyer will inform you what is expected of you during creditor meetings.
Between 2-3 months after meeting with the creditors, they will be legally allowed to object to any discharges that are listed in your petition. In case objections are raised, your lawyer will assist you in resolving the issues that are highlighted. Then again your creditors will have 90 days following the creditors meeting to file proofs of their claims and indicate how much you owe them so that the debts can be discharged.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
Proceedings will commence from the moment a bankruptcy petition is filed. Your lawyer will review your situation in detail before informing you about the best way forward. If every detail is streamlined right from the start, it should take between three and six months for your debts to be discharged.
After you have filed a bankruptcy petition, you will have no more than 15 days to have submitted your financial documents. You want your lawyer to review your documents and affirm that they are in order. Within these 15 days, the courts will also let your creditors know that all attempts to recover their money should be stopped.
30 days or rather one month after a petition is filed; you will need to file a statement of intention. The statement in question will provide information about your assets that were used as security for particular debts. If you would wish to retain possession of these assets, you ought to reaffirm the secured loans and also proceed to make payments as usual. In about 45 days once the statement of intention is filed, you could choose to either surrender the assets serving as security to proceed to service your loans.
Within 3-6 weeks after filing your petition, the courts will meet the creditors and a bankruptcy trustee will be appointed. The trustee will preside over the meetings and you shall be required to be present during all of them. Your lawyer will inform you what is expected of you during creditor meetings.
Between 2-3 months after meeting with the creditors, they will be legally allowed to object to any discharges that are listed in your petition. In case objections are raised, your lawyer will assist you in resolving the issues that are highlighted. Then again your creditors will have 90 days following the creditors meeting to file proofs of their claims and indicate how much you owe them so that the debts can be discharged.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
About the Author:
Get an overview of the things to keep in mind when selecting a Chapter 7 Monterey attorney and more information about a well-respected lawyer at http://www.centralcoastbankruptcy.com now.
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