What are the steps in the bankruptcy process?
Bankruptcy is a specialized area of federal law that varies according to the laws of each state. An experienced debt planning attorney will review your case and advise whether bankruptcy is even right for your situation. At Smith Montgomery, we know what you're going through and can help you take control of what you feel is an impossible situation. While the bankruptcy process is not simple, here is a simplified version of the general steps that most attorneys follow for processing a bankruptcy filing:
• Prior to the initial evaluation meeting, the potential client must fill out intake forms to correctly present his or her financial situation to the attorney's office.
• The attorney's office advises the potential client of the debt relief plan that is in their best interest. If bankruptcy is recommended, the attorney will advise the appropriate Chapter (Chapter 7 and Chapter 13 for individuals and small businesses, Chapter 11 for larger businesses and Chapter 12 for farmers).
• In the event that bankruptcy is recommended and the client agrees, the attorney will request a retainer and the filing fees required to file the bankruptcy petition. The client is provided with a list of all of the documents that must be copied and given to the attorney.
• The attorney's legal assistant prepares the bankruptcy petition and schedules based on legal research and client documents. The petition and schedules are reviewed by the attorney. The attorney prepares the client's repayment plan, if required, included with the petition.
• The attorney schedules a meeting with the client to review the bankruptcy petition. The client signs the petition, and the bankruptcy petition is filed with the court.
• The attorney addresses issues related to judgments, foreclosures, garnishments and repossessions.
• The client completes their mandatory credit counseling sessions.
• The attorney attends all hearings associated with the filing. The client must be present at the 341 meeting with the bankruptcy trustee. This is where the trustee reviews the repayment plan with the client and attorney.
• The attorney files additional documents if necessary.
• The attorney and client wait for the trustee's decision.
• The client's non-exempt assets are liquidated (as with Chapter 7 bankruptcy), or the client is required to make monthly payments according to the repayment plan over three to five years (as with Chapter 13).
Being in a serious financial crisis can leave you feeling alone and hopeless. Bankruptcy is one way to a fresh start on the road to financial stability, but it is not the only way. A qualified Smith Montgomery debt relief attorney will help you make informed decisions about your financial affairs. We have helped thousands discharge millions in debt.
Smith Montgomery's Debt Planning Lawyers understand how you feel and have assisted over 8,000 individuals and businesses in just about every type of monetary trouble there is. Make an appointment today for a free first visit and evaluation. Call us at 417-881-9000 or use the Contact Form to schedule your free first visit.
This article discusses bankruptcy in general terms only, and nothing in this article should be considered as legal advice. No attorney can guarantee the outcome of a case; however, if you have a legal problem, please take advantage of a free visit to review your situation. If you need help deciding, visit the Client Reviews page on our website and see what our satisfied clients are saying about our bankruptcy and debt planning services.