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Six Things to Expect After Filing Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy is not a decision that should be taken lightly. Filing for bankruptcy always requires careful consideration. Many people who want to get rid of their debts through bankruptcy do not know what to expect after the filing.
Our Oakland Chapter 7 bankruptcy attorney at the Law Offices of Melanie Tavare can guide you through the bankruptcy process and help you prepare for what is to come.
What to Expect After Filing Chapter 7 Bankruptcy
Below are the six things to expect after filing for bankruptcy under Chapter 7.
- A Bankruptcy Trustee Will Be Assigned to Your Case
After filing for Chapter 7 bankruptcy, a bankruptcy trustee will be assigned to your case. The trustee’s main role is to review your case and make sure you are eligible to file for bankruptcy. They will also sell your non-exempt assets to pay off your creditors. The trustee will work with you throughout your case to ensure everything is filed correctly and that you are following all of the bankruptcy rules.
- Automatic Stay Will Go Into Effect
One of the most significant benefits of filing for Chapter 7 bankruptcy is the automatic stay. This means that all collection activity from your creditors, including phone calls, mail, and lawsuits, will stop immediately after you file your bankruptcy petition. The automatic stay gives you some much-needed breathing room to start rebuilding your finances without being harassed by creditors.
- The Creditor Meeting Will Be Scheduled
A creditor meeting is a mandatory part of the Chapter 7 bankruptcy process. During the meeting, you will meet with your bankruptcy trustee and any of your creditors who want to attend. The meeting usually takes place 20-50 days after you file for bankruptcy, according to the official website of the U.S. Bankruptcy Court in the Northern District of California. This is an opportunity for the creditors to ask you questions about your financial situation, assets, and debts.
- You Will Receive Reaffirmation Agreements
Reaffirmation agreements are documents that allow you to keep certain secured debts, such as your car loan or mortgage, even after you file for bankruptcy. If you choose to reaffirm a debt, you agree to pay it back according to the original terms of your agreement. This can be a good option if you want to keep your property and can afford to make the payments.
- You Will Have to Take a Personal Financial Management Course
After filing for Chapter 7 bankruptcy, you will have to take a personal financial management course. This course is designed to teach you how to manage your money and avoid financial pitfalls in the future. It is a requirement to complete the course in order to receive your discharge.
- You Will Receive a Discharge
The final step in the Chapter 7 bankruptcy process is receiving a discharge. This means that your unsecured debts, such as credit card debt and medical bills, are eliminated, and you have a fresh start. However, not all debts can be discharged, such as student loans and taxes. Make sure you speak with your bankruptcy attorney to determine which debts will be eliminated and which ones you will still have to pay.
The Law Offices of Melanie Tavare Can Help
Filing for Chapter 7 bankruptcy is a significant step towards financial freedom. However, it is important to be aware of the various steps in the process in order to avoid any surprises. You might want to hire an experienced attorney to make sure that you are on the right track toward financial stability throughout the bankruptcy process. Contact the Law Offices of Melanie Tavare to discuss your case. Call 510-255-4646 today.
"Melanie is the best she very responsive and helpful throughout the process everything was taken care of smoothly. If you are thinking of going through bankruptcy she is the best attorney for you. I will forever be grateful having the chance to work with her. She is very honest too."
"I can't thank Melanie enough for helping me through a challenging process and doing so with incredible knowledge, professionalism and tenacity! She went to great lengths to keep me informed, she responded quickly to my questions, and communicated in terms that I could understand. I highly recommend getting in touch with Melanie should you have the need."
"Choosing to work with Atty. Melanie has been one of the best decisions I've ever made. She was a very patient professional to work with and attentive while providing valuable solutions to all of my concerns. If you are searching for of an Attorney who is knowledgeable, transparent, and diligent - well that's Atty. Melanie."
"What I liked about working with Melanie was how prompt and easy to work with she was. She made the process clear and understandable with as little stress as possible. I would work with her again and recommend her to others."
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