The Bankruptcy Process

Are you contemplating bankruptcy? Are you worried about the process of bankruptcy and what will happen to you, your home, your car, and other possessions? It is advisable to talk to a bankruptcy attorney about your financial situation and to become informed about the process and the consequences of bankruptcy. I am a Tampa bankruptcy lawyer serving Tampa, St. Petersburg, and their surrounding cities in Hillsborough, Pinellas, and Pasco Counties. I can provide the legal counsel you need to determine if bankruptcy is right for you and represent you in any bankruptcy case.

The Process

If you are thinking about filing for bankruptcy, the first thing you will need to do is list all your sources of income, your monthly living expenses, all your secured and unsecured debt, including credit cards, loans, medical expenses, and other debt, and list all of your assets, such as real estate property and personal property.

After you have done the above, you will file for either a Chapter 7 or a Chapter 13 bankruptcy in the federal bankruptcy court. You will be filing a petition along with other paperwork. In the petition, you as the insolvent debtor will be declaring bankruptcy and asking the bankruptcy court for protection against creditors. With this filing, the court has the power to grant an automatic stay against any proceedings by creditors against you. Your creditors will then need to seek recourse against you only through the bankruptcy court.  

Generally, a month after you file for bankruptcy, you will be required to attend a meeting with your creditors. This meeting is referred to as the 341 meeting with creditors, named after a number of the bankruptcy code section. In this meeting, objections to your bankruptcy may be raised and discussed. If an objection is brought up and it cannot be resolved, the judge who is presiding will make a decision.

In Chapter 13 bankruptcies, a judge will approve your reorganization plan. If you stick to the plan and follow its requirements, after the plan ends, any remaining debt you have will be discharged. In a Chapter 7, after your creditors are paid, you will receive a discharge of your debts.

To learn more about the bankruptcy process, contact the Tampa Bankruptcy Attorney at the firm for a consultation today!