What to Expect When Filing for Chapter 7 or Chapter 13 Bankruptcy Protection
Bankruptcy code is filled with nuances and complexities. Its legal language can be hard for anyone but lawyers to understand. At the Sam Turco Law Offices, we strive to help you understand the bankruptcy process and support you every step of the way.
Our law firm has handled more bankruptcy cases in Lincoln than any other law firm. Call us at 402-682-8573 in Omaha or toll-free at 866-593-7397 or contact us online for a free first meeting.
Gather All Financial Information Together
Before you come in, you should try and gather all your financial data together for a comprehensive financial picture. Our law firm provides a form that details the kind of information that you must gather together to effectively file for bankruptcy.
This information includes all your debt, assets, income and expenses. If you leave something out, it may result in costly legal expenses or in you losing an asset.
Determine Whether You Qualify for a Chapter 7 or a Chapter 13 Bankruptcy
To qualify for a Chapter 7 bankruptcy, you must fall within certain income limits. Generally, a Chapter 13 bankruptcy provides more protection for people with assets such as a home and the ability to pay off their debt over time. A Chapter 7 generally wipes out most unsecured debts.
Your Attorney Fills Out Paperwork and Files a Petition on Your Behalf
Your lawyer files a Chapter 7 or a Chapter 13 bankruptcy petition with a financial statement that includes monthly expenses and a list of your creditors. In a Chapter 13, this includes a plan that details how you intend to pay off some or all of your debt in three to five years.
You Must Take a credit-counseling course before your bankruptcy petition can be filed. The course can be taken online and is under an hour.
Once Bankruptcy Petitions Are Filed, Actions Taken to Collect Are Frozen
Creditors are no longer allowed to call you. Depending on your situation, foreclosure actions, garnishments and repossessions must stop until your bankruptcy petition is resolved. You get the breathing space to develop a plan to get back on the road to financial stability.
You and Your Lawyer Attend a Bankruptcy Hearing
Your petition is reviewed and accepted by a bankruptcy trustee. Official notice comes in the mail.
The Road to Financial Stability | Call 402-682-8573 in Omaha or toll-free at 866-593-7397 | Contact Us Online
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
