HOW BANKRUPTCY WORKS

The bankruptcy process varies considerably depending upon the type of bankruptcy you are filing. Most filers in Chapter 7 are pleasantly surprised by how easy the process is with a knowledgeable lawyer at their side.

Filing Bankruptcy: It’s Simpler Than You Think

Sometimes people think they have to “deserve” bankruptcy protection to be approved. In fact, in most bankruptcies, particular those in Chapter 7, there is no question about whether you will be approved. There is no judgment. In most Chapter 7 cases you never go to court and never see a judge. There will be a Meeting of Creditors, but in most cases, that meeting only lasts a matter of minutes.

What Bankruptcy Looks Like When You Come To Balbus Law Firm

While everything depends on the facts of your case and the chapter in which you file, for most people who come to our law firm, bankruptcy looks like this: You meet with an attorney in a free initial consultation who listens carefully to your situation and explains your bankruptcy options, what the bankruptcy process entails and what it costs.

If you choose to proceed, we meet again to go over the engagement agreement and to give you your “homework,” a detailed questionnaire that provides us with all the information we need to complete your bankruptcy paperwork.

How long it takes for you to fill out the questionnaire and to provide us with other documents, such as pay stubs, tax returns, bank statements and current loan statements, is up to you. Some clients finish the paperwork in a few days. Others may take a few weeks or longer.

Once completed and returned, the information in the questionnaire is entered into the bankruptcy petition and related filing documents. We meet again to review and sign the petition. Your petition will be filed with the bankruptcy court that same day.

A Meeting of Creditors will take place about four weeks after the petition is filed. We will prepare you for that meeting and attend it with you. In Chapter 7, that is about it. In Chapter 13, there is a bit more. In Chapter 11, there is a lot more.

To Better Understand How Bankruptcy Can Work For You, Contact Us For A Free Initial Consultation

To learn how bankruptcy works in a free initial consultation, call 203-286-4121 or email us.

Balbus Law Firm is a debt relief agency. We help people and businesses in New York and Connecticut file for bankruptcy relief under the Bankruptcy Code.