Comments on: Effects of filing for bankruptcy http://www.financenewspro.com/effects-of-filing-for-bankruptcy/ Professional Finance News And Articles Thu, 17 May 2012 15:22:24 +0000 http://wordpress.org/?v=2.3.1 By: 1Clickbankruptcy http://www.financenewspro.com/effects-of-filing-for-bankruptcy/#comment-974 1Clickbankruptcy Sun, 24 Aug 2008 01:37:50 +0000 http://www.financenewspro.com/effects-of-filing-for-bankruptcy/#comment-974 Filing bankruptcy takes several steps that start with filling out the bankruptcy forms detailing your debts and expenditures. After your forms are complete you will need to deliver them to the bankruptcy court in your district along with the filing fee (which can also be paid in installments). Many districts will allow you to mail in your petition. Three to four weeks later you will be required to go to court for what is called a "341 meeting". This is handled by the case trustee (not a judge) and generally only lasts a few minutes. The trustee will ask you to verify if the information on your forms is correct and that you have included all your asset info. Creditors are allowed to attend these meetings but rarely if ever do. Four to eight weeks later you will receive your final discharge by mail confirming your discharge and that’s it. During this process you will be under protection of the "automatic stay" from the moment you file your bankruptcy petition which forbids any creditors from contacting you or going forward with any lawsuits, foreclosures, or garnishments. Filing bankruptcy takes several steps that start with filling out the bankruptcy forms detailing your debts and expenditures.

After your forms are complete you will need to deliver them to the bankruptcy court in your district along with the filing fee (which can also be paid in installments). Many districts will allow you to mail in your petition.

Three to four weeks later you will be required to go to court for what is called a “341 meeting”. This is handled by the case trustee (not a judge) and generally only lasts a few minutes. The trustee will ask you to verify if the information on your forms is correct and that you have included all your asset info. Creditors are allowed to attend these meetings but rarely if ever do.

Four to eight weeks later you will receive your final discharge by mail confirming your discharge and that’s it.

During this process you will be under protection of the “automatic stay” from the moment you file your bankruptcy petition which forbids any creditors from contacting you or going forward with any lawsuits, foreclosures, or garnishments.

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