Understanding the Bankruptcy Timeline
It's extremely stressful to live with overwhelming debt. Once you have made the decision to take action by tackling your debt through declaring bankruptcy, you will find that your situation quickly turns around. Immediately upon filing for bankruptcy you will find that creditors stop harassing you, wage garnishment ends, and you get breathing room to make decisions.
Many people feel a sense of renewed hope because they can finally see a way to improve their financial situation.
My name is Patrick J. Conway. As a bankruptcy lawyer in Cincinnati and Northern Kentucky, I have been helping people get out of debt for 29 years. If you are considering bankruptcy, contact my bankruptcy law office without delay. We can quickly get your bankruptcy filing underway so that you are protected from creditors, foreclosure and repossession.
A Note Before Your First Meeting
If you are seriously considering bankruptcy, do not take on any other debts and do not make any payments you do not absolutely need to make. Do not make any credit card payments or payday loans. Do continue to pay your mortgage payment, car payment, energy and phone bills, if you can. I will review your debts and advise you what you need to pay right now and what can wait.
The Initial Meeting
When you call my office, I can usually get you in for an appointment within 24 to 48 hours. At our first meeting I will explain what bankruptcy can and cannot do for you. I will ask about your approximate income, approximate debt and what kinds of debts those are. At that time I will give you a list of information that I will need to prepare your bankruptcy filing. I will provide you with an outline of services and a statement of fees and costs.
Credit Counseling
Once retained, I will give you instructions on credit counseling services you can use to meet the credit counseling requirement, and a copy of your credit report. Credit counseling must be completed before your bankruptcy petition can be filed with the court. I handle all of these details. My goal is to make it easier for you and less work on your part.
Filing for Bankruptcy
After you retain me, I will instruct you on obtaining documents needed for filing bankruptcy. In some cases, I can obtain copies of deeds, mortgages, and other documents. Normally I can complete your bankruptcy petition paperwork within two (2) to three (3) days. The date of filing is important because that is the date when you are protected from creditors. If you are facing foreclosure, I will send notice of the bankruptcy filing to the foreclosure attorney and the court where the foreclosure is filed. From this point forward, no creditor can sue you for the debts that are included in the bankruptcy filing. Creditors also cannot have contact with you.
The Meeting of Creditors
A meeting of creditors is called a 341 meeting. This hearing, with the bankruptcy trustee, usually occurs 30 to 60 days after the date of bankruptcy filing.
- In a Chapter 13 case, your first payment is due to the trustee 30 days from the filing date.
- A second counseling session must be completed within 60 days of filing. I will make these arrangements.
There is a period of time after the 341 meeting when creditors can raise objections if they think that fraud has occurred (such as a debtor running up debt just before filing, or misrepresenting their financial situation on a loan application). The bankruptcy trustee may also object to the bankruptcy if they think the debtor does not meet the bankruptcy requirements. This period for raising objections lasts for two months.
Reaffirmation Agreements
If you want to keep some items for which you have secured debt (such as your home or car), you will be asked to sign a reaffirmation agreement. In this agreement you are affirming that you agree to repay your debt. This typically occurs in a Chapter 7 bankruptcy.
The End of the Bankruptcy Process
In Chapter 7, you will receive a legal document called an Order for Discharge of Debt approximately three months after the 341 meeting of creditors. This is the legal document that says your debts have been discharged. Child support, alimony, student loans and most taxes are not discharged in bankruptcy.
In Chapter 13 cases, a confirmation hearing occurs about 30 days after the meeting of creditors. At this hearing your repayment plan is approved. Clients often do not have to attend this meeting.
Your plan will continue for three (3) to five (5) years, after which time you will get an order for discharge of debts.
Your bankruptcy is complete and you are now free from that debt. Many people are pleased to see that their credit score has improved significantly within a year of beginning to repay their debts.
Free Initial Consultation With an Experienced Bankruptcy Attorney in Cincinnati
To discuss if Chapter 7 bankruptcy is right for you, or if you qualify for Chapter 13 bankruptcy, contact me, an Ohio and Kentucky bankruptcy lawyer online, or call my office at 513-924-4517 to schedule a free initial consultation about the bankruptcy timeline.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
