subject: The Bankruptcy Process Steps [print this page] There are several steps of bankruptcy process to consider before one can file bankruptcy. If you believe that filing bankruptcy is your last option, you can start with attending a Pre-Filing Meeting. With the change of the bankruptcy law, the BAPCPA, which took effect last October 2005, concerning bankruptcy filing, it is necessary that debtors should attend a pre-filing meeting prior to filing for bankruptcy. This meeting will help them decide if there is any other way other than filing for bankruptcy, such as a non-mandated debt plan, or if they are eligible for bankruptcy. The debtor must remember that these counseling sessions provide them a documentation that shows completion of the counseling session. This will be required when they file their bankruptcy paperwork.
Getting professional help is the debtors next stop. Once you have made the decision to declare bankruptcy, the next important thing you have to do is to find professional assistance. Even if you choose to go on without an attorney, you will still require having a paralegal on hand to assist you file the procedure or paperwork. When you start filing bankruptcy paperwork, believe it or not, there are a lot of pages or forms to go through, between 40-80 pages, in a bankruptcy petition, that it is most overwhelming for most debtors. A section of the paperwork will be the filers filling out their current income, assets and debts, tax information, together with all creditors contact information. If the debtor failed to fill out the forms correctly, they will be required by the court to do the paperwork all over again. That would be time-consuming. The disadvantage in filling out the forms incorrectly is that it could also mean you place your assets on the line, meaning you could lose some of them. It is best to get some professional help while in the process of filing paperwork.
Following your bankruptcy petition being filed, a notice will be sent to all the creditors that are listed on your bankruptcy creditors matrix. This notice is normally mailed out 5 days following after your filing of bankruptcy petition in court. You will also receive a notice from your bankruptcy court informing you that you are qualified to file bankruptcy. They will also inform you on what documents to bring with you to your 341 meeting of creditors. When you receive this notice, do not be puzzled. All you do is to keep it in your personal file and you just wait and appear on the date and time that is stated in your notice of your primary inquiry with the trustee. This hearing is referred to as the 341 Meeting or the Meeting of Creditors. During this meeting, it does not guarantee that you will meet the judge because the judge is usually never present. In his or her place, it is the trustee that will evaluate your bankruptcy petition and ask you precise questions about your petition. You may be asked to present him or her with copies of your pay check stubs, bank statements, tax returns, or if you own a house, its assessment together with a recorded mortgage and deed. If the trustee is contented with your comprehensive bankruptcy petition, he or she will most likely not ask for anything at all.
For more information on the bankruptcy process, visit http://www.onlinebkassist.com.
