If you have been reeling under the burden of your debts for some time, and have been unable to meet the payments to your creditors, the thought of filing personal bankruptcy may have crossed your mind more than once. The only thing that may have prevented you from actually doing so is the uncertainty about the process.
Most people contemplating bankruptcy have no idea what to do, or how long it takes to do so and the legal processes involved such as filing petitions. Regardless of these considerations, the process can relieve you of your debt burden and may enable you to fulfill your financial obligations to your creditors.
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The first step that you need to take is to prepare a petition for bankruptcy court that contains a full disclosure of your assets and liabilities. You will also need to attend a course on credit counselling prior to filing and attach a certificate of completion with your petition. This course is mandatory if you plan on filing personal bankruptcy.
Once the filing process is done, the bankruptcy court will appoint a trustee and you will be required to meet with your creditors in what is called a 341(a) hearing. The trustee's responsibilities include verification of your identity based on production of identification documents issued by the government, such as a driver's license, and your social security card. The trustee may also need to know some basic information about your case that you will be expected to provide. If you want to discharge your debt burden, you will need to complete a debtor education course on financial management in order to be considered.
If you are filing personal bankruptcy under Chapter 7, the process is likely to go on for about six months, including the mandatory meeting with your creditors in the presence of the court-appointed trustee(s). Most of the time, people filing personal bankruptcy under Chapter 7 may not even see the judge, except in cases where a reaffirmation hearing is required. Bankruptcy cases filed under Chapter 13 take more time and effort before they are resolved. Typical resolution times of such cases can be anywhere between 3-5 years and is a function of the debtor's liabilities and repayment capacity.
Filing for bankruptcy can have financial repercussions and can affect you socially and professionally too. When you file for bankruptcy, the fact is going to be reflected in your credit report for 7-10 years depending on the Chapter under which you are filing personal bankruptcy.
There is also a lock-in period that prevents you from filing for bankruptcy again before the expiration of that period. With such far-reaching consequences associated with filing personal bankruptcy, it is best to find a lawyer who can help you through these difficult times by ensuring that you have the best options.
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