Theoretically, filing for bankruptcy is easy. The laws provide that persons with money problems can work on getting their debts discharged and this will allow them to begin rebuilding their financial strength. Ideally, the entire process should not take more than six months. Because complexities along the way could delay the proceedings, you want to work with a competent attorney for you to ensure that your matter is wrapped up sooner than later. If your focus is set on filing for chapter 7 Monterey has a reliable number of top rated attorneys that you can depend on.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
Proceedings will commence from the moment a bankruptcy petition is filed. Your lawyer will review your situation in detail before informing you about the best way forward. If every detail is streamlined right from the start, it should take between three and six months for your debts to be discharged.
Within 15 days of filing your petition, you will need to table certain financial documents in court. Your attorney will again assist you in filing the necessary paperwork and attaching it to your original petition. Within this time, the court will also notify your creditors that they should stop all collection efforts.
One month or rather30 days after your plea, you ought to get a statement of intention filed. This will give details regarding assets used as security for specific debts. After you have filed the statement of intention, you will have 45 days to surrender the properties or continue to make payments.
In 3-6 weeks, the courts will schedule for a creditors meeting. A court appointed trustee shall preside over the meeting and it will be necessary for you to be present during all through. Your attorney will tell you want to expect and also what is expected of you.
After 2-3 months once the creditor meetings are held, the lenders in question will be given a chance to dispute discharges mentioned in your petition. Your attorney will deal with any objections raised and will generally get highlighted issues resolved. Within this 90 day timeline, your creditors will also need to table evidence of their claims and make it clear how much you owe them.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
Proceedings will commence from the moment a bankruptcy petition is filed. Your lawyer will review your situation in detail before informing you about the best way forward. If every detail is streamlined right from the start, it should take between three and six months for your debts to be discharged.
Within 15 days of filing your petition, you will need to table certain financial documents in court. Your attorney will again assist you in filing the necessary paperwork and attaching it to your original petition. Within this time, the court will also notify your creditors that they should stop all collection efforts.
One month or rather30 days after your plea, you ought to get a statement of intention filed. This will give details regarding assets used as security for specific debts. After you have filed the statement of intention, you will have 45 days to surrender the properties or continue to make payments.
In 3-6 weeks, the courts will schedule for a creditors meeting. A court appointed trustee shall preside over the meeting and it will be necessary for you to be present during all through. Your attorney will tell you want to expect and also what is expected of you.
After 2-3 months once the creditor meetings are held, the lenders in question will be given a chance to dispute discharges mentioned in your petition. Your attorney will deal with any objections raised and will generally get highlighted issues resolved. Within this 90 day timeline, your creditors will also need to table evidence of their claims and make it clear how much you owe them.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
About the Author:
Get an overview of the things to keep in mind when selecting a Chapter 7 Monterey attorney and more information about a well-respected lawyer at http://www.centralcoastbankruptcy.com now.
No comments:
Post a Comment