3 Things To Expect When Filing For Bankruptcy

Going through a bankruptcy case is not something that you will likely enjoy, but it can help your financial situation. If you plan on using Chapter 7 bankruptcy in the next few months, there are several things you should expect during your case. Here are three things that will probably occur while you are going through your case.

You Will Have to Submit Lots of Papers

One primary thing you should expect with a Chapter 7 plan is submitting a lot of papers to your attorney. Documentation of your income, assets, and debts is a significant part of all bankruptcy cases. You will need documentation to initiate your case, and you may need it during the case. The documents you need will include any papers that prove your assets, debts, and income.

Your lawyer will instruct you on what to submit, and you will need to comply. During your plan, the trustee may ask for additional paperwork. The trustee makes this request to your lawyer, and your lawyer relays the message to you. It is up to you to make sure you fulfill every request you receive.

The Trustee Will Dig into Your Finances

You should also expect the trustee to dig into your finances. The primary role of a trustee is to verify all the information a person provides in their bankruptcy documents. Trustees confirm these things by researching and evaluating. They try to locate fraud or errors, and they aim to make sure every detail is accurate. While they are digging in your past, they may encounter questions. When this happens, they will ask for documentation to prove something.

You Will Have to Complete Several Requirements

The other thing to expect is the requirements you must complete. There are requirements in a Chapter 7 case, and the first one is to complete two credit counseling courses. You must take one before you file and one afterward. You must submit your certificates to your attorney as proof of completion.

The other requirement is attending a hearing. In a Chapter 7 case, you will probably have just one conference to attend. You must attend this to proceed with your case.

A Chapter 7 case typically goes quickly and might be over within just six months. During this time, though, you will have to complete any requests your lawyer makes. To find out more about how bankruptcy can help you, talk to a bankruptcy attorney today.