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.
If you have filed for bankruptcy under chapter 7 in the past, then you cannot file under petition until eight years have elapsed. It is also necessary not to initiate any transactions with major assets for not less than one year before a bankruptcy petition is filed. If this happens, then your petition could be considered as fraud.
Bankruptcy proceedings begin the instant you file a petition. Your attorney will lend a hand with this after reviewing the unique circumstances revolving around your case. Typically it takes between three and six months to get debts discharged once a petition is filed.
The courts will need to get your financial documents within fifteen days after filing a petition. Your lawyer will again be responsible for ensuring that your paperwork is in order. Your financial records will then be attached to your original petition and the courts will also proceed to inform your creditors that they should stop collection efforts.
At least one month after filing the petition, you will be required to also file a statement of intention. The statement will contain information about property you own that serves as security for other debts. In case you intend to keep these assets, you will need to reaffirm the relevant loans and continue to make payments on a regular basis. Within 45 days after filing the statement of intention, you will be required to either surrender the assets or continue to make repayments.
A creditors meeting should be organized between 3-6 weeks after this. The courts will get a trustee appointed and he or she will chair over the meeting. You want to consult with your lawyer for you to know what to expect during the meeting and also what will be 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.
A speedy process will allow you to begin working on getting a grip on your financial freedom. Because you cannot be guaranteed of a process that lacks complexities, you should not underestimate the need to work with a seasoned attorney. The right expert will do most of the heavy lifting on your behalf and make the whole process smoother for you. He or she will better your chances of having the case wrapped up in not more than six months.
If you have filed for bankruptcy under chapter 7 in the past, then you cannot file under petition until eight years have elapsed. It is also necessary not to initiate any transactions with major assets for not less than one year before a bankruptcy petition is filed. If this happens, then your petition could be considered as fraud.
Bankruptcy proceedings begin the instant you file a petition. Your attorney will lend a hand with this after reviewing the unique circumstances revolving around your case. Typically it takes between three and six months to get debts discharged once a petition is filed.
The courts will need to get your financial documents within fifteen days after filing a petition. Your lawyer will again be responsible for ensuring that your paperwork is in order. Your financial records will then be attached to your original petition and the courts will also proceed to inform your creditors that they should stop collection efforts.
At least one month after filing the petition, you will be required to also file a statement of intention. The statement will contain information about property you own that serves as security for other debts. In case you intend to keep these assets, you will need to reaffirm the relevant loans and continue to make payments on a regular basis. Within 45 days after filing the statement of intention, you will be required to either surrender the assets or continue to make repayments.
A creditors meeting should be organized between 3-6 weeks after this. The courts will get a trustee appointed and he or she will chair over the meeting. You want to consult with your lawyer for you to know what to expect during the meeting and also what will be 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.
A speedy process will allow you to begin working on getting a grip on your financial freedom. Because you cannot be guaranteed of a process that lacks complexities, you should not underestimate the need to work with a seasoned attorney. The right expert will do most of the heavy lifting on your behalf and make the whole process smoother for you. He or she will better your chances of having the case wrapped up in not more than six months.
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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.
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