Bankruptcy Timeline to Financial Freedom!
Bankruptcy Timeline Step 1 – Free Initial Consultation
At the initial consultation, a Detroit Lawyers attorney will spend an hour with you, free of charge, to help determine the best option to help you reach your financial goals. If you have a modest amount of debt, with only 1 or 2 creditors, a debt settlement may be in order.
However, if a bankruptcy is the best option, a Detroit Lawyers attorney will determine whether you should file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Whether you file Chapter 7 or Chapter 13 bankruptcy will be determined based upon your specific situation and end goals.
Bankruptcy Timeline Step 2 – Prior to Filing
Prior to filing bankruptcy, the client must first complete a credit counseling course by an approved credit counseling provider. The Bankruptcy Court requires this for every case filed. Detroit Lawyers has found the least expensive and most convenient credit counseling provider. The course can be done online for as little as $14.95! The Department of Justice has a list of approved credit counseling providers on their website. If you would like to check out all your options in the Eastern District of Michigan you can do so here.
The Bankruptcy Court also requires some financial documents to assure that the petition is filled out correctly. As each client’s situation is unique, Detroit Lawyers will provide you with a highlighted list of documents our office, and the Court, will need in order to obtain a discharge of your debt. Our office will send all of the necessary documents over to the Court. We scan all of the documents so just bring the originals and we will return them at the end of the appointment.
Bankruptcy Timeline Step 3 – Filing the Petition
Filing the petition is next on the bankruptcy timeline. After we receive all the necessary information, Detroit Lawyers PLLC will prepare the entire petition. Once it is prepared, the client will come in and review the petition with an attorney to ensure accuracy. After reviewing the petition, the client will sign the petition and our office will electronically file it with the Bankruptcy Court. You can find the bankruptcy forms at the court’s website.
The Bankruptcy’s automatic stay goes into place once the petition is filed. The automatic stay gives you protection from creditors and will help stop a sheriff sale, garnishment and creditor harassment!
Bankruptcy Timeline Step 4 – Post-Filing
You will receive a case number after we file your petition. A trustee is randomly assigned to your case. The Trustee is assigned by the Court to administer the bankruptcy process.
Once you have a case number, you must do a second credit counseling course. This course is required by the Bankruptcy Court in order to receive a discharge. Just like the first course, we found the cheapest option for you. The course can be done online for as little as $9.95!
Within a few days of filing the Bankruptcy petition the Court will schedule a 341 meeting, also known as a creditors meeting. This meeting allows the Trustee to review your case and ask any questions they may have. Don’t worry, we will be right there with you!
The 341 meeting is typically scheduled 30 days after the filing of your case. You will receive notice of the date and time of the hearing in the mail from the Bankruptcy Court. You will also receive a reminder from our office the day before the hearing. Make sure to bring your driver license, social security card, and filing fee (if applicable) down to the 341 hearing.
Bankruptcy Timeline Step 5 – FINANCIAL FREEDOM!
About 90 days after the filing of the case, you can start checking the mail. The United States Bankruptcy Court will mail you the official order discharging you of all your debts. Now, the majority of your debts are officially history! At this point, you can check out Detroit Lawyers Credit Repair Kit to increase your score as quick as possible.
Remember, the bankruptcy timeline starts with a FREE INITIAL CONSULTATION. So, contact Detroit Lawyers at 248.237.7979 to take your first step towards financial freedom!!