' What Happens When You File for Bankruptcy? | Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Happens When You File for Bankruptcy?

what happens when you file for bankruptcyContemplating bankruptcy is a significant decision that comes with many questions. If you’re considering filing for bankruptcy, it’s essential to have a clear understanding of what the process entails. What are the key steps that happen when you file for bankruptcy?

Initial Consultation

The first step in the bankruptcy process is scheduling an initial consultation with our experienced bankruptcy attorneys. During this meeting, we’ll discuss your financial situation, explore the reasons for considering bankruptcy, and help you determine if bankruptcy is the right option for your unique circumstances.

Choosing the Right Chapter

There are different chapters of bankruptcy, each designed to address specific financial challenges. We’ll work closely with you to determine whether Chapter 7 or Chapter 13 is the most appropriate for your situation. Chapter 7 typically involves the liquidation of assets to pay off debts, while Chapter 13 involves creating a manageable repayment plan.

Pre-Filing Requirements

Before filing for bankruptcy, you must meet certain requirements. These may include completing credit counseling from an approved agency and gathering the necessary financial documentation, such as income records, debts, assets, and expenses.

Filing the Bankruptcy Petition

Once all pre-filing requirements are satisfied, we will prepare and file your bankruptcy petition with the court. This legal document outlines your financial situation, assets, debts, and proposed repayment plan (if applicable). Filing for bankruptcy triggers an automatic stay, immediately halting creditor actions such as collection calls, wage garnishments, and foreclosure proceedings.

Meeting of Creditors (341 Meeting)

Shortly after filing, you will attend a meeting of creditors, also known as the 341 meeting. This meeting provides an opportunity for creditors to ask questions about your financial situation under oath. While it may sound intimidating, our attorneys will guide you through the process, ensuring that you are well-prepared and confident.

Credit Counseling and Financial Management Courses

Both Chapter 7 and Chapter 13 bankruptcy filers are required to complete credit counseling and financial management courses from approved agencies. These courses aim to provide financial education and empower individuals to make sound financial decisions in the future.

Chapter 7: Discharge of Debts; Chapter 13: Confirmation and Repayment

In a Chapter 7 bankruptcy, eligible debts may be discharged, providing you with a fresh financial start. In Chapter 13, the court will confirm the proposed repayment plan, and you will begin making payments to the trustee, who will distribute them to creditors over the agreed-upon timeframe.

Post-Bankruptcy Counseling

After your bankruptcy case is completed, you will be required to attend a post-bankruptcy counseling course. This course is designed to help you navigate financial responsibilities and manage your finances more effectively moving forward.

Filing for bankruptcy is a structured legal process. It’s designed to offer relief from overwhelming debt and provide a pathway to financial recovery. At our bankruptcy law firm, we are dedicated to guiding you through each step, ensuring that you understand the process and feel supported along the way.

If you’re considering bankruptcy as a means of financial renewal, schedule a consultation with our experienced attorneys. We’re here to provide personalized guidance, answer your questions, and help you embark on a journey toward a brighter financial future. Remember, seeking professional advice is a proactive step toward reclaiming control of your financial well-being.

If you’d like to know more about what happens when you file for bankruptcy or you’re ready to speak to someone about your options for dealing with debt, contact the Law Offices of Robert M. Geller at (813) 254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Should I File Bankruptcy without a Lawyer?

Filing for bankruptcy can be a daunting process. Many people wonder if they should tackle it alone or hire a...
Read More

How Does Bankruptcy Affect My Credit Score?

Filing for bankruptcy is a significant decision. It can have a lasting impact on your financial future, especially your credit...
Read More

Can You File Bankruptcy on a Title Loan?

If you're struggling with debt and have a title loan, you may wonder if bankruptcy can help you escape that...
Read More

Will Bankruptcy Affect My Security Clearance?

When you're facing financial difficulties, the prospect of bankruptcy can be daunting. This concern is amplified if you hold or...
Read More

What is Involuntary Bankruptcy?

Bankruptcy is a legal process that allows individuals or businesses to resolve their debts under the protection of a bankruptcy...
Read More

Is It Bad to File Bankruptcy at a Young Age?

Filing for bankruptcy is often viewed as a last resort for those overwhelmed by debt. While it is a significant...
Read More

How Far Back Does the Bankruptcy Trustee Look?

Filing for bankruptcy is a complex process that requires full transparency and cooperation with the bankruptcy trustee assigned to your...
Read More

Can Bankruptcy Be Reversed?

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of...
Read More

Can I Sell My House While in Bankruptcy?

Filing for bankruptcy can be a complex and stressful experience, especially when it comes to your significant assets like your...
Read More

Does Bankruptcy Clear Attorney Debt?

Filing for bankruptcy is a complex process that often requires the expertise of a bankruptcy attorney to navigate successfully. However,...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.536.4468

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 328-6667
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 274-9155

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 492-2663

Map And Directions