The first step in a bankruptcy filing is choosing which type of bankruptcy to file: Chapter 7 bankruptcy (debt elimination), or somekeyword(reorganization or payment plan). Those choosing Chapter 7, must demonstrate to the bankruptcy court that they make under the median income in their state and can not pay their bills, regardless of any payment plans devised by the courts.
Choosing an Attorney: Aurora bankruptcy lawyer
Almost all financial pros agree that a knowledgeable bankruptcy attorney can protect your interests. Aurora bankruptcy law firms know the laws in your state and the bankruptcy laws better than anyone and may be able to advise you to things you would have never known about otherwise. Besides, once you hire a lawyer, all creditors must go through the office of your aurora bankruptcy attorney. They are no longer allowed to contact you regarding unpaid debt.
Section 341 Bankruptcy Hearing:
Once yourlawyer submits your bankruptcy petition to the courts, you will be notified of your date for a meeting of creditors (or a "341 meeting," named after the section of the Bankruptcy Code requiring it). This meeting is a way for you to prove to your creditors that you have answered honestly to all of their inquiries and that you completely understand the entire bankruptcy procedure and how it may affect you in the future. Your somekeyword will ask you to list all of your assets for your creditors to review.
60 day objection period
Your creditors have 60 days after your meeting to challenge the discharge of a particular debt. If no such lawsuits are filed, shortly after that 60th day you will receive notification of a discharge of debt if you filed chapter 7. If you filed chapter 13 bankruptcy, discharge notice will be given abouttwo months after you make your final payment.Gleason and Gleason somekeyword somekeyword
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