What to expect after filing for bankruptcy
Once you have made the decision to file bankruptcy, you will need to retain the Law Office of Nancy Akel Draughon, P.A. for representation in your bankruptcy. Upon retaining the Firm, you can notify your unsecured creditors of legal representation and provide them with our name and office number. We will take all collection calls on your behalf while you are preparing to file your bankruptcy.
During this time, you can gather the requested information needed for your filing. Once you have gathered all of this information you should call the office and set up a filing/signing appointment. You will also need to complete the first of two credit counseling courses. This can be done quickly and inexpensively over the phone or online.
Once our office has all of your paper work and you have completed the initial credit counseling we will file your case and you will receive a case number. You will also start receiving notices from the bankruptcy court and from the trustee's office that has been assigned to your case. The Notice of Commencement will tell you which trustee has been assigned to your case and the date and time of your meeting of creditors (341 Meeting). This meeting is typically scheduled approximately 40 days after the initial filing date. You must attend your meeting of creditors.
Shortly after filing you will receive a letter from the assigned trustee requesting certain documents and that you call their office. Read this letter carefully and follow the trustee's instructions. We will send copies of the requested documents from our file, but you will also be required to send documents because we will not have copies of everything requested by the trustee.
At your meeting of creditors (341 Meeting), you will be placed under oath and the trustee questions you about the accuracy of the paperwork filed in your bankruptcy case. You will be asked questions similar to the questions asked in preparing the case to be filed. One of our experienced attorneys will attend this with you. Creditors are notified of the date and time of your meeting but they do not usually attend. This meeting generally lasts 5-10 minutes. In many cases, once you have completed this meeting, other than the second credit counseling course, there is nothing more for you to do.
Upon conclusion of your meeting of creditors, your trustee has 30 days to object to your claim of exemptions and/or file a Motion for Turnover. If this is a possible issue in your case, you will have been advised about a buyback arrangement with the bankruptcy estate. A buyback is only in cases where you own more property (personal or real property) than can be protected using the exemptions available in your particular case. If you do not own more property than protected, then you will not have a buyback. We will negotiate with the trustee on your behalf to work out a buyback of the property you wish to keep.
Your creditors have 60 days from the conclusion of your meeting of creditors to object to the discharge of their debt. Any notice of possible objection to discharge will be forwarded to you immediately and you will need to make an appointment to discuss it in greater detail.
You must take the second education course during this time. It is required to be taken within 45 days of the conclusion of your meeting of creditors. Failure to complete the course will result in your case closing without receiving your discharge.
Your discharge order is usually entered within 30 days after the last date for creditors to object to discharge, or about 5-6 months after the case was filed.
Once you have received your discharge, you no longer legally owe any amounts to your prior creditors. It is at this time that you can begin to re-establish credit and make a fresh start. There are many lenders who will extend credit to people coming right out of bankruptcy and it is even possible to qualify for a mortgage in as little as two years from the date of discharge.
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