What Are the Steps for Filing for Bankruptcy?

If you’re thinking of filing for bankruptcy, the process can seem really overwhelming. You may not know what to expect, how long the process will take or how it will affect your life moving forward. Knowing the answers to these questions will help you make your decision and will relieve some stress in the days to come.

Understand that most people who file for bankruptcy have simply found themselves in a bad situation. The first step is to find a bankruptcy attorney who understands your situation and is willing to help you for the long haul. Filing for bankruptcy doesn’t have to just be about your current situation. It’s a step toward financial security and the right lawyer will help you get there. That being said, here are some steps that you can expect to go through when filing for bankruptcy.

  1. Find the right bankruptcy attorney for you. Read 5 Questions You Should Ask Your Bankruptcy Attorney to help you find exactly who’s right for you.
  2. You will meet with your bankruptcy attorney and they will help you decide what is the best chapter to file.
  3. You will return to your attorney with documentation of your debts and assets. This will help your attorney prepare your bankruptcy petition. This is also when your attorney will ask more in depth questions about your case.
  4. You will then meet with your attorney again to review the petition, sign it and file it with the court.
  5. Four to six weeks after filing, you will attend a meeting of creditors. This is not a court hearing and there is no judge. You meet with a trustee, who is another lawyer that asks the same sort of questions your attorney did. This meeting will take maybe 5 minutes and, if your attorney does their job properly, it is really boring. Technically any creditor can show up and ask you questions, but that only happens around 1% of the time.
  6. After the meeting of creditors, you will receive a discharge within 3 to 4 months. That’s usually 2 to 3 months after that the case is closed and everything is finished.

Filing for bankruptcy can be scary, but the right bankruptcy attorney will make all the difference in the world. At Mapes Law Offices, we work hard for you. We see filing for bankruptcy as a step toward financial freedom. We not only help you in your current situation, we also help you plan for your future. We want to see all of our clients succeed and that means working with them to create a plan for their future.

If your in the West Michigan area and thinking of filing for bankruptcy, give Mapes Law Offices a call today. We will discuss every step of the process with you and help you decide what is your best course of action. Sign up for your free initial consultation now or give us a call at (616) 719-3847. Take your first step toward financial freedom, you’ll be glad you did.