The concept of filing for bankruptcy is fairly simple. All you have to do is to discharge debts and in return you can regain your financial footing. Unfortunately, the proceedings involved in getting this achieved are complicated. Because of the risk of disputes theoretically arising at each stage of the process, working with a seasoned lawyer could better your chances of getting the much needed debt relief within the least timeline possible. If you want to file for bankruptcy under chapter 7 Monterey can offer you a dependable number of highly regarded attorneys.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
Proceedings will commence from the moment a bankruptcy petition is filed. Your lawyer will review your situation in detail before informing you about the best way forward. If every detail is streamlined right from the start, it should take between three and six months for your debts to be discharged.
After you have filed a bankruptcy petition, you will have no more than 15 days to have submitted your financial documents. You want your lawyer to review your documents and affirm that they are in order. Within these 15 days, the courts will also let your creditors know that all attempts to recover their money should be stopped.
At least one month after filing the petition, you will be required to also file a statement of intention. The statement will contain information about property you own that serves as security for other debts. In case you intend to keep these assets, you will need to reaffirm the relevant loans and continue to make payments on a regular basis. Within 45 days after filing the statement of intention, you will be required to either surrender the assets or continue to make repayments.
In 3-6 weeks, the courts will schedule for a creditors meeting. A court appointed trustee shall preside over the meeting and it will be necessary for you to be present during all through. Your attorney will tell you want to expect and also what is expected of you.
Between 2-3 months after meeting with the creditors, they will be legally allowed to object to any discharges that are listed in your petition. In case objections are raised, your lawyer will assist you in resolving the issues that are highlighted. Then again your creditors will have 90 days following the creditors meeting to file proofs of their claims and indicate how much you owe them so that the debts can be discharged.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
In case you have been declared bankrupt in the past, then you cannot file another petition until 6-8 years have elapsed. If the prior case was also filed under chapter 7, then it will be imperative for you to wait for eight years before you can file again. Additionally, you must refrain from doing any transactions with significant assets for at least one year before you file your bankruptcy petition.
Proceedings will commence from the moment a bankruptcy petition is filed. Your lawyer will review your situation in detail before informing you about the best way forward. If every detail is streamlined right from the start, it should take between three and six months for your debts to be discharged.
After you have filed a bankruptcy petition, you will have no more than 15 days to have submitted your financial documents. You want your lawyer to review your documents and affirm that they are in order. Within these 15 days, the courts will also let your creditors know that all attempts to recover their money should be stopped.
At least one month after filing the petition, you will be required to also file a statement of intention. The statement will contain information about property you own that serves as security for other debts. In case you intend to keep these assets, you will need to reaffirm the relevant loans and continue to make payments on a regular basis. Within 45 days after filing the statement of intention, you will be required to either surrender the assets or continue to make repayments.
In 3-6 weeks, the courts will schedule for a creditors meeting. A court appointed trustee shall preside over the meeting and it will be necessary for you to be present during all through. Your attorney will tell you want to expect and also what is expected of you.
Between 2-3 months after meeting with the creditors, they will be legally allowed to object to any discharges that are listed in your petition. In case objections are raised, your lawyer will assist you in resolving the issues that are highlighted. Then again your creditors will have 90 days following the creditors meeting to file proofs of their claims and indicate how much you owe them so that the debts can be discharged.
Even though proceedings are typically resolved within six months after filing a petition, it is not unusual for roadblocks to arise somewhere along the way. Fortunately, a competent attorney will know just what to do to navigate through the challenges you face. It takes having a proficient lawyer in your corner for you to quickly get started on your road to financial stability.
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Get an overview of the things to keep in mind when selecting a Chapter 7 Monterey attorney and more information about a well-respected lawyer at http://www.centralcoastbankruptcy.com now.
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