Bankruptcy Process
Helping people file for Chapter 7 and Chapter 13 Bankruptcy
Chapter 7 Bankruptcy Process
People who are filing for Chapter 7 must complete mandatory credit counseling 180 days before they file their bankruptcy petitions. After they complete credit counseling, they will receive a certificate of completion which they must send in with their bankruptcy paperwork. People will have to submit a bankruptcy petition, financial schedules and statement of intention to one of the U.S. bankruptcy courts.
After their paperwork is submitted, a trustee will be appointed by the court. Several weeks after the bankruptcy petition is filed, people will be ordered to attend a mandatory meeting with their trustees and creditors. If they do not attend the meeting, their cases will be dismissed. If creditors do not object to the proceedings, peoples’ debt will be discharged approximately 60 days after the meeting. Their bankruptcies will then appear on their credit reports for 7 to 10 years.
Chapter 13 Bankruptcy Process
When people decide to file for Chapter 13, they must complete credit counseling 180 days before they submit their bankruptcy petitions. Once counseling is completed, people must file their petitions, schedules, tax returns, statement of intentions and plans with one of the U.S. bankruptcy courts. Trustees will then be appointed to their cases. The trustees will review peoples’ repayment plans with them before submitting the plans to creditors.
Weeks later, people will meet with their trustees and creditors. The meeting is mandatory which means that people must attend if they wish to complete the bankruptcy process. If creditors agree to the terms of the repayment plan, people will begin making their monthly payments 30 days after their bankruptcy cases have been filed. Peoples’ bankruptcies will appear on their credit report for 7 to 10 years and they will have 3 to 5 years to repay their debt.
Las Vegas Bankruptcy Lawyers
At The Las Vegas Bankruptcy Law Firm we will do everything we can to provide you with personal attention throughout the bankruptcy process. Contact us today to learn how our Las Vegas bankruptcy lawyers can make a positive difference in your case!
The Las Vegas Bankruptcy Law Firm represents individuals who wish to file for bankruptcy in Las Vegas, Nevada.