Hi, I’ m attorney Kevin Williams, and I’ d like to talk to what happens after you file
for bankruptcy.
Regardless of the type of bankruptcy you file, the moment it is filed, your creditors
must cease and desist with all collections activities until the bankruptcy is
discharged or your creditors obtain a release from the bankruptcy court – and such
releases are very, very rarely granted.
If you are in danger of a repossession, foreclosure, or eviction, those are stopped,
too, while the case is pending.
If you filed for a Chapter 7 “ no repayment plan,” you will probably never hear
from your creditors again, because your debts to them will be discharged in total…
in other words, the debts will be wiped out. Any debts you choose to repay – such
as your car or house if you want to keep them – you’ ll keep paying as usual.
If you filed for a Chapter 13 “ partial repayment plan,” your debts will be
organized into a plan which can last between 3 and 5 years. At the conclusion of
the plan, any part of those debts which are still outstanding will be discharged.
Keep in mind that in almost all cases, any student loans and income taxes you owe
are not affected by the bankruptcy, meaning you are still responsible for them.
About a month after you file, you’ll go to a pretty informal meeting with your
bankruptcy trustee. It is not a courtroom type setting, and I’ll be there with you
from start to finish.
The roll will be called like it was when you were in school, you’ll be handed a
brochure to read, you’ll watch a video tape, and then, one by one, you and other
folks on the schedule that day will go up and meet with the trustee. You’ll hand
the trustee your driver’s license and social security card, answer some simple
questions and, in most cases, be allowed to leave in about two minutes. It’s not a
big deal at all – but, as always throughout this process, you need to be truthful and
honest and, if you are, you have nothing to fear.
If you filed for a Chapter 13 “partial repayment plan,” there will be an additional,
similar meeting to have your repayment plan approved. Once again, I’ll be right
there, in person, for that meeting, too.
After the process is complete – for a “partial repayment plan” it’s a just a few
months – you’ll receive a discharge and you’ll have the fresh start that you need
and deserve.
Our firm has extensive experience in assisting people just like you with a
customized, personal, goal-based approach to bankruptcy, debt relief and other
financial improvement tools. If you’re in Middle Tennessee, please call me today
at 615-264-8249 for a no-charge consultation to answer any questions you might
have.
