PROCESS OF BANKRUPTCY

Many of our clients imagine bankruptcy as a long and drawn out process full of judgments and embarrassing arguments with creditors. The reality is significantly different, and among the most common statements we hear from our former clients is: that was it?
We understand that the decision to file for bankruptcy is a serious one that can have both immediate relief and long term consequences. It is not something we ever recommend clients do because it is quick or easy, but because it is the right thing, but it is also important to realize that there is often a smooth process that we can put you on so that within only a few months you are back on the course toward a better financial future.

In Virginia and Maryland, contact the attorneys at the law office of Pesner Kawamoto Conway, PLC, for reliable, personalized and confidential bankruptcy counsel.



An Established and Reasonable Process

In very simple and general terms, here is the sort of process you can often expect when filing for Chapter 7 or Chapter 13 bankruptcy:

• 3 to 5 days after filing notice is sent out to creditors

• Creditors are no longer permitted to seek collections against debt — any harassment ends

• A trustee is appointed

• 45 days after the filing of the Petition there is a creditors meeting with the Trustee to verify your petition, which may last as little as 15 minutes

• Usually within 90 days of filing the petition, the bankruptcy court discharges your debt or in the case of a Chapter 13, approves your plan.



This blog is not intended to render legal services to the reader, including advice about bankruptcy or taxes. Consult with a lawyer concerning the specific application of the law to your unique circumstance.