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.
If you have filed for bankruptcy under chapter 7 in the past, then you cannot file under petition until eight years have elapsed. It is also necessary not to initiate any transactions with major assets for not less than one year before a bankruptcy petition is filed. If this happens, then your petition could be considered as fraud.
The proceedings will officially begin after your petition is filed. You want to work with a proficient attorney who can look into your unique situation and guide you on the best steps to take. Bear in mind that your debts are likely to be discharged in six months if all the vital details are streamlined right from the beginning.
The courts will need to get your financial documents within fifteen days after filing a petition. Your lawyer will again be responsible for ensuring that your paperwork is in order. Your financial records will then be attached to your original petition and the courts will also proceed to inform your creditors that they should stop collection efforts.
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.
A creditors meeting should be organized between 3-6 weeks after this. The courts will get a trustee appointed and he or she will chair over the meeting. You want to consult with your lawyer for you to know what to expect during the meeting and also what will be expected of you.
After 2-3 months once the creditor meetings are held, the lenders in question will be given a chance to dispute discharges mentioned in your petition. Your attorney will deal with any objections raised and will generally get highlighted issues resolved. Within this 90 day timeline, your creditors will also need to table evidence of their claims and make it clear how much you owe them.
A speedy process will allow you to begin working on getting a grip on your financial freedom. Because you cannot be guaranteed of a process that lacks complexities, you should not underestimate the need to work with a seasoned attorney. The right expert will do most of the heavy lifting on your behalf and make the whole process smoother for you. He or she will better your chances of having the case wrapped up in not more than six months.
If you have filed for bankruptcy under chapter 7 in the past, then you cannot file under petition until eight years have elapsed. It is also necessary not to initiate any transactions with major assets for not less than one year before a bankruptcy petition is filed. If this happens, then your petition could be considered as fraud.
The proceedings will officially begin after your petition is filed. You want to work with a proficient attorney who can look into your unique situation and guide you on the best steps to take. Bear in mind that your debts are likely to be discharged in six months if all the vital details are streamlined right from the beginning.
The courts will need to get your financial documents within fifteen days after filing a petition. Your lawyer will again be responsible for ensuring that your paperwork is in order. Your financial records will then be attached to your original petition and the courts will also proceed to inform your creditors that they should stop collection efforts.
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.
A creditors meeting should be organized between 3-6 weeks after this. The courts will get a trustee appointed and he or she will chair over the meeting. You want to consult with your lawyer for you to know what to expect during the meeting and also what will be expected of you.
After 2-3 months once the creditor meetings are held, the lenders in question will be given a chance to dispute discharges mentioned in your petition. Your attorney will deal with any objections raised and will generally get highlighted issues resolved. Within this 90 day timeline, your creditors will also need to table evidence of their claims and make it clear how much you owe them.
A speedy process will allow you to begin working on getting a grip on your financial freedom. Because you cannot be guaranteed of a process that lacks complexities, you should not underestimate the need to work with a seasoned attorney. The right expert will do most of the heavy lifting on your behalf and make the whole process smoother for you. He or she will better your chances of having the case wrapped up in not more than six months.
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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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