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Bankruptcy Process

Bankruptcy Lawyer Serving Hopkins County, Webster County & Surrounding Areas

If you are in severe debt, with no way out, filing for bankruptcy may be your best option. It is important that you discuss your financial situation with a knowledgeable attorney in order to ascertain the legal solution that is best for you. As a bankruptcy attorney, I have helped innumerable individuals in Madisonville and throughout Hopkins and Webster counties to understand their options and make an informed decision about how to deal with their financial crisis. I have been practicing law for 30 years and can provide highly-qualified knowledge and skills to resolving your financial distress.

As a process, the first step in filing for bankruptcy is to make a detailed report of your monthly income, expenses, and all of your debt, both secured and unsecured. This includes credit cards, medical bills, dental bills, and other bills as well as your assets, such as real estate and personal property. Prior to filing, you must receive from an approved nonprofit budget and credit counseling agency a briefing that outlines the opportunities for credit counseling and assists you in performing a budget analysis.

After this, you will file a petition for bankruptcy, whether Chapter 7 or Chapter 13 with the federal court. In your petition, you will be asking for protection against creditors as an insolvent debtor. The court can then impose an automatic stay on all creditors you have listed in your petition. These creditors can only pursue the debt you owe them through the bankruptcy court.

About a month after you file your petition, you will need to attend a meeting of your creditors in the presence of a Trustee and your attorney called a 341 meeting, named after a number of the bankruptcy code. Typically, a Chapter 7 debtor only goes to Court one time and will only be required to see a judge if an objection is raised by a creditor in the case. A Chapter 13 debtor may only have to go to court when the repayment plan is confirmed by the judge.

In a Chapter 7 case, you will receive a discharge of your debts two months after you go to Court. In a Chapter 13, your discharge of debt will occur when the repayment plan ends, providing you have followed the plan approved by the court.

To discuss your financial situation and further details about how you can benefit from bankruptcy, contact me at my firm. I look forward to helping you regain control of your finances as your trusted attorney.

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