The Bankruptcy Process
The bankruptcy process is governed largely by the federal Bankruptcy Code. This process can be complex — often requiring the skills of an experienced lawyer. At Morrison Rousseau, we are here to help you navigate the bankruptcy process.
Our firm will first help you determine whether you qualify for either Chapter 7 or Chapter 13 bankruptcy. The U.S. Trustee Program applies median family income data to all bankruptcy cases filed on or after February 1, 2008. These figures change periodically, so it is important to speak with an attorney who knows the current eligibility requirements.
Call Morrison Rousseau LLP's Worcester office at 866.496.0337 or 508.471.3012 to learn how we can help you. Reach us online. We handle bankruptcy concerns in both Massachusetts and Connecticut.
Here Is a Look at Filing Bankruptcy Step By Step
The first step in a Chapter 7 or a Chapter 13 bankruptcy is to gather all information about your debts, assets, income and expenses. You can do this with the help of your lawyer.
Next, your attorney fills out an official petition that includes this statement of financial affairs and files it with the bankruptcy court. The financial affairs statement includes a list of all creditors and the exact amounts and types of claims. It includes all your monthly living expenses.
The financial paperwork is more complicated for a Chapter 13 bankruptcy. These people have more assets, income, debts and expenses and they must present a debt repayment plan to the trustee to pay off some or all of their debt over three to five years.
Once your bankruptcy petition is filed, all creditors must cease collection actions. You have an automatic stay. Everything is frozen until the bankruptcy petition is resolved.
All income that you earn after the filing is yours. No creditors may access that money.
The 341 Hearing Is When Your Bankruptcy Petition Is Resolved.
Anywhere from four to five weeks after the filing time of your petition, you will attend a 341 meeting. At this meeting, a court-appointed trustee reviews your petition in person. You must be there and if you retain a lawyer's services, that lawyer will represent you at that meeting. You must answer the trustee's questions truthfully under oath regarding property and debt. Creditors may also ask questions, but rarely do so.
Our lawyers make sure that you get to witness how a 341 Hearing works and help you prepare for your hearing, so that you can feel comfortable once you are actually in the hearing. If there are questions that you cannot answer, your attorney is prepared to answer them on your behalf.
Generally, the only responsibilities you have with respect to the bankruptcy after the 341 hearing is to cooperate with the trustee in providing any requested information.
Creditors have 60 days after the 341 Hearing to convince the bankruptcy court you shouldn't be allowed to discharge your debts.
Within 60-75 days of the petition being accepted, your bankruptcy matter can be resolved and you can be back on the road to financial stability. Your debts will be discharged in a Chapter 7 bankruptcy.
Get a Fresh Start Now • Reach us online or call 866.496.0337 or 508.471.3012.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
