What to Expect in Your Bankruptcy

Initial Conversation to Learn What to Expect in Your Bankruptcy

Experienced Bankruptcy Attorney Margaret Travis will help you learn what to expect in your bankruptcy. Ms. Travis understands you need to speak with a compassionate attorney who empathizes with you and can help during this stressful time. During your initial conversation she will ask questions to help determine if bankruptcy will work best for you, and if so, which type. If you decide to proceed with bankruptcy, here’s what you can expect:

Request for Documentation

Following your initial conversation with us, we will send you a list of all your financial documentation Ms. Travis needs to see.
We will also send you Required Mandatory Disclosures to comply with the Bankruptcy Code.

Initial Meeting with Attorney

Once we have all your information and the requested documents, you will meet with Ms. Travis. She will go over everything with you. She will recommend what she believes will work best for you. If you agree to hire Margaret Travis, she will discuss her fee agreement as well.

What to Expect in Chapter 7 Bankruptcy

What to Expect in Chapter 13 Bankruptcy

Complete Credit Counseling

Before you may file your Bankruptcy Petition, you must complete a Credit Counseling course. Once you complete your Credit Counseling, you will have 180 days to file your bankruptcy. Margaret Travis will discuss this more fully with you during your meeting. Be sure to bring your questions on what to expect in your bankruptcy.

Filing Bankruptcy Petition

Once you complete your Credit Counseling course, pay your attorney fee, and filing fee, Ms. Travis will draft and file your Bankruptcy Petition. Filing your Petition initiates your bankruptcy.

Automatic Stay

After Ms. Travis files your bankruptcy, the Court will send copies to all your creditors, telling them they must cease all collection efforts against you.

Creditors Meeting

The Trustee for your “bankruptcy estate” will hold a meeting known as a 341 Hearing. You must attend, and the Trustee will question you about your debts, assets, information on your Petition, Schedules, and Statement of Financial Affairs. Your creditors may attend, but many of your creditors will choose not to attend.

Chapter 13 Payment Plan

You and your bankruptcy attorney will look at everyone you owe money to, everything you own, and the exemptions for which you qualify. From that information, you and Ms. Travis will formulate a payment plan to repay some or all of your debts over the next three to five years. At the end of the plan term, any unsecured debt which is not paid off is discharged.

If you have filed a Chapter 13, the Trustee will implement the repayment plan you drafted with Ms. Travis. You will make payments under the plan for the duration of the plan. At the conclusion, any remaining unsecured debt included in your bankruptcy will be discharged

Financial Management Counseling

In order to get a discharge, you must take a financial management instructional course. You may take this with the same company which provided your Credit Counseling Course and it must be filed before you will receive a discharge.

Discharge

When you complete all the above steps, the court will discharge your bankruptcy.

Call Us Today

Margaret Travis will provide you with a free initial consultation to help you understand what to expect in your bankruptcy. We encourage you to call today and start down the path to becoming debt-free!

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