Orlando Bankruptcy Process Attorney

Orlando, Florida Bankruptcy Lawyer

1. Preparing for Bankruptcy

If you plan on filing for bankruptcy, you must first identify all sources of income, real estate property, any major financial transactions you've undertaken in the last two years, and itemize your monthly living expenses. Additionally, you will be required to disclose all assets and all secured and unsecured debt you have. This includes car loans, student loans, medical bills, credit card debt, and so on.

2. Chapter 7 Bankruptcy Filing

In order to file for Chapter 7 bankruptcy, you must submit a two-page petition in the federal bankruptcy court as well as several schedules which list all of your assets and all of your debts. When you file, you can list all property you believe is exempt from liquidation. The information you provide throughout your bankruptcy petition and schedules must be accurate and you are required to sign, under penalty of perjury, that it is. Your documents will be reviewed by a judge, your creditors, the Chapter 7 Trustee assigned to your case and the US Trustee's office. Typically, filing your petition costs around $299 (though this may be waived in certain situations).

3. Chapter 13 Bankruptcy Filing

In Chapter 13 bankruptcy, you must additionally submit a debt repayment plan for consideration by the court that includes all payments to secured creditors and any amount to be given to the unsecured creditors. Consequently, you must calculate how much disposable monthly income you have after paying for living expenses and other bills. Your proposed repayment plan should reassure unsecured debt creditors that they will receive as much under your proposed Chapter 13 plan as if you had filed for Chapter 7 bankruptcy. You will be required to pay only a portion of what you owe to unsecured creditors over a 3 to 5 year period. It costs $275 to file for Chapter 13. If your repayment plan is accepted, you make your plan payments to the Chapter 13 bankruptcy trustee. The trustee is responsible for dispersing funds to creditors.

4. The 341 Meeting - Talking with Your Creditors

A month or so after you file for bankruptcy, you will be required to attend a meeting with your assigned Trustee and possibly your creditors. Referred to as the "341 meeting" after the bankruptcy code that mandates it, you will be placed under oath so the Trustee and your creditors can ask you questions. Although creditors usually don't appear, we accompany our clients to their 341 meeting to represent them during their testimony with both the Trustee and any creditors who may attend.

5. Approval of Your Bankruptcy Petition

For Chapter 7 Bankruptcy, once the Trustee indicates that your bankruptcy estate has been fully administered and there are no other objections on file, the court will approve the discharge of your unsecured debt of your unsecured debt. Under Chapter 13, your debt repayment plan will go into effect and you will be expected to adhere to its payment schedule. Once you have successfully completed your payment plan, you will, in most instances, receive notice that any remaining unsecured debt has been discharged.

Questions? Contact Bankruptcy Lawyer James H. Monroe Today

If you are having trouble paying off monthly bills and staying current on your mortgage, contact the bankruptcy lawyers at James H. Monroe, P.A. today to schedule a free consultation and discuss your case.