Understanding the bankruptcy process is an important part in determining whether to file for bankruptcy, as well as in getting a clear picture of what you are up against over the next several months. The timeline and process associated with filing for bankruptcy in Indiana will vary depending upon whether you file a Chapter 7 or Chapter 13 case, but the basic process has been laid out below:
- The bankruptcy process will begin with determining whether you qualify. You must have completed a certified credit counseling briefing within the 180 days leading up to your filing. If you have filed or attempted to file for bankruptcy in the past, you must wait a certain amount of time before filing another petition.
- Your bankruptcy case will formally begin when you file your petition with the bankruptcy court. At this time, the court will place an automatic stay on all collection efforts, including foreclosure. A bankruptcy trustee will also be assigned to oversee your case.
- Within 14 days of filing, you must file particular information with the court, declaring assets, liabilities, income, expenses and possibly other information. If you filed a Chapter 13 case, you will need to provide a payment schedule as well.
- You will need to file a statement of intention regarding your debts, including which debts you would like to reaffirm in order to keep particular property and continue making payments on that property. This is due within 30 days.
- Within about 21 to 50 days of your bankruptcy filing (depending on whether it is a Chapter 7 or Chapter 13), there will be a meeting of creditors scheduled by your bankruptcy trustee. Your presence will be required at this meeting, and you will need to testify under oath about the accuracy of all the statements and information in your bankruptcy petition.
- The bankruptcy process will conclude with the discharge of all eligible debt. For a Chapter 7 case, this can occur within six months of filing. For a Chapter 13 case, this discharge will occur within three to five years of filing (after the completion of the payment plan).
You can help ensure that the bankruptcy process goes as smoothly as possible and that your debt is successfully discharged by working with an experienced Terre Haute bankruptcy attorney from the very start. Jumping into a complicated process alone could be detrimental to your financial stability in the future, so it is important to make sure that you are well-informed the entire way through. For those facing bankruptcy in Terre Haute, it may be most convenient for you to speak to a Terre Haute bankruptcy attorney.
To ensure that you have completed all of the necessary steps leading up to the bankruptcy process, it is highly advised that you have the legal guidance of a Terre Haute bankruptcy lawyer. If you fail to enroll in credit counseling prior to filing or you have not yet figured out if you qualify to file under Chapter 13 or Chapter 7, you might find yourself having to wait longer than you originally expected. To avoid any delays in the bankruptcy process, you should not hesitate to contact a Terre Haute bankruptcy lawyer from our firm immediately. When you are in a dire financial situation, the last thing you want to do is wait too long to pursue debt relief.