Filing for Chapter 7 Bankruptcy? What to Expect After the Process?
Richard S. Feinsilver, Esq is a reputable bankruptcy lawyer that has been assisting individuals and organizations with Chapter 7 and Chapter 13 bankruptcy for more than 30 years. In the more than two decades that he has been in private practice, Mr. Feinsilver has helped more than 7,500 clients across Long Island, including Queens, Nassau County, and Suffolk County put their debts behind them and make a fresh financial start. Filing bankruptcy is never an easy decision to make, but with the guidance and support of a trusted bankruptcy attorney behind you, it’s certainly a lot less stressful. If you are in need of debt consolidation services or you are considering filing for bankruptcy, you’ll have peace of mind when Richard S. Feinsilver, Esq is on your side.
Are you tire of living paycheck to paycheck and never making ends meet? Does it seem like no matter what you do, you can’t catch a break? Has the weight of your financial hardship finally become too much for you to carry? If so, bankruptcy may be an option that you are considering.
You’ve received some great recommendations, and have searched “bankruptcy attorney near me” countless times. You’ve finally found a lawyer that you are confident with, and after discussing your options, you’ve decided that filing for Chapter 7 bankruptcy is the best option for you. You’ve handed over all of the requested documentation, filled out all of the necessary paperwork, and have signed on several dotted lines. The petition has been filed. Now what?
So many people don’t quite know what to expect after the file for Chapter 7 bankruptcy. Understanding what happens and what you should do once you’ve filed can help to make the process go smoother; not to mention, it can help calm your nerves. Here’s a look at some of the things that you can expect after you file.
An Automatic Stay Goes Into Effect
Immediately after you have filed, an automatic stay will go into effect. Essentially, this stay is what stops creditors from attempting to collect your debts. As soon as that stay goes into effect, your creditors can no longer attempt to start any legal proceedings or continue with any that have already been started. Additionally, they can no longer contact you in any way, so immediately after you file, those harassing phone calls, emails, text messages, and snail mails
will stop.
Reaffirmation Agreements May Begin
Before you filed, you and your lawyer discussed whether or not you wanted to reaffirm (remain responsible) for any secured debts; your house, your car, etc. If you did decide to reaffirm any debts, the creditors of those debts will begin sending agreements to your lawyer. Both you and your attorney will need to sign these agreements before the court enters a discharge.
Financial Education
Before the process is completed, you will be required to take a course in financial management. You will not be granted a discharge until you have completed the course and provided the necessary documentation to illustrate that you have, in fact, completed it. Therefore, it’s important that you fill out and send in all the necessary paperwork.
The purpose of this course is to prepare you for a better financial future; to teach you how to improve your saving and spending habits so that you don’t end up in another compromising situation. Keep an open mind and really listen to the tips and advice that are given; you could learn a lot from your financial management training course.
Receipt of Discharge
Though time frames do vary, typically about 3 months after you have filed for bankruptcy, you’ll receive a discharge. This discharge is what removes you from being liable for your debts, with a few exceptions that cannot be entered into bankruptcy; taxes, student loans, and child support, for example.
After you have received your discharge, the bankruptcy process is complete and you can start working to rebuild your financial situation so that you are in good standing moving forward. Generally, individuals who file for bankruptcy can start to repair their credit very soon after being discharged; you may even be able to secure loans within as little as 2 years time!
Get In Touch with a Reputable Chapter 7 Bankruptcy Lawyer Today!
Stop trying to play a game of catch-up that you might not ever be able to win. Put an end to those harassing phone calls. Get your peace of mind and security back. You don’t have to continue living with financial fear and anxiety! A reputable attorney that specializes in bankruptcy can help. Contact Richard S. Feinsilver, Esq. to discuss the benefits of filing for bankruptcy today! To arrange a consultation, dial 516.873.6330 at your earliest convenience.
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