What is the Bankruptcy Process?

What is the bankruptcy process?

What is the Bankruptcy process? What happens in a bankruptcy case? The Bankruptcy process provides relief for individuals who can no longer pay all of their debts. If you are considering bankruptcy, this video will give you basic information about the process, the relief it offers, and how to find the legal help you may need. The videos are older, but are straight from the US Courts, providing an unbiased and direct look at the entire bankruptcy process.

Below is a a brief review of the bankruptcy process in the three main types of bankruptcy cases: chapters 7, chapter 11, and chapter 13. The most common types of bankruptcy are chapter 7, which is a liquidating bankruptcy, and chapter 13 cases, often used by individuals who want to catch up on past due mortgage or car loan payments and keep their assets.

As we can discuss in a one on one consultation. certain types of debt, such as child support, alimony, and most student loans, cannot be discharged in bankruptcy. Wrongful conduct may make some debts non-dischargeable. Examples of such conduct are incurring credit card charges without the intent or ability to repay, or obtaining loans using false financial information. We have a full chart that lays out the differences between Chapter 7 versus chapter 13 bankruptcy filings.

How does someone file a bankruptcy case? It all starts with calling us to decide if the bankruptcy process is the right choice for you. During this free Debt Relief Strategy Session, we will discuss options and the path to move forward to financial relief.

If we do decide that bankruptcy is right for you, and you choose to retain us, you’ll be required to take a credit counseling course to learn about alternatives to bankruptcy as well as accurately complete and file a number of documents, with our assistance.

As we move through the bankruptcy process together, you’ll be required to appear at a creditors’ meeting conducted by a Trustee who will ask you questions about your financial condition and give creditors the opportunity to do the same. You will not be alone for this meeting! I will be there to hold your hand the entire way through. There is no need to be afraid of this meeting.

A debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a bankruptcy crime. This is not a time to fudge facts. There are severe criminal consequences for those that attempt to lie or defraud creditors.

Unfortunately, mistakes can sometimes be seen as crimes if the judge believes the mistake was intentional. This is why it is imperative to have an experienced attorney to walk you through the Bankruptcy Process and assist with all of the voluminous paperwork.

In some cases, a debtor may be required to appear at hearings before a Bankruptcy Judge. Again, by hiring Attorney John Flynn, you will not be alone and we will be able to walk you through the bankruptcy process.

Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor. If they do, the creditor can be taken to court – you are protected. This is where you will start to feel the huge weight lifted off your shoulders and can start to move forward with your life.

When does someone need a lawyer for a bankruptcy case? Individuals have a right to represent themselves in court and use document preparers like LegalZoom, but bankruptcy is a complex area that involves many considerations including whether to file, what chapter to file under, and what exemptions to claim. It is important to understand all of the protections of the bankruptcy code in order to make full use of them.  Attorney John Flynn spent three years in law school and over 16 years in practice learning all of the nuances of the Bankruptcy Process so that you don’t have to.  The attorney fees you’ll pay are very inexpensive compared with Mr. Flynn’s vast experience and knowledge in this area.

We recommend giving us a call to schedule a one on one, complimentary Debt Relief Strategy Session to discuss the pros and cons of the Bankruptcy process in regards to your unique situation. We also have a list online with legal terms and definitions you will see throughout the process.

We have offices in Cabot, Arkansas that serve the needs of those who desire a fresh start and freedom from debt. We can provide you with the information you need, including a description of the entire process. Before you make a decision regarding filing bankruptcy, get the facts from an experienced bankruptcy attorney. Attorney John Flynn has more than 16 years of experience with bankruptcy law, having filed thousands of bankruptcies and helped numerous people and their families gain a fresh financial start. We can help you, too.