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Learn about What Exactly Happens When Filing for Bankruptcy

Whether you are looking to discharge your credit card debts, save your home from foreclosure, keep your car from being repossessed, or accomplish something else, bankruptcy is a big decision. Your first step in the process should be talking with a qualified and experienced bankruptcy professional.
New laws have been enacted that require you to do new things - a bankruptcy lawyer can help you understand what is expected of you, and how the entire bankruptcy process works.
1-800-7100-LAW can help you connect with a bankruptcy professional in your area. It's easy. Just fill out our quick, easy and free bankruptcy case evaluation form. It's your first step to a fresh financial start.

Bankruptcy Law Changes & Requirements

The implementation of the new bankruptcy law has made the filing process much more complicated. Since the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 was enacted, the need for an experienced bankruptcy professional has only increased. Don't be left in the dark when it comes to filing bankruptcy. Let one of our experienced professionals take the confusion out of bankruptcy for you.
Several new requirements, including the Chapter 7 means test, the mandatory credit counseling briefing prior to filing and a debtor education course before receiving a discharge, were introduced in the BAPCPA. These are required for all bankruptcy petitioners.
Our bankruptcy professionals can explain, in detail, all of these new requirements that come along with filing bankruptcy, and can also assess your current financial situation to better determine whether filing Chapter 7 bankruptcy or Chapter 13 bankruptcy may allow you to attain financial freedom.

Before Bankruptcy – Obtaining the Credit Counseling Briefing

It is required by law that you attain a Credit Counseling Briefing from a certified credit counseling agency before you are able to file bankruptcy, whether you are filing Chapter 7 bankruptcy or Chapter 13 bankruptcy. This allows certified credit experts to explain fiscal responsibility and management, as well as how to create a personal budget analysis. They will also discuss alternatives to filing for bankruptcy with you. Pending financial hardship exceptions, most debtors who are petitioning for bankruptcy must go through this process before filing; failing to do so, in most cases, will result in your case being DISMISSED. Your Chapter 7 bankruptcy professional may suggest an approved Counseling Agency for you.

Filing Bankruptcy under Chapter 7 of the U.S. Bankruptcy Code

You can be steps closer to a fresh financial start by following these steps. It is important to provide all of the necessary information, as this makes starting over financially a very real possibility. You must first complete your credit counseling session from an approved Credit Counseling Agency, followed by providing your bankruptcy professional with all of the necessary information required for filing. Your bankruptcy professional will then assess your situation, and prepare a bankruptcy petition.
Once you have disclosed your information to your bankruptcy professional and he/she has prepared your bankruptcy petition, we will officially file the petition in local bankruptcy court. The court will then assign a bankruptcy trustee to your case. Once bankruptcy has been filed, an "Automatic Stay" is generally entered in most cases to prevent creditors from taking any further action against you outside of bankruptcy court. For more information about Chapter 7 of the U.S. Bankruptcy Code, check out the following resources:

• Filing Chapter 7 Bankruptcy: A Case Timeline;
• Qualifying for Chapter 7 Bankruptcy: The Means Test; and
• More Resources on Chapter 7 Bankruptcy.

Filing Bankruptcy under Chapter 13 of the U.S. Bankruptcy Code

When looking to avoid foreclosure on your home and/or vehicle repossession, people generally file for Chapter 13 bankruptcy. This is because Chapter 13 of the U.S. Bankruptcy Code generally allows people to keep these precious items by establishing a repayment plan of past debts. Just as you are required to do in Chapter 7 bankruptcy, you are required to procure a certified credit counseling certificate before filing. After receiving this, your lawyer will work with you in preparing the necessary information you need to file Chapter 13 bankruptcy. Again, just as you would when filing Chapter 7 bankruptcy, you will also be required to attend a Meeting of Your Creditors. During the process of your Chapter 13 case, your bankruptcy professional will work with you in developing and implementing a 3-5 year repayment plan; one in which you can catch up on your past-due debts while allowing you to stay current on your existing monthly payments. To find out more about filing Chapter 13 bankruptcy, consult with one of our bankruptcy professionals. You can also browse the following resources:

• Filing Chapter 13 Bankruptcy: A Case Timeline;
• Stopping Foreclosure by Filing Chapter 13 Bankruptcy; and
• More Resources on Chapter 13 Bankruptcy.

Before Obtaining a Discharge – Debtor Education

As required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, you must complete an approved Debtor Education Course before getting your bankruptcy discharge. The Debtor Education Course is a personal financial management course aimed at educating you in preventing the need for bankruptcy in the future. You may get a referral from your bankruptcy professional about where to attend an approved financial management class.

Why you Need a Bankruptcy Lawyer in Your Corner

Whether you are filing Chapter 7 or Chapter 13 Bankruptcy, the decision is obviously not one to be taken lightly. This is a big decision and one you should be sure of before deciding to file. If you are in a financial situation that does not appear to be getting better, or has little chance of improving, filing for bankruptcy may be the light at the end of the tunnel. Broad protection against creditors, control of your financial life and rebuilding your credit after bankruptcy with the help of friendly lenders are real and encouraging possibilities.