What Happens in Bankruptcy?
Working with Your Attorney
You will need to consult with one of our attorneys to make an informed decision about the bankruptcy process and provide documents. Here are our current questionnaire and disclosure forms. We will need the documents requested. Our staff will follow up to obtain additional information and discuss important issues with you. You will meet with an attorney when your paperwork is ready to sign and discuss any remaining issues. You will need to complete an inexpensive and brief credit counseling course (this can be done over the internet or by phone).
Filing Your Case
Your case will be filed. “A meeting of creditors” is scheduled. However, in most cases no creditors show up. A trustee who represents the creditors interests will be there to question you. The purpose of the meeting is not to make you feel uncomfortable about the reasons you had financial problems or send you on a “guilt trip” because your creditors are not going to be repaid. The questions are cut and dry mostly about the property you own, your income, your expenses and any transfers or sales of property you may have made. In plan cases you will need to propose a plan and it will need to be confirmed. The court may conduct a hearing on your plan.
A Discharge is an order that eliminates debt. In just about all liquidation or Chapter 7 cases you will receive your discharge within 6 months of filing. In plan bankruptcies (for example Chapter 13 or Chapter 11) it usually takes longer to receive a discharge. This usually occurs upon completion of the plan.
Chris Wampler & Eugene Souder: your Maryland attorneys