When you understand that you are in debt, and it is confirmed by free evaluation from experts like The Law Office of Daniel Podkowa, the next important factor is to plan and understand the bankruptcy processes. There are certain steps that you need to take for discharging your debts under Chapter 7 Bankruptcy cases.
1. Credit Counselling - This is the first and mandatory step that was added to the process after the review of chapter 7 bankruptcy in 2005. This has to be done by an approved agency within 180 days prior to filing bankruptcy.
2. Petition and forms - Our office helps you fill voluntary petition with information regarding your property, debts, income, and expenses. Daniel Podkowa will make sure that you pass the Chapter 7 means test, that is a must for filing bankruptcy. He also makes the court aware of your property exemptions with state and federal laws.
3. Automatic Stay - Upon the filing of your bankruptcy, the automatic stay immediately comes into effect. As long as the automatic stay is in effect, your creditors are banned under Federal Law from any and all collection activity. This includes, but is not limited to calling you, writing to you, wage garnishments, lawsuits, and foreclosures.
4. Meeting with creditors - Daniel Podkowa or his representatives will prepare or assist you in all your meetings with the creditors, which will take place in the presence of the trustee. So, you don't need to worry at all.
5. Eligibility of bankruptcy is confirmed - Prior to filing bankruptcy, Daniel Podkowa evaluates your eligibility, and confirms your passing of means test, assuring your acceptance by the court.
6. Secured debts are taken care of - In case you have secured debt, that is, the debts involving collateral which can go away to the creditor if you turn out to be the defaulter, you need to decide what you will do. A Lawyer Daniel Podkowa will suggest the best. He will help you to decide whether you want to redeem it, surrender it, reaffirm it or do nothing and keep paying the debt.
7. Dealing with financial management course - This step added by the 2005 amendment is well taken care of by Daniel Podkowa. You are well trained in it and when you finish off the classes, you file Form 423 Certification about a Financial Management Course, with the court.
8. The final discharge - Once the discharge order is issued, you no longer owe your dischargeable, unsecured debts. Your creditors no longer have any legal right to seek payment.
It takes approximately three months to obtain your discharge.
9. Closing of the case - After the discharge from court, the case is closed.
Bankruptcy may seem devastating, but it's actually a good choice. It eradicates your debts and makes your life simpler. It gives your financial relief. Bankruptcy is complex to understand and its application varies according to the cases, so it is always better to hire a very good and well-experienced attorney. For that, you should call The Law Office of Daniel Podkowa today.