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If you are trying diligently to pay down your debt but can’t seem to make a dent in what you owe, bankruptcy may be your best option. If you want a clean slate and you’re considering filing for chapter 7 or chapter 13, turn to Watson Law Firm of Harrison. The bankruptcy lawyers at their firm will guide you through the filing process and ensure you get a fresh start as soon as possible.

What Can You Expect After Filing For Bankruptcy?

After you file for bankruptcy, the court will mail a Notice of Commencement of Case to each of your creditors. This notice will inform them of your petition and include the date of the First Meeting of Creditors. Your attorney should also advise you to tell creditors, when they call, to contact your attorney as you’ve filed bankruptcy. It’s at this time the phone calls should stop. If not, notify your attorney of this.

The Creditor’s Hearing

Bankruptcy LawyersThe First Meeting of Creditors is a hearing related to what you owe to whom and will be held approximately four to six weeks later. For most people filing for bankruptcy, this is the only time they will have to visit the courthouse. At the hearing, the judge will ask you specific questions related to the information you provided in your bankruptcy papers, including your debts, assets, and income. The judge will also want to know if you’re party to a trust or will be inheriting any money within a certain time frame. Failure to disclose any of this could result in criminal charges.

What is a Chapter 13 bankruptcy?

Chapter 13 is the type of bankruptcy whereby you, the debtor, pay directly to the courts, via the Trustee of the Court, periodic payments monies to be paid to your creditors (this is also known as reorganization). The trustee is ultimately responsible for ensuring your creditors receive as much as possible to cover your debts. A judge presides over all hearings, and experienced bankruptcy lawyers can help you prepare for it.  

What is a Chapter 7 bankruptcy?

'Bankruptcy LawyersChapter 7 is the type of bankruptcy whereby your debts are wiped clean (also known as liquidation). If you are filing for Chapter 7 bankruptcy, the bankruptcy court will grant an Order of Discharge roughly two to three months after the hearing. However, you must complete a debtor education program and forward the certificate of completion to the court before receiving a discharge of debt. Not all debts are dischargeable. Some examples of this are most tax debts, child support payments, and student loans.

If you carry more debt than you can reasonably pay off, you may qualify for Chapter 7 or Chapter 13 bankruptcy. Because the laws related to bankruptcy are complex, it’s best to seek the advice of a competent and reliable bankruptcy attorney rather than attempt to manage this alone.  Turn to the team at Watson Law Firm in Harrison, AR, to determine if bankruptcy is a valid option for your particular situation.

Visit their website to learn more about how their bankruptcy lawyers can help you overcome debilitating debt. If you are facing other legal issues, too, such as divorce, child support, child custody or a criminal matter, their skilled team may be able to help, also. Call (870) 704-4037 to discuss your financial or legal situation today. 

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