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Do You Know the Basic Steps of Filing for Bankruptcy? May 22, 2017

Chelsea, Manhattan
Do You Know the Basic Steps of Filing for Bankruptcy? , Manhattan, New York

Where do people turn when events in their lives wreak havoc with their finances? Bankruptcy courts provide an option for debt relief. At We The People of NY in Manhattan, their bankruptcy document preparation team helps individuals complete the forms they need when filing for bankruptcy.

Here are the steps involved in filing for bankruptcy under Chapter 7 of the bankruptcy code:

  • Before Filing: Six months or less before filing for bankruptcy, individuals must take a credit counseling class through an agency approved by the bankruptcy court. Many agencies offer online program sessions. The agencies issue certificates of completion that program participants must include with their bankruptcy petitions.
  • filing-for-bankruptcy-Manhattan-NYPreparing the Petition: The Voluntary Petition is the primary legal document that individuals file. Other forms and schedules provide information, including the petitioner’s assets, income, debts, and expenses. Petitioners can claim for exemptions to protect property, such as their homes, car, clothes, and jewelry. Petitions must include all debts and creditors to receive bankruptcy discharges for them.
  • Filing for Bankruptcy: Filing the voluntary petitions with the court stops all creditor actions immediately, including most, repossessions, and garnishments. Petitioners must file their other legal documents with the petitions, or within 14 days, or the court dismisses the cases.
  • Court Appearances: About 4-8 weeks after filing their petitions, petitioners must attend a meeting of creditors at the court. Generally, most creditors do not appear. Petitioners give answers under oath to the bankruptcy trustee’s questions about their finances, and creditors can ask questions. The bankruptcy discharge hearing usually occurs within 2-3 months later, ending the cases.

If you choose filing for Chapter 7 bankruptcy to obtain debt relief, allow We The People of NY in Manhattan to prepare your petition and other legal documents. Visit their website to learn more about their services today and call (212) 633-2200 to schedule your appointment.

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