Basic Information About the Bankruptcy Process
One of the benefits of working with a seasoned bankruptcy attorney is that an experienced bankruptcy lawyer can keep you informed at every step of the process. By helping you understand the process of filing a bankruptcy petition, you may cut down on unwelcome surprises and unnecessary stress.
At the Framingham, Massachusetts, law office of Thomas G. Waldstein, client education about bankruptcy law and the filing process is one of our major priorities. We give clear advice so you understand the pros and cons of all your options. And if we proceed with a bankruptcy filing, we make sure you understand the process ahead of time.
Analysis of Options and Financial Circumstances
Before deciding on a bankruptcy filing, we will discuss other options that may be available to avoid bankruptcy entirely. Options may include debt negotiation or the sale of your home to avoid foreclosure.
Our office will perform a detailed financial analysis. We will need to know current and recent household incomes, all other assets and detailed information about debt burdens. We will ask you to bring all written financial information to the initial meeting:
- Paystubs
- Tax returns
- Bank statements
- Credit card statements
- Mortgage statements
- Car loan statements
- Medical bills
- 401(k) or IRA statements
- Records of other financial obligations like unpaid income taxes, student loans and child support obligations
Bankruptcy Counseling
Federal bankruptcy law requires consumers filing for bankruptcy to undergo two sessions of bankruptcy and debt counseling. The first must be completed before the petition is filed. The second session of bankruptcy education must be completed after the trustees meeting and before the formal discharge.
Filing the Bankruptcy Petition and Attending the Trustees Meeting
As soon as you file the bankruptcy petition, creditor calls will cease. About a month after filing the bankruptcy petition, attorney Waldstein will accompany you to the trustee meeting. The discharge trustee is appointed by the bankruptcy court, and during the hearing the trustee will ask questions about any unclear aspects of your financial circumstances. We will prepare you for the trustee meeting (also called a 341 meeting), and you will have legal representation at the discharge hearing.
Discharge or Approval Notification
About 60 days after the hearing, if all goes well, you will receive either a discharge notice (Chapter 7) or an approval notice (Chapter 13). While waiting for the notification, you must complete the second session of bankruptcy counseling.
Learn More about Thomas G. Waldstein, Attorney at Law
We invite you to schedule a free and confidential appointment with attorney Thomas G. Waldstein, who has more than 35 years' legal experience. Call 508-872-6567 or contact us online.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
