The Steps To File Bankruptcy

1. Filing the Bankruptcy Petition: The bankruptcy petition is a legal document that presents to the court that you want to file for bankruptcy. The bankruptcy petition contains information about your income, expenses, assets and debts.

2: The Meeting of Creditors: This meeting provides you the opportunity to tell the court and your creditors about your income, expenses, assets and debts. You will also have to answer detailed questions about your finances. At the meeting of creditors, you will be required to appear before the court to answer questions regarding your bankruptcy case. The trustee may ask you questions about your debts.

3: The Confirmation Hearing: After evaluating your income, expenses and debts, the court may decide that your debts are too much for you to pay back. If the court determines your case will proceed, the court will make a bankruptcy order to make the bankruptcy plan official.

4: The Trustee: A trustee will be appointed to your case. A trustee is a person that is authorized by the court to act on behalf of a bankrupt person. The trustee is responsible for the management of the bankrupt’s estate, including the collection and distribution of money in the estate. The trustee will take charge of your property and the distribution of non-exempt assets.

5: The Confirmation Order: A confirmation hearing is held after a proposed plan of reorganization has been filed with the court, but before the court approves the plan. A confirmation hearing is an opportunity for a judge to confirm that the debtor’s proposed plan of reorganization is fair and equitable to all of the creditors of the case. This means that your bankruptcy case has started and undergoing resolution.

6: The Debtor Education Course: In some cases, you will have to take a course about how to manage your money. A debtor education course is a requirement of the bankruptcy law that must be completed by all debtors prior to filing a bankruptcy case. The debtor education course is designed to help debtors understand the basics of personal bankruptcy and how to avoid financial pitfalls in the future.

For more answers to your questions about bankruptcy, contact a Houston bankruptcy attorney at our office by calling 713-979-2279.