Bankruptcy Filing Process Revealed Change Your Future Today

The Bankruptcy Filing Process: Step-by-Step

1. **Credit Counseling**: Before filing for bankruptcy, you must complete a credit counseling session from an approved agency. This step helps you evaluate your financial situation and explore alternatives to bankruptcy³.

2. **Filing the Petition**: The next step is to file a bankruptcy petition with the court. This includes submitting detailed financial information, such as income, expenses, assets, and debts. A filing fee is required, though it may be waived or paid in installments if you qualify.

3. **Automatic Stay**: Once you file, an automatic stay goes into effect, halting most collection actions against you. This means creditors must stop contacting you, giving you temporary relief from harassment and foreclosure actions⁴.

4. **Meeting of Creditors**: Approximately a month after filing, you'll attend a meeting of creditors, also known as a 341 meeting. Here, the bankruptcy trustee and creditors can ask questions about your financial situation and bankruptcy filing.

5. **Discharge or Repayment Plan**: If filing under Chapter 7, you may receive a discharge of qualifying debts within a few months. For Chapter 13, you'll begin making payments according to the approved repayment plan.