After a debtor files a bankruptcy petition, he/she will have initiated the bankruptcy process.  Along with the bankruptcy petition, debtors will have to submit a statement of assets and liabilities along with a schedule that lists every single one of their creditors.  This paperwork is then filed with one of the U.S. bankruptcy courts.

Once the court receives the bankruptcy paperwork, it will notify the creditors that are listed.  The court will also do two more things:  issue an automatic stay and appoint a bankruptcy trustee.  When the automatic stay is issued, creditors will be prevented from trying to collect debts from the bankruptcy petitioner.

A few weeks after paperwork has been filed and a trustee has been appointed, people will have to attend a mandatory meeting. If they do not attend the meeting, their bankruptcy will be dismissed.  The bankruptcy petitioner, trustee and creditors will be advised of this meeting.  However, it is very likely that the creditors will not attend unless they wish to dispute exempt property the petitioner has listed.  During the meeting, the petitioner and the trustee will review listed exempt and non-exempt property.  The trustee will also check the bankruptcy paperwork for any inaccuracies or errors.

Within 60 days after the meeting, the bankruptcy petitioner must complete a debtor education course and receive a certificate of proof.  If the petitioner completes the course and his/her creditors have not filed any disputes or motions, the petitioner’s debts will be discharged.  This means that the debts will be eliminated and the person will no longer receive contact from his/her creditors.

If you would like to learn more about the Chapter 7 or Chapter 13 bankruptcy process and how it may impact you, you should schedule a free initial consultation with the informed team at The Tucson Bankruptcy Law Firm.

Tucson Bankruptcy Law Firm

The Tucson Bankruptcy Law Firm is truly a results oriented bankruptcy firm.  If you would like to speak with one of our Tucson bankruptcy attorneys about your debt, contact us to set up an initial consultation!

The Tucson Bankruptcy Law Firm is comprised of independent Tucson bankruptcy lawyers that handle Chapter 7 and Chapter 13 Bankruptcy cases in Arizona.