What happens after filing for Chapter 7?

After people have filed for Chapter 7, they will have to attend a mandatory meeting with their bankruptcy trustee.  During the meeting, they will discuss their assets and learn more about property that is exempt and non-exempt.  The appointed trustee will also review the bankruptcy paperwork that has been submitted.  If there are any inaccuracies or false information, the petitioners will be advised.

Approximately 2 months after the meeting, debts will be discharged as long as people have completed their debtor education programs and their creditors have no disputes.  This means that people will be provided with a clean slate as their debts will be eliminated.  People will also notice that their bankruptcy has been added to their credit reports and will remain on their reports for the next 7 to 10 years.

What happens after filing for Chapter 13?

When people have filed for Chapter 13, they will go through a similar process as people who have filed for Chapter 7.  The big difference is that people who file for Chapter 13 will have to create and submit a repayment plan and their creditors will have to agree to it.

Once people have had their meeting with their trustees and their repayment plans have been approved, they will begin to make a single payment each month toward their debts.  They will have 3 to 5 years to repay their debt in full.  However, some people that make large monthly payments may need much less time than 3 to 5 years.

People who have filed for Chapter 7 or Chapter 13 will be able to start fresh in life and will no longer have to worry about being late with their payments or being contacted by creditors.  Over time, bankruptcy filers will also be able to rebuild their credit, save money and gain control of their finances, too.

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.