The 7 Main Steps of Filing Raleigh Bankruptcy
- Have a consultation with an attorney: Your attorney will give you advice and feedback as to your best options.
- Choose between Chapter 7 or 13: This choice will depend on your income, assets, and other factors. Your attorney can help you choose the best option.
- File Chapter 7 or Chapter 13: You fill out paperwork that is required by law and then submit it to the court.
- An automatic stay protects you: Once you file, creditors and bill collectors are forbidden from pursuing you for debts.
- Attend the 341 Meeting and Confirmation Hearing: For Chapter 7 and 13 bankruptcy, you attend the non-court 341 meeting, whereas for Chapter 13 you also have to attend the court meeting called the confirmation hearing. The 341 meeting allows creditors to make sure your financial records are accurate, while the confirmation hearing allows the court to approve or revise your Chapter 13 debt payment plan to make sure it is fair and viable.
- Take a credit counseling class: This inexpensive, mandatory class teaches principles of debt, budgeting, and finances.
- Debt is discharged or paid off over time: In 3-5 months, Chapter 7 bankruptcy erases all of your debt. Chapter 13 bankruptcy, on the other hand, creates a debt payment plan that lasts 3-5 years.
Our Raleigh bankruptcy attorney can answer any questions that you may have about the bankruptcy process and how it affects you.
To see how we can help you, visit our Raleigh bankruptcy home page.