Process Of Filing a Bankruptcy Case

The Bankruptcy Filing Process

Filing for bankruptcy can feel overwhelming, but you have options. At Law Office Of Sharon T. Sperling, we guide you through each step of the bankruptcy filing process with clarity and care. Our approach involves evaluating your financial situation, determining which chapter suits your needs, preparing accurate documentation, and representing you throughout the proceedings.

1. Schedule a Consultation

Schedule an appointment to meet with me in my office, by video, or by telephone to discuss your financial issues and find out what options you have to deal with them. At that appointment, I will tell you if I think filing a bankruptcy case can help you, and if so, what kind of bankruptcy case I would recommend and what the fees would be. If I don’t think bankruptcy is right for you, I’ll tell you that and talk with you about alternatives.

2. Gather Financial Information

Once you’ve hired me, I will give you forms to be completed with information about your debts, assets, current income and current expenses, and your recent financial history. I’ll give you a list of the documents needed to prepare your case, which includes records of income you’ve received for at least the past six months, tax returns filed for the past two years, statements for financial accounts (checking, savings, investments, retirement, and peer-to-peer money transfer services like CashApp and Venmo), real estate deeds, vehicle titles, etc.

We will work with you to organize your information, complete the forms, and turn in the documents. Although we can’t rely on credit reports alone to prepare the case, I will obtain a credit report to be used in addition to the information you provide and search public records and local court databases.

3. Complete Credit Counseling

Before filing, you have to complete a credit counseling course from an approved provider. The course takes about two hours and can be completed online or by telephone. The certificate of completion is good for six months, so we suggest waiting until close to the time your case will be filed to take that class.

4. Prepare and File Your Case

We will meet to review the petition, schedules, statements, and other documents to be filed with the bankruptcy court. We will make any changes to be sure the information is complete and accurate, and then we sign the documents and file your case.

5. Automatic Stay Goes Into Effect

Unless you recently had a prior bankruptcy case, when the petition is filed, the automatic stay goes into effect, which prohibits creditors from taking any action to collect on a debt. The automatic stay stops:

Collection calls
Lawsuits
Wage garnishments other than for child support
Foreclosures and repossessions

The automatic stay remains in effect unless it’s lifted by court order. Once the discharge order is entered, the automatic stay is replaced by a permanent injunction that prohibits creditors from trying to collect on discharged debts.

6. Attend the Meeting of Creditors

About a month after the case is filed, we will attend a meeting with the trustee overseeing the case. These meetings are conducted by video using the Zoom.gov platform. You may hear this referred to as the "341 Meeting" because the meeting is required under Section 341 of the Bankruptcy Code. At that meeting, the trustee will ask you basic questions about your case, which you answer under oath.

7. Complete Any Additional Requirements

Depending on the chapter filed, you may need to:

Complete a debtor education course
Submit additional documents
Follow a court-approved repayment plan (Chapter 13)

8. Receive Your Discharge

Once all requirements are met, eligible debts may be discharged, providing an opportunity for a fresh financial start.

Every bankruptcy case is unique. The timeline, requirements, and outcomes vary based on individual circumstances and the type of bankruptcy filed. Reach out to us for a FREE initial consultation.

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