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Bankruptcy Timeline

Bankruptcy Timeline

Irvine Bankruptcy Lawyer Describes What You Can Expect

The first step is to become fully informed of the all the options available to you. Involving an Irvine bankruptcy attorney from Peter Rasla & Associates, P.L.C. at this stage is the wisest possible move you can make. The firm has 15 years of experience helping individuals, families and businesses to exercise their legal options and achieve debt relief.

Once you have made an informed decision to proceed with bankruptcy the next step is to apply the means test to your financial situation. The means test will establish eligibility for Chapter 7 or Chapter 13. The next step for both is to prepare and file a petition to the bankruptcy court will all of the required documentation. Once your petition has been filed, the court will notify all of your creditors, as listed in your documentation, and any creditor harassment should cease at this point. A trustee is appointed by the court to evaluate your case and supervise the meeting with the creditors.

In Chapter 7, any remaining debt will be discharged approximately 40 to 60 days following the meeting with the creditors. In Chapter 13, your plan for repayment will be submitted to the trustee and once approved, you will have usually three to five years in which to repay the debts according to your plan. Discharging the debt that remains will happen at that point.

Peter Rasla & Associates, P.L.C.

Involving a professional bankruptcy attorney in Irvine when you first begin question your ability to handle your debt is the wisest option. There are alternatives to bankruptcy and the resourceful attorney will be able to quickly evaluate whether you should pursue bankruptcy or whether an alternative is the best choice. The firm understands the confusion and frustration you are experiencing. We can help. Contact the firm today.