Bankruptcy Information

Your petition to file for bankruptcy is the most important facet to the process. This must be signed and approved by the justice court in your location, or where you have most of your assets. In some cases, business owners must file a petition with the court presiding over that particular county, but might have a mailing address in a different jurisdiction.

Once the court has approved your petition most legal actions are “stayed”. Those creditors seeking to repossess your property garnish wages or file lawsuits against you will be at a stalemate. This will give you the opportunity to begin gathering your most recent tax return, pay stubs and other evidence of your financial status.

After attending a meeting with creditors within a month of your petition approval court any questions or concerns creditors might have for you require an answer, and by law they are allowed to ask you any questions regarding the money you owe them. This meeting is generally easy and painless as credit card companies and medical offices rarely send representatives to harass you for unpaid non-secured debt.

After you have filled out a post-filing paperwork within 45 days of the creditor counseling meeting you debts will be discharged, and you are free to begin rebuilding your credit.

Deciding if Chapter 7 is the right financial choice for you can be difficult, but at Giordano Spanier & Heckele Law, we are here to guide you through the process and aid you and your family in any way we can.