What to Expect When Filing For Bankruptcy

What Should You Expect When Filing For Bankruptcy?

Considering whether to file for bankruptcy is certainly one of the most stressful moments in anyone’s life and consulting an attorney for the first time only adds to an already difficult situation.  For some of the questions to consider in making your decision, consult our “Straight Talk” link.   We understand what you are going through and they will do all they can to make things easier and to offer the compassion and respect which each of our clients can always expect.

Your First Meeting With A Bankruptcy Attorney

At your first meeting, you will meet with Melanie Pennycuff who will handle your bankruptcy case from start to finish and will go over your assets and liabilities and discuss solutions to the problems you are facing.  You will melaniepennycuffbe given your options and extensive bankruptcy information, and every bankruptcy question which you have will be answered completely.  You may expect Melanie a caring and understanding listener who will make achieving the result which best serves your interests the focus of the discussion.  Fees, costs, benefits and consequences of filing for consumer bankruptcy will be fully laid out for you.

If you decide to proceed, a written retainer agreement will be prepared and you will be given time to review it and have all of your questions answered.  Arrangements will then be made for you to complete the telephonic bankruptcy credit counseling session which is required by Law before filing, and your attorney will prepare the bankruptcy petition for your review and approval. When you have approved it, the bankruptcy petition will be filed electronically.  Once this filing has occurred, an automatic bankruptcy stay is immediately in effect, which prohibits all of your creditors from continuing any type of collection action, without prior order of the Federal Bankruptcy Court.

Remainder of the Case

Each Bankruptcy case is different, which is one of the reasons it is best to have your case handled by an experienced, attentive and through bankruptcy attorney.  However, in most cases, after the first meeting of creditors, your bankruptcy case will then proceed to either an Order of Discharge or to confirmation of a Chapter 13 bankruptcy plan. Your bankruptcy attorney will work with you on any issues which may arise and prepare you for your new and better post bankruptcy life.

First Meeting of Creditors

In most cases the First Meeting of Creditors is the only hearing you will be required to attend during your bankruptcy case.  After being prepared by Melanie Pennycuff in advance, you will meet meet in downtown Chicago with your attorney and a Trustee appointed by the Bankruptcy Court.  In some cases, although this is usually not the case, a representative of the United States Trustee and representatives of some of your creditors may attend.  You will then, with Melanie’s personal support and counsel, answer questions which are asked.  The First Meeting of Creditors is usually quite brief and unless surprises occur because of things which you forgot or omitted to tell your bankruptcy attorney, you will have been fully briefed in advance as to the questions and issues which will be raised.

For more information about bankruptcy from impartial government sources, click on Bankruptcy Information.  You will be given bankruptcy information from government sponsored web sites which will give you unbiased free information and answers to questions about consumer bankruptcy law and bankruptcy practice.