What You Can Expect to Happen After You’ve Filed Bankruptcy
If you’re someone who is planning on filing bankruptcy then you likely have a bundle of unanswered questions on how to file it as easily and successfully as possible. However, many individuals only concern themselves with how to file the paperwork officially declaring bankruptcy as opposed to looking at “The Big Picture.”
Part of that big picture is your life after you’ve filed bankruptcy. It is not a matter of simply filing the paperwork and forgetting about it. The aftermath of your bankruptcy can last for up to 10 years after you’ve filed the paperwork so it is for that reason that it’s important you know what you should do after your bankruptcy has been made official.
In the Months Following the Bankruptcy
Once your bankruptcy has been filed, your creditors are prevented from continuing any collection activities against you with what is called an “automatic stay.” Your creditors will have the opportunity to meet with you and your trustee after one month to discuss your exemptions, if necessary. The meeting also serves as an opportunity for your trustee to go over your exemptions and check for any inaccuracies.
If you filed for Chapter 7 bankruptcy then it is at this point all your nonexempt assets are sold off and divided among your creditors. You generally have four to six months between the filing of the bankruptcy and the discharge to change your mind and withdraw from the bankruptcy.
More Information on Automatic Stays
With an automatic stay, your creditors are forbidden from any further contact with you regarding your debts. They cannot call you, write you, threaten you, harass you, etc. You can also count on the court ordered automatic stay to protect you in the following ways:
• None of your assets will be repossessed
• The IRS cannot bother you about collecting back taxes
• Your landlord cannot evict you no matter what
• Your mortgage company cannot foreclose on you
• Any and all pending lawsuits against you must be suspended
Learn More About Life After Filing Bankruptcy Today
Chances are you still have plenty of questions regarding the bankruptcy process as a whole. Do not let those questions go unanswered because it could come back to haunt you in the long run. Talk to a licensed bankruptcy attorney today to have all your bankruptcy questions answered including what you should expect after the paperwork has been filed. This information will be essential in getting your bankruptcy ordeal over with as quickly and pain-free as possible.
