- After the debtor delivers all requested paperwork to his/her bankruptcy attorney, the bankruptcy petition is filed with the bankruptcy court. The bankruptcy petition is generally 45 to 50 pages long but may be shorter if we are filing an "emergency bankruptcy" which is used when you need bankruptcy fast to stop an imminent foreclosure, wage garnishment etc. Eventually all paperwork must be fully completed.
- Once the bankruptcy petition arrives, the bankruptcy trustee will review the petition. If there are errors or mistakes, the bankruptcy case could be dismissed. Errors could include failing to take the debtor's course or misstating your income or expenses, among other things. This is why it is important to work with an experienced bankruptcy attorney for your filing.
- Once your paperwork has been processed, the bankruptcy court will send each creditor a bankruptcy notice. Remember, you must list all creditors on your petition. Everyone must be included in the bankruptcy. All creditors will be notified of your bankruptcy filing.
- After about 30 days, a "meeting of creditors" appointment is made. What this means is that you will meet with your creditors, the bankruptcy trustee and bankruptcy attorney to discuss your case. Don't worry, it is not an interrogation.
- If you have no assets that can be liquidated to repay creditors and no creditor has challenged your bankruptcy, the bankruptcy trustee will discharge all dischargeable debts and your case will be closed/discharged.
If you have no assets and no creditors contest your bankruptcy, your bankruptcy case will probably be discharged in about 60 days. On the other hand, if you have assets and/or a creditor contests the case, the bankruptcy case could last for over 90 days.