Bankruptcy Process – How it Works

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The bankruptcy process is straight forward.  First, call our office for an initially review of you financial situation by an attorney (not staff).  At that point we will schedule an appointment to get full information from you.  It is not necessary that you bring any documents.  It is helpful if you have a list of bills (not the actual bills, just a list including the name, address, and how much you owe) and a budget (income and expenses monthly).  After we gather and review your information, we will review your options to fix your debt problem.  These options will include: (1) doing nothing, (2) debt relief companies, (3) chapter 7 bankruptcy, and (4) chapter 13 bankruptcy.

Chapter 7 Bankruptcy:

After we get your information, we prepare a bankruptcy petition.  The bankruptcy petition contains all your financial information.  This document is signed by you and filed with the court.  At that point you are “filed” and you will get a case number.  Creditors cannot call you, sue you, or bother you in anyway.  About five weeks later there is a meeting with your trustee assigned by the court called a 341 meeting.  It is not held in court and there is no judge present.  We attend the 341 meeting with you to answer any questions the trustee may have about your case.  The trustee will ask you to verify your signature and other questions about your bankruptcy petition.  After your 341 meeting, you need to complete an online debtor education class.  About 90 days later you will get a discharge in the mail stating that all your debts have been discharged.  You will not pay money to the trustee.  You will not pay your tax refunds to the trustee or creditors.

Chapter 13 Bankruptcy:

The chapter 13 bankruptcy process is similar to chapter 7 process with some exceptions.  First, we will file a chapter 13 plan with your bankruptcy petition.  This plan will state how much and how you will make payments to your trustee (who will then pay something to your creditors).  The plan tells the trustee who to pay and in what order they will get payments.  It also provides for a time limit on the payments (36 to 60 months).  You will be required to make monthly payments to the trustee and pay your tax refunds for the next three to five years to the trustee.  A chapter 13 case lasts three to five years. At the end of your plan, you receive a discharge of all the debt that you did not pay back as part of your plan (a percentage on the dollar).  You are then free of your debt.

When you need a Grand Rapids Bankruptcy Attorney, remember to call Krupp Law Offices PC for fast honest advice about your financial problems and get honest advice about your options.  Krupp Law Offices represents clients in cases throughout West Michigan, including the cities of Grand Rapids, Kalamazoo, Big Rapids, Ionia, Muskegon, Grand Haven, Stanton, Greenville, Wayland, Allegan, Holland, Ludington, Cadillac, Baldwin, Newaygo, White Cloud, Fremont, Coopersville, Reed City, Lake City, Hart, Hastings, Middleville, Wyoming, Rockford and Portage, including Kent County, Ottawa County, Newaygo County, Ionia County, Mecosta County, Barry County, Montcalm County, Allegan County, Kalamazoo County, Osceola County, Lake County and Muskegon County, Michigan.

Call for a free phone consultation.  Our office can help.

KRUPP LAW OFFICES PC
161 Ottawa NW Suite 404
Grand Rapids MI 49503
616-459-6636 or Mail@krupplaw.com

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