The Bankruptcy Process
By calling us at The Rollins Law Firm and getting the ball rolling, we can help you get a fresh start in your financial life and help ease the burden this debt has placed on you and your family. Our attorneys will sit down with you at your initial consultation and discuss what your goals are going forward. After discussing your goals and desired outcome, we can determine whether you should file for a Chapter 7 or a Chapter 13 bankruptcy in order to meet this goal. You will need to gather all of your financial documents so we have an overall view and clear understanding of your current status.
You are required to go through credit counseling as part of any bankruptcy filing. Our attorney will discuss this with you and provide you with all the necessary requirements to complete the credit counseling. We will file your petition for bankruptcy, which puts an automatic stay on your creditors, preventing them from harassing you any further. The harassing creditors will then contact our firm directly regarding the debt and you will have peace of mind knowing that this situation is being handled professionally.
You will then attend a meeting of creditors, where your bankruptcy trustee will go over your paperwork with you to confirm that everything is in order and that you are on the right track to eliminate this debt.
Ocean Springs Mississippi Bankruptcy Lawyer for Navigating the Bankruptcy Process
After you have had your meeting with the bankruptcy trustee, what happens next will differ depending on which kind of bankruptcy you have filed for.Chapter 7
Once you have completed the filing process, your creditors will leave you alone and you simply wait about four months for your debt to be eliminated. If you have pledged property as collateral, we will do our best to help you keep that property. We will let you know before filing your bankruptcy if you will be at risk of losing property and if there are ways for you to keep your belongings.
You will be required to complete a second credit counseling course during this waiting period. A Chapter 7 bankruptcy takes anywhere from three to six months. At the end of that period, your debt is discharged and you can begin the process of rebuilding your life.Chapter 13
As part of your filing for bankruptcy, we will create a repayment plan that incorporates all of your current debt. You will make this payment monthly for the next three to five years and it will be disbursed by a trustee to your creditors. At the end of the payment plan, your remaining debt will be discharged and you can move forward with your life.
We will take care of all of the details for you. Your main duties will be making your monthly bankruptcy payment, attending the meeting of creditors and completing to your credit counseling course. Once you are through the bankruptcy process, we can discuss life after bankruptcy here in Mississippi.
Call us at 601-500-5533 or contact us online to schedule your free initial consultation today.