Once you've paid the retainer and filing fee, your next question is predictably going to be, "what happens next?"
I know that because I've done this for thirty years or so.
The first phase of your case is the "pre-filing" phase. During this phase, you'll take your pre-petition consumer credit counseling, and fill out materials online.
You will also start to fill out your forms, after you've pulled three credit reports to make sure that you list ALL YOUR DEBTS, because the law says you must, and if you make us amend because you didn't bother to list all your debts the first time, I will charge you more. Now, when I say all your debts, I mean you're going to list all your debts. Lately folks have failed to list business debts in their personal cases, even though they personally guaranteed those debts, or MIGHT have personally guaranteed those debts. If you're my client, list all your business debts in your personal bankruptcy! One reason is that you won't remember all the personal guarantees that you signed. One is that you may not have a corporation or llc in good standing. One is that vendors often put personal guarantee language in their agreements; it's hard to read, but they'll sue you anyway if you fail to list them.
You will also list ALL YOUR ASSETS, also because you must. Filling out forms is a pain. But you must. Use e-Bay or Craig's list to get a handle on the replacement value of your personal property, Zillow.com for your real property, and Blue Book Online for your vehicles, using the highest private party sale value for your cars, because the trustee in your case will do just that.
You will also list other bits and pieces of information including a description of transfers (which includes that sale of your car so you could buy food) and bank accounts on which you were a signer, and much, much more.
After your have FULLY AND COMPLETELY filled out your forms online, you will press "send", and Heidi will review your materials and email you back for clarifications and corrections. And when the schedules and lists are done, I will review them prior to filing, and then, on a day when Heidi and I and you are fully prepared, and when your bank account has been used to buy food and pay living expenses like your house payment or rent, and the bank account has been spent down using debt card or cashier's checks to $150.00 for you and $150 for your spouse (if you're married), and after you tell us that your schedules are true, correct and complete, we press "send".
Mind you, in some cases, there are many other projects to be done. If you have a non-exempt antique hookah, we may all talk about selling it for fair market value to buy food so your family doesn't starve, but that's a discussion that happens on a case by case basis.
After my office presses "send", and only then, your case has been filed with the Court, and your hearing date will be about 40 days thereafter.
But it is absolutely predictable that you will ask "What happens next?" at least three more times during the process, and I want you to be the best educated, best prepared bankruptcy client in the universe, so I want you to know in advance what's going to happen next.
Here's how that will happen. After you have told us that your materials are complete and true and accurate to the best of your knowledge after you've worked HARD to make them complete and accurate, and we press send and file for you, you'll ask "what next" several times, based on several triggers.
You'll ask, what happens now that I've filed a bankruptcy? So here's the answer.
Then you'll ask "What happens at my upcoming First Meeting of Creditors?" Here's the answer.
Then you'll get your order of discharge (unless there's a Complaint filed in your case, which is pretty rare, or some other speed bump or brick wall), and you'll sort of say, "Great. It's over now, right?" But it is NOT all over now.
Finally, your case will be closed for administrative purposes, and that will complete the timeline of your Chapter 7 Bankruptcy.
If you are a client of mine and I've sent you this in an email, I'd like you to hold onto this, so you can read it now, and read it at the various points when you would say "What happens next?", and if you have additional questions, please let me know, because I like to answer questions. It makes me feel smart.
p.s. if some way, or somehow, you have gotten to this point without reading and doing the homework assignments on my blog, go back! Go back now! Do Your HOMEWORK! If you want to be my client, you must do the homework, which means reading all the posts in the homework section, and doing what those homework assignments ask you to do!
I know that because I've done this for thirty years or so.
The first phase of your case is the "pre-filing" phase. During this phase, you'll take your pre-petition consumer credit counseling, and fill out materials online.
You will also start to fill out your forms, after you've pulled three credit reports to make sure that you list ALL YOUR DEBTS, because the law says you must, and if you make us amend because you didn't bother to list all your debts the first time, I will charge you more. Now, when I say all your debts, I mean you're going to list all your debts. Lately folks have failed to list business debts in their personal cases, even though they personally guaranteed those debts, or MIGHT have personally guaranteed those debts. If you're my client, list all your business debts in your personal bankruptcy! One reason is that you won't remember all the personal guarantees that you signed. One is that you may not have a corporation or llc in good standing. One is that vendors often put personal guarantee language in their agreements; it's hard to read, but they'll sue you anyway if you fail to list them.
You will also list ALL YOUR ASSETS, also because you must. Filling out forms is a pain. But you must. Use e-Bay or Craig's list to get a handle on the replacement value of your personal property, Zillow.com for your real property, and Blue Book Online for your vehicles, using the highest private party sale value for your cars, because the trustee in your case will do just that.
You will also list other bits and pieces of information including a description of transfers (which includes that sale of your car so you could buy food) and bank accounts on which you were a signer, and much, much more.
After your have FULLY AND COMPLETELY filled out your forms online, you will press "send", and Heidi will review your materials and email you back for clarifications and corrections. And when the schedules and lists are done, I will review them prior to filing, and then, on a day when Heidi and I and you are fully prepared, and when your bank account has been used to buy food and pay living expenses like your house payment or rent, and the bank account has been spent down using debt card or cashier's checks to $150.00 for you and $150 for your spouse (if you're married), and after you tell us that your schedules are true, correct and complete, we press "send".
Mind you, in some cases, there are many other projects to be done. If you have a non-exempt antique hookah, we may all talk about selling it for fair market value to buy food so your family doesn't starve, but that's a discussion that happens on a case by case basis.
After my office presses "send", and only then, your case has been filed with the Court, and your hearing date will be about 40 days thereafter.
But it is absolutely predictable that you will ask "What happens next?" at least three more times during the process, and I want you to be the best educated, best prepared bankruptcy client in the universe, so I want you to know in advance what's going to happen next.
Here's how that will happen. After you have told us that your materials are complete and true and accurate to the best of your knowledge after you've worked HARD to make them complete and accurate, and we press send and file for you, you'll ask "what next" several times, based on several triggers.
You'll ask, what happens now that I've filed a bankruptcy? So here's the answer.
Then you'll ask "What happens at my upcoming First Meeting of Creditors?" Here's the answer.
Then you'll get your order of discharge (unless there's a Complaint filed in your case, which is pretty rare, or some other speed bump or brick wall), and you'll sort of say, "Great. It's over now, right?" But it is NOT all over now.
Finally, your case will be closed for administrative purposes, and that will complete the timeline of your Chapter 7 Bankruptcy.
If you are a client of mine and I've sent you this in an email, I'd like you to hold onto this, so you can read it now, and read it at the various points when you would say "What happens next?", and if you have additional questions, please let me know, because I like to answer questions. It makes me feel smart.
p.s. if some way, or somehow, you have gotten to this point without reading and doing the homework assignments on my blog, go back! Go back now! Do Your HOMEWORK! If you want to be my client, you must do the homework, which means reading all the posts in the homework section, and doing what those homework assignments ask you to do!
A Good Attorney can advise you if bankruptcy is your best option, or if you have other alternatives. Here are some considerations to think about when selecting a bankruptcy attorney.