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Bankruptcy protection is a priceless resource for borrowers struggling with debts they cannot repay, allowing them to discharge some accounts and providing the opportunity for a second chance. However, the process of filing for bankruptcy is often extremely complex, requiring the expertise of a skilled attorney with an in-depth understanding of the law. The typical bankruptcy case must go through several steps before it can be confirmed.

The Bankruptcy Process

Preparing the Paperwork

The success of your case depends on submitting a carefully planned bankruptcy petition, along with a complete schedule of all your debts and relevant assets. An attorney will prepare your documentation for you, ensure that all dischargeable debts are included, answer any questions, and avoid common mistakes that may cause unnecessary delays in your case.

Submitting the Petition

attorneyFiling the petition with the bankruptcy court formally begins the process and initiates the automatic stay, which prevents creditors from taking any further collection actions against you. Your creditors will be notified by the court, which will also schedule any hearings or meetings your case requires.

The Meeting of Creditors

Most petitioners will only have to appear for a single meeting of creditors, in which the trustee will ask questions about your finances and look for signs of fraud or abuse. Representatives of your creditors may also choose to attend and ask questions of their own, but most do not unless you owe a substantial amount, or they plan on contesting your right to discharge the debt.

Creditor Motions

If a creditor wishes to dispute your ability to discharge a particular debt in bankruptcy, they must file a motion within 60 days. If they fail to do so, your petition can be confirmed, and they will not be able to take further action against you.

 

If you are experiencing financial distress and need the help of an experienced attorney, Bueker Law Firm has the resources and personalized approach to guide you through the difficulties of the bankruptcy process. Because they focus exclusively on debt relief for struggling borrowers, they have the specialized experience to identify all of your options and select the path suited to your circumstances. Debtors throughout the greater Little Rock, AR, area can visit their website or call (870) 673-1313 to schedule a consultation, and follow their Facebook for more bankruptcy tips and advice.

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