Bankruptcy Process

Filing for bankruptcy can be along and sometimes difficult process, but Toscano & Wilson will be with you every step of the way.

When you first meet with your attorney at Toscano & Wilson, you are taking a critical first step towards financial freedom. Here is what will happen once you decide to file.

Step 1: Initial Consultation

When we first meet we will go through everything that pertains to your financial life including:

Your debts – It is important to provide a thorough list of all your creditors, the current balances, interest rates, and all other relevant information. This includes any debts that you are currently paying and debts that won’t be discharged such as child support or student loans. Toscano & Wilson will also offer to purchase your credit reports, at cost, when we first meet with you.

Your income – You will need to disclose all sources of income you have received over the past 6 months and any money you expect to receive in the future and where it comes from. This includes wages, unemployment compensation, side jobs, or small businesses, investments, support, and money contributed by your spouse and family members.

Your assets – You must include everything you have that has value. Not only does this include your home, vehicles, investments, collectables, and art, but also clothing, home furnishings, and valuable personal possessions.

Your expenses – This includes all costs such as rent, mortgage, car payments, food, utilities, medical expenses, clothing, transportation, taxes, and any other expense.

We will also review and prepare other requirements to file such as credit counseling and the means test.

Step 2: File, Automatic Stay, And The Creditors' Meeting

We will meet to review your bankruptcy document. You will edit, approve, and sign your document with your attorney who will then file your case.

The automatic stay – Once we have filed your bankruptcy petition, and it has been accepted by the court, an automatic stay goes into immediate effect. This stops your creditors from contacting you to collect a debt, halts litigation attempts, removes wage garnishments, stops foreclosure proceedings, and can even stop your vehicle from being repossessed.

A trustee is assigned to your case – Under bankruptcy law, when you file, a bankruptcy estate is created which is a legal entity that consists of your property. A trustee is a person assigned by the court to administer your bankruptcy case.

The creditors meeting – Your creditors are notified about your bankruptcy filing and that you included their debt in the petition. The trustee arranges a creditors meeting with you where your creditors are able to come to the meeting and ask you questions pertaining to your bankruptcy case, though they rarely appear. You answer these questions to the best of your knowledge. Then your case proceeds.

Have you decided to pursue Chapter 7 or Chapter 13 bankruptcy?

We will walk you through the entire process so that you understand your options.

Step 3: Complete The Bankruptcy Case Depending On What Chapter You File

Chapter 7 – The next step in a chapter 7 is when the trustee liquidates your non-exempt assets and uses the proceeds to pay your priority creditors. After the debts are cleared or if you don’t have any non-exempt assets, the judge will issue a discharge order which is a legal statement stating that your debts are eliminated and the creditors can no longer collect on them

Chapter 13 – If none of your creditors have an objection to your payment plan, the judge will hold a confirmation hearing for your plan, your attorney will represent you at this hearing so that you don’t have to take time off of work to attend. Thirty days after filing you will begin to make payments directly to the trustee who will then pay your creditors on your behalf. This payment plan can continue over a period of 3 to 5 years.

Post bankruptcy credit counseling – Your bankruptcy will not be discharged until you complete a thorough credit counseling course.

Contact Us

The legal experts at Toscano & Wilson understand what you are going through. Bankruptcy may seem like the end, but the truth is it is simply a new beginning. Through competent and compassionate legal representation with Toscano & Wilson, things can only get better. Give us a call, tell us your story, and start to feel better about your financial situation.

  • The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, messages, and emails. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until an attorney-client relationship has been established.

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