The Initial Interview
For most individuals, the bankruptcy procedure begins with an initial consultation with a bankruptcy attorney. During this initial consultation, the attorney or a member of his staff will settle down with prospective clients, review their financial documents with them, and advise them on the most appropriate form of bankruptcy. This consultation is frequently provided at no cost. If a client decides to retain the attorney following the initial consultation, the attorney will typically request a retainer or a portion of his fee in advance.
Assessing the Worth of Assets
Once the fee has been paid, the attorney's office will provide clients with bankruptcy literature and a questionnaire asking them to determine the value of their assets. This can also be intimidating because many individuals instinctively assume they are about to lose their belongings. In fact, federal and state laws allow exemptions up to a certain amount, so unless one has a large number of extremely valuable items, it is unlikely that one will lose everything; frequently, one loses nothing.
Filing
After submitting this form to the attorney, the attorney will file a petition for bankruptcy on your behalf with the court. Before submitting, many attorneys also require clients to pay filing fees if they are not included in the attorney's initial fee. Once the attorney has filed with the court, the difficult portion for the majority of clients is over. At this juncture, creditors are no longer able to pursue collections, judgments, wage garnishments, etc. against the filer.
After their counsel has filed with the court, filers will receive a notice to appear in bankruptcy court anywhere from a few days to several weeks later. This period can vary considerably from state to state, as many states have specific timeframes during which creditors may notify debtors of their obligations.
Courtroom Appearance
The court appearance itself rarely lasts longer than a few minutes and frequently takes place in a conference or mediation chamber within the courthouse rather than a courtroom. The court may pose a few queries to petitioners. However, if their paperwork is in order and everything else is satisfactory, their bankruptcy will be approved and they will be given a discharge date. Unless the court requires additional action or there are questions regarding the documentation you and your attorney have completed, the process is complete and the discharge period has begun.""
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