Discharge, Reaffirmations, and Moving Forward
Good morning everybody. Oklahoma Bankruptcy attorney Edward Kelly here with another 3 minutes to financial freedom, the final blog in a 5-part series, chapter 7 start to finish.
So to recap, first, we made sure your assets are protected, made sure you’re not going to lose anything or not much. Second, we made sure that your debts are dischargeable, can we get rid of everything you got that you’re trying to get rid of? If the answer to those two questions is yes, we pull the trigger.
Document Collection and Filing
Number 3, document collection. We get 6 months of pay stubs, 2 years of tax returns, bank statements, copies of titles, etc, etc. Then we create all the voluminous documents that go with the bankruptcy and e-file them with the court.
Next, number 4, 30 days in, like clockwork, you have your 341 creditor meeting where creditors can show up, although they don’t generally, and question you if they want, and your panel trustee, which is an attorney like myself who’s basically administering your case, can verify who you are, and if they think something’s suspect, they can look into it at that meeting. You’d be on the record. All by telephone, you can do it from your home.
Completing the Bankruptcy Process
So last, what happens at the end of the bankruptcy? As I said, bankruptcy is 90 days like clockwork, 30 days in, you have your creditor meeting, you took your little credit counseling course online before you filed, and before the case can close, you have to take your post-filing little class. That’s also online, half an hour to an hour on your computer.
Also, if you have any reaffirmations, are there any debts you want to bring back out of the bankruptcy and keep? Almost always, this is going to be a car or home loan. We’ll talk about home loans in a separate video, those are kind of a special case. But car notes, the rule is, if you don’t sign that, even if you’re current on the payments, they can repossess your vehicle. They often don’t, but increasingly, they will.
Free Consultation: Call Now!
If you’re considering filing for bankruptcy or have questions about the bankruptcy process, you can reach me, an OKC chapter 7 bankruptcy lawyer, at oklahomacitybankruptcyattorney.pro.