If you are thinking about filing for Chapter 7 bankruptcy, you should be aware of the major steps in the filing process. Your Albuquerque, NM bankruptcy lawyer will guide you through the process and work with you to ensure you have all the necessary documents and information prior to filing.
Once you have hired an experienced bankruptcy attorney, the first step in filing for Chapter 7 bankruptcy is to provide all required documentation to your attorney in order to complete an official petition that will be submitted to the bankruptcy court. You will need to accurately document your income and your monthly expenses, provide a list and valuation of all your property, and list all your creditors and the details of their claims against you.
Call Melwani Law today at 866-501-8500 (toll free) for immediate help &
legal advice regarding bankruptcy.
The 341 Meeting
Once your attorney has filed your bankruptcy petition, creditors are legally prohibited from contacting you or garnishing your income. Within 4 to 8 weeks of filing for chapter 7 bankruptcy, you will need to attend a 341 meeting. At this meeting you will be accompanied by your bankruptcy lawyer and will meet with a court-appointed trustee and possibly creditors. You will be questioned under oath about the validity of information included in your petition. Once this meeting is complete, creditors have 60 days to object to the court regarding the discharge of your debt. While it is a creditor’s right to do so, such objections are rare.
Discharge of Your Debts
After the 60-day period following your 341 hearing, the court will officially discharge unsecured debts, and whatever secured debts you choose to surrender. You will be able to move forward in your life with a fresh start, free from serious financial strain.
If you are in financial trouble and are considering filing for Chapter 7 bankruptcy, please contact Melwani Law immediately at 866-501-8500. We understand New Mexico’s bankruptcy laws thoroughly, and your initial consultation with us is always free.