Bankruptcy Legal Process

After speaking with one of our Client Intake Specialists, you will be scheduled for a consultation with our experienced probate legal team. Our consultations typically occur over the phone but can be in-person or online upon request.

The most crucial phase in any bankruptcy is the document gathering phase. You will need to gather and provide your legal team with detailed financial information.  We will need:  

• Income documents (paystubs, profit and loss statements, social security and/or disability)  

• Tax returns for the past 5 years  

• Bank statements for the past year  

• Retirement account statements (401(k), IRA)

• Any other income (child support, maintenance, rental income)  

• Credit card statements

• Mortgage statements  

• Any collection letters  

• Car loan statements  

• Student loan statements  

• Medical bills  

• Vehicle titles  

• Boat or motorcycle titles  

• Collection values (jewelry, art, collectables)  

• Life insurance policies  

• Stocks and bonds

• Lawsuit documents  

• Receipts for any large purchases within the last year  

Your legal team will determine what options are available under the bankruptcy code for your specific situation.  Your legal team will also consider options other than bankruptcy to resolve your financial issues.  There are four types of bankruptcy filings that are typically available. Once the type of bankruptcy is determined we will fill out the petition and all necessary schedules for filing.

After the judge has finalized the proceedings, you will receive an order of discharge from the court which is when the bankruptcy becomes final. Your legal team will advise you on how you can begin rebuilding your credit to set you up for a successful financial future.

Once your case has been initiated a trustee will be appointed and mandatory notice provisions will go out to all named debtors. The trustee’s role is to oversee the bankruptcy process. They are a neutral third party appointed by the court and act as representatives of any creditors. They are tasked with reviewing the petition and schedules thereto to ensure that they are accurate and that all assets and liabilities have been accurately disclosed.  

The trustee also has the power to investigate your finances and verify that you are eligible for bankruptcy and not fraudulently hiding assets. The trustee has the power to collect all your non-exempt assets (including selling them) in order to distribute the proceeds to any creditors.  

The trustee will prepare a report for the court after the time period for claims has expired and all assets and debts have been resolved, but the judge will render the final decision regarding:  

• Matters concerning the administration of the estate

• Allowance or disallowance of claims against the estate or exemptions from property of the estate, and estimation of claims or interests for the purposes of confirming a plan under chapter 11, 12, or 13 of title 11  

• Counterclaims by the estate against persons filing claims against the estate  

• Orders in respect to obtaining  

• Orders to turn over property of the estate  

• Proceedings to determine, avoid, or recover preferences  

• Motions to terminate, annul, or modify the automatic stay  

• Proceedings to determine, avoid, or recover fraudulent conveyances

• Determinations as to the dischargeabilty of particular debts  

• Objections to discharges

• Determinations of the validity, extent, or priority of liens  

• Confirmations of plans  

• Orders approving the use or lease of property, including the use of cash collateral  

• Orders approving the sale of property other than property resulting from claims brough by the estate against persons who have not filed claims against the estate

• Other proceedings affecting the liquidation of the assets of the estate or the adjustment or the debtor-creditor or the equity security holder relationship, except personal injury tort or wrongful death claims; and  

• Recognition of foreign proceedings