Prevent Foreclosure on Your Home:
One of the many advantages of filing bankruptcy is that you can usually keep your home out of foreclosure. Although dependent on individual cases, generally speaking you can keep your home, car and personal possessions.  The benefit is practical in  that bankruptcy will allow for a repayment plan which would take care of the debt that is posing the threat of losing your home.

Harassment From Creditors:
Many debtors would attest to: not all creditors restrict themselves to phone calls. There’s a very fine line between reminders to pay bills, and harassment. It’s up to you to decide whether the creditor is maybe crossing the line in his attempt to collect a debt. Persistent calls at home, abusive and disrespectful behavior are not uncommon. Bankruptcy is the legal way of taking care of such things which are not just unethical but can also lead to unlawful situations. Once you’ve filed for bankruptcy and you’ve informed your creditors of the same, and once a repayment plan has been put in place with the proper approvals from the Court these ‘reminders’ become illegal. Bankruptcy will force your creditors to follow federal law and wait in line with other unsecured creditors. Once you’ve filed for bankruptcy you are no longer vulnerable, and are on the right side of the law.

Repossession of Property:
Not just phone calls and unfriendly visits, filing for bankruptcy will help you get back any property (including cars) that the creditor may have repossessed. (Provided the property has not been sold!) Any past payments you may have missed would be consolidated into your Chapter 13 plan. Pursuant to the Chapter 13 rule you will of course be making payments to a trustee, not to the finance company. The law is clear on this issue, if you file for bankruptcy in time, which includes preempting that your car maybe repossessed because you are several months behind in your payment, bankruptcy will stop of the repossession.

The procedure in any bankruptcy case is somewhat similar. The first "piece of the puzzle" is information gathering. Should you determine to hire Cooper & Forbes, we will ask you for significant amounts of information regarding your assets and liabilities and also for a significant number of documents. The information and documents are required so that we can properly analyze your case and file your bankruptcy petition and schedules properly under the law. 

In the Reform Act of 2005, Congress mandated that all debtors undergo credit counseling. Each debtor must do two sessions; the first, before filing and the second, before discharge. These sessions can normally be done either on the phone or online and the credit counseling agency charges roughly $50.00 per session.

After we have been retained, the information has been gathered, the petition and schedules are completed to the best of our ability, the documents are reviewed, all fees and costs are paid and the debtor certifies the accuracy of the information by signing the documents, the bankruptcy case is ready to be filed.
 
We will schedule a signing appointment where you will review a final draft of your petition and schedules for accuracy and completeness.  The length of the signing appointment varies, depending on how many changes may be necessary to the petition and schedules.  If any changes need to be made, we can make them immediately.  If you have any additional legal questions, Mr. Forbes will be readily available to provide you with answers.  Once you have approved the final documents, you will be asked to attest to its accuracy and truthfulness, and you will sign the documents.  Since bankruptcy cases can be filed online using the Electronic Case Filing (ECF) system, we will then proceed to file your case with the Court, obtain your case number, the name of your Judge and the date for the Meeting of Creditors, all within a matter of minutes.

In any bankruptcy case there is a required meeting under §341 of the Bankruptcy Code with a trustee, also known as the Meeting of Creditors. This meeting usually takes place 4 to 6 weeks after your case is filed.  You will be required to appear at the meeting, and our office will provide you with the information necessary to attend the meeting.  The purpose of the meeting is to explore the extent of the debtor’s assets and liabilities and to make sure that the debtor is properly qualified for bankruptcy. Thereafter, the paths of the different types of cases diverge.  

In a Chapter 7 case, normally, the meeting with the Trustee is the only time the debtor is required to appear and, normally, the debtor is discharged within three months of that meeting. Complications car arise.  For example, there may be a dispute about whether or not a debt can be discharged.  Nevertheless, most debtors Chapter 7 bankruptcies are completed within 4 or 5 months of filing.

In Chapter 13 and 11 cases there is a plan confirmation process. During this plan confirmation process objections of the creditors and/or the Trustee must be resolved one way or another. Normally they are resolved by agreement. Sometimes, they are resolved by a court ruling. In any event, once the plan is confirmed it is the debtor’s duty to continue to pay the plan payment until the plan is complete. 

For more information about our other areas of practice, please visit our firm website







*The law requires us to tell you that we are a debt relief agency. We help people file for
Bankruptcy Relief under the Bankruptcy Code.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.