If you are a West Palm Beach resident who is struggling with debt, then filing for bankruptcy may be the solution to your problems. It can put an end to threatening letters and harassing phone calls from your creditors; extending your time to repay your debts, without any stress from them.
However, declaring bankruptcy is not as easy as it sounds to be
Since it is a legal issue; numerous technicalities and long procedures are involved to achieve a fruitful result. Thus, before you go about filing a bankruptcy, it’s better to know about how it proceeds in the court.
In which court will your bankruptcy case be tried?
Normally, when you file a bankruptcy case; it is tried at the federal court of the area, where you have been living for the past six months. However, the selection of your court also depends on the amount of debt you owe to the creditor, and your previous financial records.
What is going to happen at the meeting with the creditor?
When your case is called, you have to approach the trustee, along with your bankruptcy attorney. Usually, the creditors are also present at the meeting. As all of you sit around a table, the trustee starts to question you first. Following are some common questions that are asked in the meeting,
- What is the reason of filing the bankruptcy?
- Have you listed all of your property in the documents, with accuracy?
- Have you paid a portion of the debt in the past three months?
- Have you ever owned a business?
- How did you determine the market value of the property you own?
- How many dependents do you have?
- What is your income and source of income?
The Receiver’s Interview
This is approximately a half an hour phone call, during which officials study your income and expenditures; to determine whether you are eligible for the Income Payments Agreements.
What Happens After The Meeting?
After questioning you, the trustee then turns to the creditors and asks them some questions. When the meeting gets over, the trustee might ask you to submit some more documents. It is recommended to provide all the requested documents as soon as possible; so that the trustee pays special attention to your case.
After 60 days of this meeting with the trustee, the court checks the records to ensure no one has filed a lawsuit, also known as an adversary proceeding, against you. If nobody has registered a complaint, then with 75 days of the meeting, you will receive a letter declaring your bankruptcy.
Keep the letter in a safe place; as it is evidence that you do not owe the mentioned debts to the creditors, and they must not bother you again. Obviously, there are some exceptions to this claim as well.
For more information on the bankruptcy procedure in West Palm Beach, FL please contact the professional lawyers at Walker Law Firm at 561-689-1512.
