Yakima Bankruptcy Attorney

The Bankruptcy Filing Process

The process of filing for bankruptcy can change depending on whether you are filing for Chapter 7, Chapter 11, or Chapter 13. Filing for Chapter 7 involves:

Attending mandatory credit counseling - You must obtain a certificate from an approved credit counseling agency before you will be allowed to file your bankruptcy petition.
Filing your petition, schedules, and a statement of your financial affairs - All of these documents must be filed with a bankruptcy court before you are assigned a case number. Once the documents have been received, an injunction will be filed against your creditors, which stops them from taking any further collection actions against you. An Yakima bankruptcy attorney can assist you in filing these documents and avoiding any mistakes that might prove costly.
Bankruptcy trustee meeting - About a month after you have filed your petition, you will meet with a trustee who will familiarize themselves with your case. The trustee will be the one who liquidates any of your non-exempt assets, the proceeds of which will be divided amongst your creditors.
Creditors meeting - At this meeting, your creditors will be able to object to your bankruptcy or to the discharge of specific debts. In most cases, there are no objections. However, when an objection is raised, the case often goes to trial, unless the matter can be settled.
Taking a financial management course - It is required that you complete this course before your debt is discharged.
Discharge - If there are no objections to your bankruptcy, your debt will be discharged by the court, typically within 75 days of your creditors meeting.

Filing for Chapter 13 involves:

Attending mandatory credit counseling
Filing your petition, schedules, and statement of your financial affairs
Formulating your payment plan - In filing for Chapter 13, you will be required to devise a payment plan that allows you to satisfy your debts over a period of time. It will generally take between three and five years to complete the plan and satisfy your debts to creditors.
Bankruptcy trustee meeting
Creditors meeting - In a Chapter 13 case, creditors will be able to voice objections to your proposed payment plan.
Plan confirmation hearing - If there are no objections, the court will hold a hearing to confirm your payment plan. During this time, corrections or amendments to the plan may be made, if necessary.
Discharge - After completing your payment plan, your debts will be discharged. This usually takes place several months after the final payment has been made.

Bankruptcy Lawyer in Yakima

Eastwood Law provides assistance to individuals throughout Yakima who are struggling with insurmountable debt. If you cannot meet your monthly financial obligations and are considering bankruptcy, contact our firm right away. Our mission will be to get you through your bankruptcy proceedings as quickly and efficiently as possible so that you can continue your life debt free.

If you are considering filing for bankruptcy, contact an Yakima bankruptcy lawyer who can provide you with information regarding what is involved.