It can take months from the time you first file for bankruptcy until the case is closed. In that period, you could face a number of legal issues, depending on your particular financial situation. If you have filed and are waiting for the official close of your bankruptcy, here is what you need to know.
Is Your Case Closed after the Discharge?
The discharge typically occurs after your trustee has a chance to review your assets and debts and steps are taken to reduce the amount of debt that is owed to your creditors.
If you're considering filing for bankruptcy, do it now and start getting the benefits. You're tired of receiving calls and notices from creditors and bill collectors. Give yourself a break from that and get in touch with a bankruptcy attorney. They will walk you through the steps and you'll start feeling some relief. Here are some good reasons to stop waiting and file right now.
You Can Stop Worrying about the Actual Filing
While many people see bankruptcy as a careless disregard for financial responsibility, in reality it is more an act of sheer desperation. This is not a decision to be taken lightly, and you are likely in dire straits to consider bankruptcy as a solution. Being threatened with the loss of basic human necessities such as housing, home heating and transportation can be a major motivational factor for filing bankruptcy.
Bankruptcy is the hoped-for relief when you are about to lose almost everything, and an efficient and effective method of holding off the creditors who are hounding you night and day.
Filing for bankruptcy may seem like a pretty easy task. You fill out a few forms, submit them to the courts, and then your debts are forgiven. Unfortunately, it's not quite that simple. The bankruptcy laws have changed so much that filing without an attorney can end up costing you dearly. Here are just a few of the reasons why filing for bankruptcy without an attorney may be a big mistake.
The terms of a chapter 13 bankruptcy agreement will have a strict repayment schedule that you'll need to adhere to, and they'll have potentially severe consequences should you fail to make your required monthly payments. Making each payment can be difficult, however, especially when you face an unexpected expense, like a major car repair. There may be hope, despite what the terms of your bankruptcy state, however. If your automobile breaks down and you won't be able to pay your creditors, talk with your trustee and see if the payment schedule can be extended.