Starting The Bankruptcy Process

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

Call LEGACY LAW CENTER at 918-743-2000 (Tulsa), 918-342-9188 (Claremore), or call toll free at 1-800-792-0929. The legal assistant will schedule a convenient appointment for you and ask you to bring in certain information and documents and you’ll meet with the Attorney for a free consultation. If you choose to go forward after consultation, you’ll pay the agreed upon fee and we will get started on your case. Ask us about our payment plan for Chapter 7 bankruptcy. After your bankruptcy petition has been completed and reviewed and signed by you and your Attorney, your paperwork is filed with the court and your creditors have to stop bothering you.

What should I bring to the first appointment?

You will need to bring your last 6 months paystubs for you and your spouse. The paystubs will have to be filed with the court if you decide to file bankruptcy. Later on, if you decide to go forward, you’ll need to provide these documents. Here’s what you can expect at the first appointment.

How long does a bankruptcy case usually take?

You are in a Chapter 7 bankruptcy between three and four months. With a Chapter 13, you may be making payments for three to five years. Chapter 7 and Chapter 13 cases become effective the instant you file them.

When your bankruptcy is filed, you are protected by the “Automatic Stay” which stops all collection activity against you. This means your creditors cannot sue or garnish you, repossess your car, or foreclose on your home as soon as you file your case. Bankruptcies are usually finalized with a discharge (a court order saying you do not have to pay the bills). This order comes in four months or less after you file a Chapter 7, and upon completing your Chapter 13 plan. During the three to five years you are in a Chapter 13, you are protected from your creditors by the Automatic Stay. However, if you want to keep a home, car or other secured property, you must make the regular monthly payment and continue to stay current on all future payments, no matter which chapter you file. In a Chapter 7 bankruptcy, you must be current on any secured property you wish to keep.