If you’re watching this video then you’re
contemplating bankruptcy you’re considering it as to how it would affect you. The first piece of advise that I would give
you is to take a deep breathe and relax. Because I’m going to tell you right up front
that in ninety nine percent of the cases it’s a simple procedure, it doesn’t involve going
to court and it’s literally over in ninety to a hundred and twenty days. If you’re like most people the number one
question on your mind is if you file bankruptcy is someone going to back a truck up and haul
away everything you own.So let’s start out right now and the answer is no. In a vast majority of cases that we have the
client gives up no property and that is because you have certain exemptions for protections
that the law allows you to literally take property and assets and set them aside and
in essence take them off the table so that no one can touch them. Your cars, your house, your four oh one k,
money that you had in the bank that you earned within the last six months. Your clothes, your furniture, savings for
college. All of those types of accounts and assets
can be protected under the bankruptcy code. Now one of the things that we do when we meet
face to face with a client is to get all of this basic information from them: where do
they work, what do they own, who do they owe money to, all of that basic type of information. And then we tell them how the bankruptcy code
is going to apply to that situation. If there are any bumps in the road that we
need to smooth out before we file because often there is a significant amount of pre-bankruptcy
filing to make sure that when every case gets filed the bumps in the road have been leveled
out and everybody knows exactly what’s going to happen. Now let’s review very briefly the bankruptcy
procedure and how a case is done. As I said a moment ago, if you come into the
office, we get information from you in order to give you a idea of the the bankruptcy would
work in your situation. If you decide to go forward. We give you a questionnaire to complete. Which is basically the information about what
do you owe, who do you owe money to, how much do you make, what are your expenses, basic
information that most people have readily at hand. Once you’ve completed that questionnaire and
we’ve again met and reviewed it we then prepare papers that get filed with the bankruptcy
court. Once the bankruptcy is filed a couple of things
happen. First of all an automatic stay goes into effect
and that is essentially a freeze on all collection activity. No more telephone calls, no more letters. Any lawsuits or mortgage foreclosure actions
stop. The other thing that happens is a court appoints
a trustee who is in essence an overseer of your case about a month after filing. Then, about a month after filing, you and
I go together we meet with the trustee. It’s typically a very short meeting, five
minutes is long. You’ll already know the questions you’re going
to be asked. And you’ll already know what the answer to
those questions are. Once the meeting with the trustee is concluded
your case is effectively over. In 95 percent of the cases we do nothing there
but wait until we receive the order of discharge and the order closing the case. And it’s done and all of the debts that we’ve
listed for discharge are effectively wiped out. They don’t exist anymore and you then start
the process of rebuilding your credit and moving on with your life. Now one of the things about post-bankruptcy
one of the great myths I find is that people think that if they file bankruptcy then their
credit, they’re borrowing ability is destroyed for seven ten years. That is a complete myth. You can completely rebuild your credit and
be as good or better than your credit score ever was within twenty four months of filing
for bankruptcy. So we help you to start down that road of
how to revuild your credit so it doesn’t just end at the bankruptcy. It ends in the process of rebuilding your
credit and getting that fresh start that bankruptcy is all about.