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Steps to Filing Bankruptcy:

The following are the steps necessary to get your bankruptcy case prepared and filed using the Law Office of Steven P. Taylor, P.C. Step 1: Your Call: It all starts with a phone call to set you up with a totally FREE debt consultation at one of our 2 offices.....located in Kokomo or Indianapolis with an experienced bankruptcy attorney. Step 2: The Debt Consultation: At your appointment with an experienced bankruptcy attorney all the information necessary to fully understand your situation is gathered, including your goals, assets, debts, income and expenses. The bankruptcy attorney will analyze your situation and tell you about the various options for dealing with debts and creditors in light of your goals. In this process, the bankruptcy attorney will tell you about any options we feel would achieve your stated goals, including but not limted to, bankruptcy. In addition, we will try to answer all your questions and concerns. If one of your best options is bankruptcy, the attorney will tell you how it works, what needs to be done before you file, what it does and does not do, and what it costs. Whether or not bankruptcy is an option for you, there is no obligation whatsoever. The consultation is FREE. How can we afford to do this? Because we know that if we help enough people with a free consultation, we will end up with enough new clients to stay in business.  Step 3: Signing Up With Us: If  you decide to proceed with bankruptcy, the next step is to get started with the paperwork. You can do this right away. We would start the process of gathering from you all the information needed to file your case. Once you have retained our office, you are free to call us with any questions or concerns about your debts. At this point, you are one of our clients and you have our attorneys and staff at your full disposal to answer any questions you have and to instruct you on how to deal with your creditors. Back To Top Step 4: Things We Need From Home: Back at home, you will: (1) Gather up your bills, documents, and other information necessary to get your case filed.... and (2) complete your pre-filing credit counseling course, either online or by telephone.   Step 5: Bringing In The Things From Home: At your next appointment...You give us the bills, documents and other information you have put together. Usually, at this appointment, you will set a signing appointment to get your case filed. Step 6:  Getting Your Case Ready To File: We then draw upon all the information you supplied, to prepare the various forms, schedules and addendums required by the Bankruptcy Court. During this process, if we have any questions or need any additional information, we will call you. Otherwise you sit back and relax until we get the necessary paperwork done. How long will this take?  In most cases and within reason, we work as fast as you pay the retainer and provide us the information we need to get your case filed.  We do nothing but bankruptcy.  We know how to get things done, and if there is a hold-up in getting you filed, in most cases, it won't be caused by us.  If need be, we can get you filed in less than a week.  In an emergency assuming you do your part we can get you filed the same day. Step 7: Completing A Credit Counseling Briefing: The bankruptcy law now requires that you submit to a briefing about the various alternatives to bankruptcy as a condition of filing bankruptcy.  This is easy and usually takes less than an hour.  For residents of Indiana, this briefing can be obtained right over the internet, in person or by telephone.   Step 8: Final Signing Appointment: After all the forms, schedules and addendums are prepared, you will come into our office for a final signing appointment. At this appointment, we will go over all the final documents with you, after which we will have you sign them. Back To Top Step 9: Filing Your Case: After your signing appointment, we will file the final signed documents with the Court.  IThis is done by electronic filing over the internet.  This means we can get you filed the same day you sign, and this means fast protection from your creditors.  Why?  Because as soon as you file, you have the protection of the automatic stay. Step 10: The Powerful Automatic Stay: Immediately when your case is filed with the Court, the Court issues out to all creditors an Order telling the creditors to leave you alone. This is called the "Automatic Stay". This stay is very powerful because it forces the creditors to leave you alone and go bother somebody else.  After this order is issued if the creditor has any questions or concerns the creditor is forced to deal with us instead of you.   After your case is filed, you will still get some calls and letters from your creditors, for up to a month or so.  This is because some of your creditors are big organizations and it can take some time for the news that you filed bankruptcy to trickle across to all the departments in charge of sending you letters and making collection calls.  After you file just tell the creditor:  "I filed bankruptcy" and give them the chapter (either "7" or "13"), the name, address and phone number of your attorney. and your bankruptcy case number.  Some of the collection agents are jerks and won't want the information.  Just get their information and we will contact them.  Whatever you do, don't worry.  You are still protected because once your case is filed, you are protected by the powerful automatic stay. Step 11: The Meeting Of Creditors: After your case if filed, in approximately 30 to 45 days, you will attend a "Meeting of Creditors" with one of our attorneys. This meeting is the creditor's opportunity to show up and ask you questions. As a general rule, creditors do NOT show up. Because in most cases, creditors know there is NOT much they can do. This meeting is because every time a bankruptcy case is filed, the Court assigns a Trustee to oversee it. the Trustee's job is to make sure that you qualify for a Chapter 7 or 13 by your testimony and by reviewing the schedules filed in your case. At this meeting, your Trustee will also ask you any questions he has, that will clarify your situation and the information set forth in your schedules. In most cases, that's all that happens at this meeting. Step 12: Getting Your Discharge: Chapter 7: In most cases, the next two steps is your completion of the second credit counseling course, the Debtor Education and then the issuance of your "discharge" by the Court. This usually happens about 3 to 4 months after the filing of your case. Chapter 13: Different than for Chapter 7, Chapter 13 cases stay open for 3 to 5 years, the length of which depends on your particular circumstances. During this period of time, you are required to make a monthly payment to your Trustee. This payment is used to pay as much as money as possible to your creditors which is almost always a lot less than if you did not file bankruptcy. In addition...you may be required to keep paying on certain debts "outside" your case, as for instance in the case of a home mortgage as well alimony, child support and your other normal monthly "living" expenses. During this period of time, your creditors are not allowed to contact you. At the end of the 3 to 5 year period assuming you have made all your payments as required by law and assuming you have completed the second credit counseling course ("Debtor Education"). the court issues your "discharge". Disclaimer: The foregoing steps assume that everything in your case proceeds as originally planned and anticipated.  If you use an attorney other than the Law Office of Steven P. Taylor, P.C., please know this: The specific steps will vary to some degree from State to State and even from Court to Court within the same State.  Back To Top