Building up the courage to admit to yourself that you need financial help and then petition the court for a bankruptcy case is a big deal. So before you jump head first into this, you must be well-educated on what to do to prepare for this legal process and then what to expect from the process itself. So, without further ado, please read on to discover what happens after you file your bankruptcy petition with the court and how a seasoned Rockland County bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq., P.C. can walk you through every step of the way.
What information do I need to gather before filing for bankruptcy?
First of all, the New York State Bankruptcy Court will not just take your word for it that you require financial help via a bankruptcy proceeding. Rather, the court will require you to supplement your petition with supporting evidence of your current financial state. Below is a loose checklist of what you may need to include with your initial bankruptcy filing:
- Copies of your most recent tax returns and tax transcripts, from the past two to four years.
- Proof of income from your employer or otherwise, from the past six months.
- Copies of your bank, investment, and retirement statements, from the past two months.
- A copy of your driver’s license, government ID, passport, etc.
- A copy of your Social Security Card or proof of your Social Security number.
- Other financial documents relevant to your currently held assets and debts.
What happens after I file my bankruptcy petition with the New York State Bankruptcy Court?
Once you prepare all this documentation and file it with the New York State Bankruptcy Court, you can expect your creditors to stop collection activities against you soon after. This is because the first step of your bankruptcy process is having an automatic stay order put in place. From here, you may expect the following sequences of events:
- You may expect the court to appoint a bankruptcy trustee to oversee the entirety of your case proceedings.
- You may expect your bankruptcy trustee to review your financial documents, look for nonexempt property to sell, and see that your creditors get paid.
- You may expect to attend a meeting of creditors where your bankruptcy trustee and creditors will ask you questions about your finances.
- You may expect to participate in and complete a debtor education course.
In the end, if everything hopefully works out, you may expect the court to discharge your eligible debts. This means that you may no longer be obligated to pay them, and you may be granted a fresh start financially. In conclusion, for more information on if and when to file a bankruptcy petition, please don’t hesitate to contact a competent Rockland County bankruptcy attorney from The Law Offices of Allen A. Kolber, Esq., P.C. We look forward to hearing from you and later on helping you.
