Jackson Bankruptcy Law Firm

Filing bankruptcy in Jackson

The procedures that you undergo to file bankruptcy vary based on the type of bankruptcy you have chosen.  In general terms, any bankruptcy filing follows these steps:

• Credit counseling:  The new federal bankruptcy laws require that you receive credit counseling before you are permitted to file.  Your bankruptcy law firm can confirm that you have received the required counseling before starting your filing.
• Choosing a lawyer:  Finding a knowledgeable bankruptcy lawyer in Jackson is critical.  When interviewing bankruptcy attorneys, make sure the attorney you select has extensive experience in bankruptcy litigation and is able to communicate clearly so you are comfortable sharing the personal information critical in building your case.
• Choosing the type of bankruptcy:  Different types of bankruptcy are available based on your situation.  For example, an individual who cannot afford to repay most debt will probably file Chapter 7 bankruptcy, while someone who is working and can repay most debts if the terms of the debts are renegotiated with creditors is more likely to file Chapter 13 bankruptcy.  Your lawyer can help you determine which type is right for you.
• Gathering financial information:  Bankruptcy law requires a detailed accounting of your finances.  You must make sure your attorney has a complete picture of your income, property and assets, and debt to make sure your filing will best help you to get the fresh start you need.
• Filing the petition:  The moment you file a petition for bankruptcy within the court, an automatic stay goes into effect, which prevents your creditors from continuing collection efforts.  At this point, creditors will need to present their cases before the bankruptcy judge.  Keep in mind that you are required to pay certain types of debt, such as taxes, child support, and secured debt.
• 341 meeting:  After filing, a court-appointed trustee calls a first meeting of creditors, where you testify under oath about your property and debt in the presence of your creditors. 
• Bankruptcy court:  The creditors then have 60 days to build their cases in an effort to convince the bankruptcy court to allow them to continue to collect for all or a portion of your outstanding debt.  It is your bankruptcy lawyer's job to work to get you an  agreement that is fair —one that will give you the best chance to return to a new, debt-free life as soon as possible.
• Finalizing the process:  Once a process has been agreed upon and accepted by the court, you and your lawyer work with court-appointed trustees and creditors to reduce or eliminate your debt based on the type of bankruptcy being filed.
• Working out your debt:  At this point, your job is to work through the bankruptcy process as agreed upon to obtain a fresh start.  You need a Jackson bankruptcy attorney who will be there to help in any way you need.

Let our bankruptcy law firm in Jackson fight on your account

Filing for bankruptcy is a detailed, complicated process that is easier to deal with when you have lawyers who are skilled at bankruptcy law.  The experienced attorneys at our Jackson bankruptcy law firm will walk you through each step and help you make the right choices for your financial future. Contact us for your free initial consultation today.