What Happens after You File for Bankruptcy?
Our legal team at the Bradford Law Offices knows that the decision to file for bankruptcy in Raleigh is often a long time coming for people struggling financially. But once this decision is made, you may find yourself wondering what will happen next. Depending on the type of bankruptcy that you file for, whether Chapter 7, Chapter 13, or another chapter, the next part of the process will vary somewhat.
After filing for bankruptcy, the way that your debts and finances are handled will differ based on the form of bankruptcy you are filing for. Some of the possibilities that anyone should be prepared for include:
- Financial restructuring
- Liquidation of assets
- Explanation to future employers about your bankruptcy
- Explanation to family or friends about your bankruptcy
- Continuous monitoring of your finances, to pay debts and make smart financial decisions
- Completion of the bankruptcy process, after debts are paid
- Future consultations with a bankruptcy attorney
The main difference in what people should expect after filing for bankruptcy lies with whether they file for Chapter 7 bankruptcy or not. In Chapter 7 bankruptcy, a debtor may have to liquidate certain pieces of property, such as homes or cars, to pay off a portion of his or her debts. In Chapter 13 and other forms of bankruptcy, this liquidation does not typically happen.
Contact a Bankruptcy Attorney in Raleigh
If you have filed for bankruptcy and do not know what expect next, the attorneys of the Bradford Law Offices can help guide your current and future financial decisions. Learn more about the bankruptcy process by calling 919-758-8879.