Bankruptcy: Know What To Expect
The Bankruptcy Process
Know What to Expect When You File
When a bankruptcy petition is filed, the court assigns a case number and appoints a trustee. The trustee’s job is to oversee your bankruptcy by verifying the information in the documents and conducting your meeting of creditors (341 hearing).
Once the case is filed, protection from creditors begins immediately, as there is an “automatic stay” that immediately goes into place that stops all creditor collection efforts. Your meeting of creditors will be scheduled by the court, usually 30-45 days after filing. A Chapter 7 discharge is usually received 3-4 months after the filing.