Usually within six (6) weeks of filing your petition, you will be required to attend a Meeting of Creditors. The meetings of the creditors are held at the Federal Court House in Trenton, and at One Newark Center, in Newark. The Trustee will preside, and ask any questions necessary to determine if the case will be classified as an asset case. The Trustee will carefully review the petition with the lawyer and the debtor, and make sure that all of the information in it is accurate and truthful. The Chapter 7 bankruptcy is typically concluded within three (4) to six (6) months, at which time the United States Bankruptcy Court will issue a Discharge of Debtor. You are then precluded from filing for bankruptcy again for another six (6) years. We understand that filing a Chapter 7 petition and liquidating all of your assets may be devastating. However, if you find yourself in a position where you simply cannot repay your existing debt, call Theodore Sliwinski, Esq. at (732) 257-0708. He will guide you through the Chapter 7 bankruptcy and get you a "fresh start" that you deserve. Don't delay! The bankruptcy laws may be ""reformed"" soon, and you may be stopped from filing forever!
CHAPTER 7: THE PROCESS: FILING AND GOING TO COURT
The Chapter 7 bankruptcy process usually lasts between 3-6 months. The key issue as to the length of your case depends on the extent of the debtors assets, and the nature of the debts. Another factor is how busy the court is. However, the Bankruptcy Courts in recent years have been extremely efficient, and the cases are processed in a very expedient manner.
Once the debtor files for bankruptcy, no collection actions may be taken against you. The automatic stay stops all efforts to collect any debts against the debtor This means that any bank accounts you have may not be seized by a bank levy. The debtor's wages can't not be garnished. If a garnishment is in effect, then the garnishment must be immediately stopped. All repossessions must also be stopped. Moreover, if a debtor's vehicle has been repossessed, then the creditor must return the vehicle as long as the debtor can prove that he has adequate insurance on the vehicle.
The debtor will then be called to attend a Meeting of Creditors. This meeting is usually held within 6 weeks after the case is filed. This is the only opportunity that your creditors have to ask you questions regarding your financial situation. This meeting is typically extremely fast, and most creditors do not show up. The only creditor who usually shows up is Sears. A representative from Sears will usually try to talk the debtor into signing a reaffirmation agreement to enable the debtor to keep their items purchased from that store.
The Trustee, who is the attorney assigned by the court to determine if you have any assets which may be seized for the benefit of your creditors, will be present to ask you a number of questions. Theodore Sliwinski, Esq. will appear with you at the meeting of creditors with you, and will prepare you thoroughly to avoid any surprises that can occur.
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