Bankruptcy Process

The most common reasons for consumer bankruptcy include unemployment, exorbitant medical expenses, substantially over extended credit, marital problems, and other large unexpected expenses. Regardless of your reasons for exploring bankruptcy, it’s helpful to know what to expect.

The process for filing bankruptcy is complex and involve several important steps as well as a great deal of information gathering, legal form filing, and constant supervision to ensure a successful outcome. Because of this, it is imperative that you work with an experienced bankruptcy attorney. This page provides you with an overview of what you can expect when you wok with one of the Tampa bankruptcy attorneys at Jodat Law Group, P.A.

Initial Consultation

Your initial consultation provides us with the information we need to advise you of your bankruptcy options. When we meet, you will need to provide details about:

* Your debts – including credit card debt, any lawsuits, foreclosures or repossessions, outstanding taxes, student loans, and medical bills.
* Your property – including bank accounts, real estate, cars, insurance policies, retirement accounts, etc.

If after discussing your options with us, you decide to file for bankruptcy, we will prepare necessary legal documents based on the information you provide. We’ll ask you to review these forms carefully to ensure that all information is correct and attest to their accuracy by signing them.

You will be required to submit documentation such as tax returns, pay stubs, bank account statements, car registrations, etc.

Means Test

Before filing for Chapter 7 or 13 bankruptcy, your case is subjected to the means test. The means test identifies debtors who have the financial capacity to pay a significant portion of their bills to creditors. It involves comparing your income to the median income of the state in which you live. If your income is higher, it does not always mean that you will be required to repay part of your debt; instead, another set of calculations based on ratios of debt to income will identify whether you can file a Chapter 7 or Chapter 13 case.

Creditors Meeting

After your bankruptcy petition is filed, the next step in the process is a creditors meeting. The creditors meeting takes place approximately six weeks after filing. This is a brief hearing where the trustee appointed to your case will ask you questions about your income, assets, and outstanding debt. We will help you prepare for the hearing and your attorney will attend it with you. Although invited and permitted to be present at this meeting, most creditors do not attend.

If you need help deciding whether bankruptcy is the best option for you, contact Jodat Law Group, P.A. for a free initial consultation at (813) 225-7200 and speak with one of our experienced Tampa bankruptcy attorneys. We’ll be happy to answer your questions and help you better understand your options for financial recovery.