Filing for bankruptcy in the United States takes time and the amount of time it takes varies with the individual case. If the bankruptcy is personal there are usually two options available; Chapter 7 and Chapter 13, to file for either of these options takes a different length of time due to the complexity. Another factor that comes into play is how quickly the bankrupt can gather all the information can together that the court needs; this includes income statements and a complete tabulation of all debts and assets. Working with a bankruptcy attorney in Stafford, VA can expedite the process considerably as the attorney is fully aware of the legal requirements.
The most common form of personal bankruptcy is Chapter 7. Chapter 7 is filed by those people who have very few assets that are worth protecting. The individual who files for Chapter 7 will typically work with a qualified bankruptcy attorney in Stafford, VA who will help file all the necessary documents and supporting data. The most time consuming part of filing for Chapter 7 is pulling together all the information that the courts require. If the bankrupt owes a considerable amount to a number of different creditors who in turn have sold these grossly past due accounts to a collection agency it may be a challenge for the attorney to find out who actually holds the debt and how much is it.
The court will expect the applicant to provide income statements, a list of any assets and tax returns when making a Chapter 7 filing. In the event the person has not kept good records of his or her income and debt it can be a real challenge to gather it. A bankruptcy attorney in Stafford, VA can do a lot of the necessary legwork, tracking down those parties that hold the debt. If this information is not complete the bankruptcy cannot proceed without serious complications.
Once all the paperwork is finally in order and the papers filed with the court one can look forward to having their day in court in about two months. At that time, assuming all the papers are in order, the court will officially declare the person a bankrupt and at this stage all debts, except a few, are discharged. Debts such as student loans, court fees and current taxes must be paid. Although the process may take some time if the person hires a bankruptcy attorney in Stafford, VA any calls from creditors during this time can be intercepted by the attorney, this normally ends any harassment.
