Bankrupcy - What happens when you go for it? Read people discussing

we are in very serious trouble about to lose our house and cars will filing for bankrupcy help

After one files bankrupcy, an automatic stay is issued that prevents those to whom the debt is owed from further collection activities.

About 60 days after you file bankruptcy, a meeting with all of your creditors will take place to discuss your bankrupcy. Usually if your debt in unsecured, none of them show up. This is called the 341 meeting. If a creditor does attend, it is likely for the purpose of contesting your exemptions.

At this meeting, the bankrupcy trustee will go over your bankrupcy papers with you. The trustee might question certain items you've listed. In any event, he or she will look for discrepancies and inaccuracies in the amounts you've put down on your bankrupcy papers.


All of the property that you have not claimed to be exempt is given to the bankruptcy trustee at this meeting for liquidation. The bankruptcy trustee will then begin the process of selling off your assets to pay your creditors. You will likely be informed at this meeting that you are prohibited from selling, giving away or throwing away any of your property without the permission of the bankruptcy court. The 341 generally only takes a few minutes.


The time between filing for bankruptcy and obtaining a discharge usually lasts anywhere from four to six months. Until you obtain a discharge, you have the right to back out of the bankruptcy, meaning you can request that the bankruptcy be dismissed.

Can just one spouse file for bankrupcy - our property remains separate after our marriage (just 2 months ago) and we are wondering if one spouse can file without a great deal of impact on the other spouse. Thanks for your quick answer.

For more articles on bankruptcy please visit this http://www.debtconsolidationcare.com/bankruptcy/

Can anyone tell me how to file for bankrupcy?

Talk to a bankruptcy attorney in your area....most give free 30 minute consolutaions.

Soaplady - when you stated they start to sell off your assests, do they do this for unsecured debt as well? Do they sell things like your tv or computer, sons guitar things like that? Is this for chp 7 or 13 as well?