Contact Us
Phone: 248-646-4600
Email: ron@siegelpc.com
Location
30150 Telegraph Rd, #444 Bingham Farms, Michigan 48025
Hours
Mon - Fri: 8:30am - 5:30pm
Weekends: By appointment
Serving Metro Detroit And Southeast Michigan
What Happens After Filing for Bankruptcy?
A trustee is assigned to your case to oversee the liquidation of your assets or the repayment of debts. The court will select the trustee, so you have no say in who gets appointed.
You get an automatic stay. This is a legal order that stops all creditors from collecting money from you during bankruptcy. It will prevent calls, emails, or visits from collections agents.
The trustee schedules a meeting of creditors. All the lenders to whom you owe money are notified of the meeting and are able to attend. Some creditors will come, and some will not. The goal of this hearing is to establish your assets and all debts.
During the meeting, you have to testify under oath, so you need to be truthful about debts and assets. Failure to be honest can negate the protections of bankruptcy. Creditors or their legal representatives can ask questions and look over documents during the meeting.
The trustee will order you to attend a financial management course. The judge cannot grant debt discharge until they see evidence of completion of such a course.
A trustee will sell your non-exempt assets. Then, they will distribute the proceeds to your lenders according to a priority established after the meeting of creditors. Non-exempt assets are any possessions not needed for basic living.
The judge discharges your debts. After your creditors get paid, the judge will discharge your debts.
Call today for a free initial consultation.
Eliminate debt and get a fresh start
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30150 Telegraph Rd, #444
Bingham Farms, MI 48025
Practice Areas
Hours
Mon - Fri: 8:30am - 5:30pm
Weekends: By Appointment
We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.
The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.