Rick Ojeda works hard to make the bankruptcy process as simple and straightforward as possible. Once it is determined that bankruptcy is the best path forward, you will start by sitting down with Rick to develop an initial game plan for addressing your situation. He will provide you with a list of needed documents, including but not limited to listings of all assets, liabilities, and financial statements, which you will bring back for your second meeting. At this point Rick will develop a more formal plan and outline the legal proceedings and what to expect.
Regardless of which type of bankruptcy you file, you will need to participate in mandatory credit counseling prior to filing your case with the court. While you are completing your training, Rick and his team will prepare any necessary legal paperwork. Once you have completed credit counseling, Rick will file your petition for bankruptcy and begin the formal legal proceedings.
For Chapter 7 bankruptcy, you will be called to a Trustee meeting 30 days after filing. At this time, creditors will be able to ask questions if any and the trustee will determine if there are any non-exempt in your case that may help satisfy your debt. You must then complete a financial management course. Creditors have 60 days to object to any discharge of debt. If there is no objection you will then receive your final Notice of Discharge within 4-6 weeks of completion.
For Chapter 13 bankruptcy, after completing Credit Counseling you must file a Statement of Financial Affairs and Plan which will outline how you will repay the debt over a 3 to 5-year period. All income deemed disposable based on IRS guidelines must go toward repaying debt. Some debt can be restructured, while others cannot. Rick can explain which debts fall into which category and help you develop your repayment plan. Creditors are given an opportunity to object to any elements of the proposed plan at the Plan Confirmation Hearing. Once the plan is approved you have 30 days to begin making payments. To remain compliant, you must make all payments on time or risk nullifying the agreement. You must also complete a financial management course prior to filing your final discharge request with the Trustee.