Within 20 to 40 days of filing for Chapter 7 bankruptcy, you will receive notification about an upcoming hearing you must attend. This will likely be the only hearing you have to attend during your bankruptcy case, and it is called the meeting of creditors. This hearing is an important part of a Chapter 7 bankruptcy case, and you can expect the following people to be present at this meeting.
When your bankruptcy attorney files your chapter 7 bankruptcy paperwork for you, multiple wonderful events occur at the same time. While you might be thinking that the main wonderful event is that deep sense of relief, you would only be partially correct. The automatic stay is a legal order that is included with the bundle of bankruptcy documents, and the effect it brings to certain actions by your creditors is chilling.
Even though Chapter 13 bankruptcy requires people to repay their debts through a repayment plan, it is often the more beneficial chapter of bankruptcy to choose. Chapter 13 offers perks that Chapter 7 does not offer, and here are some of the ways Chapter 13 bankruptcy could help you and your financial situation.
Stop a Foreclosure
The first thing that Chapter 13 can do that Chapter 7 cannot do is stop a foreclosure.