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What happens when you file for bankruptcy?

I just heard today that my parents might file for bankruptcy and I’m very worried. I heard that there are different “chapters” for when you file for bankruptcy My parents tell me not to worry about it and its not that bad, but I can stop feeling concerned.

Can someone please help explain to me what the effects of filing for bankruptcy are and what are these “chapters” Thank you.


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3 Responses to "What happens when you file for bankruptcy?"

  1. huntertristan says:
    you are broke
  2. andrew S says:
    your fuc#ed
  3. LoveShackToys says:
    After one files bankruptcy, an automatic stay is issued that prevents those to whom the debt is owed from further collection activities.

    About a month after you file bankruptcy, a meeting with all of your creditors will take place to discuss your bankruptcy. This doesn’t mean that all of your creditors will attend. Perhaps none of them will attend; however, the bankruptcy trustee will definitely attend. If a creditor does attend, it is likely for the purpose of contesting your exemptions. The meeting generally lasts for an hour or less.

    At this meeting, the bankruptcy trustee will go over your bankruptcy 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 bankruptcy 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 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.

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