The first thing that happens when you file bankruptcy is you feel an immediate sense of relief. Why? Because as soon as you file a bankruptcy, your creditors are banned from contacting you to collect on a pre-existing debt. There is peace in the valley, your phones no longer lite up and your mail box is full of junk mail - NOT bills!
After filing the bankruptcy and the creditor harassment stops, you will attend a “meeting of creditors”. During this 5-15 minute meeting a bankruptcy trustee will ask you to verify that the information on your bankruptcy petition is true, correct and complete. If there are any omissions, this would be the time to point them out to the trustee.Once the meeting of creditors has concluded, if you've filed a Chapter 7 Bankruptcy, you wait about 60 days and to receive your discharge. Once you get your discharge, your no longer liable for the debts that were listed on your petition. They're gone, forever, tax-free!
If you've filed a Chapter 13 Bankruptcy, after the "meeting of creditors", there is one more hearing- called a confirmation hearing. In the vast majority of cases, no attendance is required and your plan is just “confirmed” without objection. After filing Chapter 13 Bankruptcy, you get your discharge after making all of your plan payments. Most plans run either 3 year or 5 years. They cannot be less than 3 years and they cannot be more than 5 years.
