If you have filed a Chapter 7 bankruptcy you will have either a portion of your debt discharged or all of your debt discharged. After filing, a court will appoint a trustee whom takes responsibility for all of your properties to liquidate them and distribute them among your creditors. You will have to attend a 341 hearing, which is a meeting with the creditors and your trustee. During this meeting you will be asked several questions regarding your bankruptcy petition, and it will be determined what debts will be discharged.
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If you have file a Chapter 13 bankruptcy you are required to come up with a proposal for the repayment of a portion of your debt. You should have the guidance of an attorney to come up with the plan. Once your repayment plan has been completed, you will have to attend a hearing in which the bankruptcy court will decide whether or not to approve your plan with the creditors acceptance. If your plan is accepted, you must make payments to your creditors based on your plan for three to five years. When you have completed paying of your debt outlined by the repayment plan, the debts will be discharged. Chapter 11 bankruptcy works like a Nashville Chapter 13 except that Nashville Chapter 11 bankruptcy is for businesses and Chapter 13 is for personal bankruptcies.
For all bankruptcy petitions, you will be required to attend credit counseling that provides information on how to develop a budget, how to manage finances, and how to properly use credit.
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