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Life After Bankruptcy

What happens after I file a bankruptcy petition?

The bankruptcy court will mail to each of your creditors a "Notice of Commencement of Case", informing them that you have filed the petition and advising them of the date of the First Meeting of Creditors.

About 30 to 40 days after filing the bankruptcy petition, you will be required to attend a hearing presided over by a bankruptcy trustee. This hearing is called the First Meeting of Creditors. The trustee is not a judge, but an individual appointed by the United States Trustee to oversee bankruptcy cases.

At the First Meeting of Creditors the trustee will ask you questions under oath regarding the content of your bankruptcy papers, your assets, debts and other aspects of your financial situation.

In an ordinary chapter 7 proceeding the Bankruptcy Court will automatically grant an Order of Discharge 60 to 75 days after the First Meeting of Creditors.

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What is the "automatic stay"?

At the moment a bankruptcy petition is filed, your creditors are automatically restrained from taking any action to collect the debts owed them.

There are some exceptions, for example, a bankruptcy petition does not stay the commencement or continuation of a criminal action, an action to collect spousal support, or an action to enforce a government's police or regulatory power.

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If my creditors ignored the automatic stay, what could be done?

Make sure the creditor is aware that you filed bankruptcy and ask it to stop collection efforts. If the creditor does not respond, you may seek a court order enjoining the creditor from further action.

If you are an individual and are injured by your creditor's willful failure to comply with the automatic stay, the law allows you to recover actual damages, including costs and attorneys' fees, and, in some circumstances, punitive damages.

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Will the fact that I filed bankruptcy appear on credit reports?

The bankruptcy will be listed in credit reports for a period of up to 10 years.

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After bankruptcy, can I obtain new credit?

Yes. The decision of whether to extend you credit belongs to each particular lender. However, the fact that you filed bankruptcy, if properly explained, can be less damaging than a history of unpaid accounts.

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How can I re-establish credit after bankruptcy?

You may be able to obtain a secured credit card, where the credit limit is based upon the amount of security given, or obtain credit using a co-signer not long after your case is discharged.

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How long does it take to rebuild credit?

Generally it will take about two years to substantially rebuild your credit. In 18-24 months after a bankruptcy, you should be able to qualify for a mortgage.

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    Laguna Hills Bankruptcy
    25401 Cabot Rd.
    Suite 113
    Laguna Hills, CA 92653
    Call 888-362-6529

    Santa Ana Bankruptcy
    930 West Seventeenth St.
    Suite C
    Santa Ana, CA 92706
    Call 714-795-3536

    Corona Bankruptcy
    1411 Rimpau Ave.
    Suite 108
    Corona, CA 92879
    Call 909-708-4597

    Moreno Valley Bankruptcy
    24490 Sunnymead Blvd.
    Suite 101
    Moreno Valley, CA 92553
    Call 951-579-4756

    Watsonville Bankruptcy
    444 Airport Blvd.
    Suite 109
    Watsonville, CA 95075
    Call 888-362-6529

    Oceanside Bankruptcy
    1930 S Coast Hwy
    Suite 206
    Oceanside, CA 92054
    Call 760-450-3333

    Chula Vista Bankruptcy
    333 H Street
    Suite 5000
    Chula Vista, CA 91910
    Call 619-500-6535

    Escondido Bankruptcy
    320 East 2nd Ave.
    Suite 108
    Escondido, CA 92025
    Call 760-746-4476

    La Mesa Bankruptcy
    4817 Palm Ave.
    Suite I
    La Mesa, CA 91942
    Call 619-462-362

    San Diego Bankruptcy
    185 West F St
    Suite 100
    San Diego, CA 92101
    Call 619-234-3626