If you are considering filing for bankruptcy, you'll need to know what to expect during each phase of the process after filing.

Below is a basic overview of what to expect during the process:

First, you must decide which type of bankruptcy you want to file. With a few exceptions (such as student loans), Chapter 7 will free you of all of the shackles of your debt, and allow you a fresh start to begin rebuilding your credit immediately. Some people do not qualify for this type of bankruptcy under new government law established in 2005, however, which allows the court to determine if you indeed qualify. Basically, the law requires you to make less than the median income in your state to file for Chapter 7 bankruptcy.

Chapter 13 bankruptcy requires you to pay back some or all (depending on your income) of your debt within a specific timeframe in accordance to a schedule set by the court. While this may sound like a good solution, after all it's allowing you to pay back everyone you owe; it can be difficult since the court decides how much of your income is used for debt payments, and how much you are able to use for spending for your living necessities. The bankruptcy court criteria are usually stringent, and doesn't allow for anything but necessities during the repayment period.

Once you've decided which type of bankruptcy to file for, it's time to start filling out mounds of legal paperwork. If you're filing yourself, be prepared to file approximately 30 to 60 pages in your petition, including schedules and other papers that must be filed at the time of filing of your bankruptcy.

You must follow all local and federal bankruptcy court rules carefully when completing these forms. It can be a very tedious and confusing work. You must learn and understand a variety of bankruptcy laws and requirements specific to your state, and be able to type them in a specific manner.

After about 4-6 weeks of filing for bankruptcy with the court, you will be required to attend a hearing called the First Meeting of Creditors, presided over by the bankruptcy Trustee. You will be required to answer detailed questions about your bankruptcy papers, assets, debts and other matters from both the Trustee and your creditors.

Your creditors now have 60 days in most states to contest your bankruptcy filing. Once that deadline has passed, you can expect the court to notify you of your official debt discharge in about 60 to 75 days.

Does filing bankruptcy mean the end of credit for a lifetime? Absolutely not! You can begin to reestablish your credit two years after the discharge of bankruptcy. However, it will be recorded on your credit profile for 10 years and must be reported if asked. You may not file a new bankruptcy petition of the same chapter for eight years.

To learn more about bankruptcy or to schedule a free consultation, please call 714-202-6529 or visit http://www.OC-BankruptcyLaw.com