When beginning the bankruptcy process, we will need to put you through a “means test.” This is a test of your income and financial situation to show whether you qualify for bankruptcy and which plan best fits you. If you qualify, the next step is getting a bankruptcy trustee who will oversee the process and ensure your assets and debts are correct and nothing has been falsified.
You will be asked to attend a 341 hearing, which is a meeting of all your creditors. It’s common for most of your creditors not to show but the trustee will be there. It is important to understand that a bankruptcy does not stop the foreclosure process. It may delay it, but it will not stop the bank from taking your home if the foreclosure is what they want.