OakTree Law Answers Your Burning Questions About Bankruptcies & Everyday Life

• Understand what to expect during and after filing for bankruptcy.
• Learn which actions are allowed, restricted, or encouraged throughout the process.
• Get trusted guidance from OakTree Law. We answer all of your questions about bankruptcies and help you navigate every stage with confidence.

Like many people, you probably feel a huge weight lifted from your shoulders now that your bankruptcy has been set in motion. But, as things in your life begin to normalize, you may find yourself confused about what you can and cannot do after filing bankruptcies.

At Oaktree Law, our experienced bankruptcy attorneys help clients understand how filing impacts their lives, not just before, but also during and after the process. Below, we’ll answer some of the most pressing questions people have about bankruptcies.

Q: What happens during bankruptcy?

A: Once your bankruptcy has been successfully filed, the process shifts from paperwork to procedure. You’ll feel some welcome relief, but your responsibilities aren’t over yet, which often brings up more questions about bankruptcies. Here’s what you might expect following filing:

• A trustee appointment with the person assigned to your case.
• A Section 341 meeting with your creditors.
• A liquidation of certain assets.
• Mandatory attendance at a financial management course.

Our top-rated bankruptcy attorneys guide you through these remaining steps, offering clarification and ensuring you emerge from bankruptcy successfully.

Q: What are the rules after bankruptcy?

A: This is really two questions about bankruptcies—during and after—and should be answered in two parts.

1. Rules while you’re still under bankruptcy

There are important limits and responsibilities during the process. You’ll need to:

• Be fully transparent about your income, expenses, and assets.
• Avoid taking on new debt or using credit without trustee or court approval.
• Complete required counseling and/or coursework.
• Continue making any payments required under your bankruptcy plans, if applicable.

2. Rules following bankruptcy

After your case is complete, your concerns will shift to questions about bankruptcies that focus on recovery. After emerging, you can and/or should:

• Apply for secured credit cards to rebuild credit.
• Ensure you make all payments on time.
• Avoid unnecessary or high-interest debt.
• Check your credit reports regularly to ensure your discharge is reflected.

You don’t have to manage your obligations alone. OakTree Law helps clients move through the process with confidence.

Q: How do bankruptcy lawyers get paid?

A: This can depend on what type of bankruptcy you’re filing: Chapter 7, Chapter 11, or Chapter 13.

At OakTree Law, we provide complete transparency regarding our fees. During your FREE consultation, we’ll review your financial situation, go over our fee structure and payment options, and answer your questions about bankruptcies, so you know exactly what to expect.

Q: In bankruptcies, can you buy a house?

A: Buying a house while in bankruptcy can be challenging, but it’s not impossible. Lenders are cautious, and you may require court permission for such a large purchase.

Once your bankruptcy is complete, it may take time to rebuild credit. In either case, the experience of an OakTree Law bankruptcy attorney is invaluable in determining how best to prepare for homeownership.

Q: Can I go on vacation after filing Chapter 7?

A: This is one of the most common questions about bankruptcies.

The answer is yes, but you’ll need to be mindful of your obligations. While you are free to travel, you must still be available for mandatory court dates or creditor meetings. Missing those can seriously impact your bankruptcy proceedings and even stop the process entirely.

Along the same lines, you may wonder if you can leave the country after filing for bankruptcies. Again, the answer is yes, but you must make arrangements for ongoing hearings and meetings. An OakTree Law attorney will guide you in managing your responsibilities so your bankruptcy isn’t derailed.

Consult With OakTree Law to Avoid Risks

Bankruptcy can be a life-changing solution to recover from debt and escape overwhelming financial burdens. But it’s not always easy to understand the complexities of the process, and how it impacts your ability to engage in activities you didn’t give a second thought to prior to filing.

Lean on OakTree Law

Whether you are considering a major life change or simply want to understand what you can and can’t do during the bankruptcy process, OakTree Law is here to help.

Wherever you are in your bankruptcy journey, from deciding whether to file to looking ahead to a secure financial future as you emerge from the process, our experienced team can help answer all of your questions about bankruptcies. Connect online, or call OakTree Law at (800) 535-1627 today.