Automatic Stay Notice

• Your creditors will receive immediate notice that they cannot legally contact you for any reason, according to the United States Bankruptcy Court Middle District of Florida. This "automatic stay" protects you from lawsuits and other collection activity.
  
  

Meeting of Creditors

• You will receive a summons to attend a 341 meeting of creditors once you declare bankruptcy. Your creditors can attend the hearing and object to your bankruptcy if they feel you lied to get accounts, but most hearings are uneventful, according to the book "How to File for Chapter 7 Bankruptcy."
  
  

Discharge Hearing

• As long as no one objects to your bankruptcy, you will attend a discharge hearing to finalize your case.
  
  

Turning Over Property

• According to the book "How to File for Chapter 7 Bankruptcy," if a bankruptcy judge or trustee requires you to relinquish assets such as a house or vehicle, you must cooperate whether they ask for this early in the process or after issuing you bankruptcy relief.
  
  

Negative Credit Reporting

• When you declare bankruptcy, a negative entry is placed on your credit reports for up to 10 years, according to the United States Bankruptcy Court Middle District of Florida.