Filing Chapter 7 Bankruptcy

Requirements for Filing

To file for bankruptcy, it is in your best interest to consult an attorney for legal advice. You are required to fill out a petition and file it with the bankruptcy court in your area. Along with the petition, you will also have to include forms that ask you to describe assets and expenses. Below is a list of some of the information you will be required to submit:

Once you have this information compiled, you will submit them along with a certificate of Credit Counseling, a copy of any debt repayment plan developed during counseling, proof of income and a copy of your most recent tax return.

A Bankruptcy Attorney in your area can provide you with more information and assistance preparing the documentation necessary for filing your Chapter 7 case.

Can Chapter 7 Bankruptcy Help You?

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After You File

After the petition is filed, an automatic stay is put into place that stops most collection actions. The court will appoint a trustee to administer the case and sell the debtor’s non-exempt assets.

The trustee will hold a meeting of creditors within 20 to 40 days of the filing. During the meeting you will be placed under oath and questioned by the trustee. Creditors also have the right to ask you questions while you are under oath.

Within 10 days of the creditors meeting, the trustee will determine if the filing is an abuse of the system and report to the court his/or her opinion about whether the case should be allowed to continue under Chapter 7.

In most cases, the debtor will receive a discharge under a Chapter 7 Bankruptcy filing within 60 to 90 days of the meeting with creditors.