What to Expect When Filing Chapter 7 Bankruptcy

Filing a Chapter 7 Bankruptcy

When considering Chapter 7 bankruptcy , many debtors experience anxiety about the process.

Let’s take a look at the process for debtors filing Chapter 7 bankruptcy:

Step #1 – Meet with your bankruptcy attorney to discuss your financial situation.Bring a list of your creditors, bills, income records and credit report. At the meeting the bankruptcy attorney will help you determine the amount of your debts, your income and which debts you may or may not discharge during bankruptcy.

Step #2 – The debtor who decides to file bankruptcy must take a credit counseling course which can most likely be done online. This credit counseling course is a requirement for all debtors filing bankruptcy.

Step #3 – The bankruptcy attorney will file the debtor’s bankruptcy petition with the court. The petition will include all of the information you compiled and gave to your attorney; creditors names, debt amounts, income etc.

Step #4 – The debtor will attend a meeting with his/her bankruptcy attorney, the bankruptcy trustee and maybe a few of the debtor’s creditors. This is NOT a meeting where creditors will confront you or anything along those lines. They will just ask you basic questions about your ability to pay the debt.

Step #5 – The debtor must attend a financial management class where he/she will learn how to manage his/her money. Attendance at this class is required.

Step #6 – The debtor will receive a discharge of his/her debts and begin a brand new financial start.

Have Any More Questions About the Chapter 7 Bankruptcy Process?

If you have any questions regarding the chapter 7 bankruptcy process or would like to set up a free consultation, feel free to give us a call or submit your questions here .

By | 2017-12-13T02:23:35+00:00 August 13th, 2009|Chapter 7 Bankruptcy|Comments Off on What to Expect When Filing Chapter 7 Bankruptcy