How to File for Chapter 7 Bankruptcy

click hereDebt is an issue that millions of Americans have to deal with, and for some, overwhelming debts may be too much to handle. In these situations, Chapter 7 bankruptcy may be a viable option for returning to financial normalcy. The following are steps you should take if you are considering pursuing this route:

  1. To begin with, it is necessary to see if you are qualified for a Chapter 7 bankruptcy. You can do this by taking a “Means Test”, which determines if your family’s income is within the maximum limit.
  2. Get mandatory credit counseling, and complete the necessary forms, documents, and petitions. This will give information about your expenses, debts, property, and income. You must include all your debts and the names of your creditors, properties you choose to exempt, and what to do with your secured debts. If you get confused and overwhelmed, ask your bankruptcy attorneys to help you with all the necessary documents.
  3. File your petition in the bankruptcy court. They will then appoint a trustee who will review your documents to make sure they are correct, and see which properties are to be sold. After you have filed for bankruptcy, your creditors will then be prevented from harassing you. There will soon be a creditors meeting, but before you go to the meeting, you must provide your trustee a copy of your most recent tax returns as well as your paycheck stubs.
  4. Attend the meeting with your creditors; this is the time where you can discuss your property and financial affairs. After this, you must accomplish the post-filing of Personal Financial Management Instruction Course, which should be completed within 45 days of the creditors meeting. If you forget or neglect this post-filing, your case might get dismissed.
  5. After a minimum of 61 days after the meeting of creditors, you shall be informed of the final agreement that your debts have been discharged.

One Response to “How to File for Chapter 7 Bankruptcy”

  1. Visit Site says:

    Thank you for the information. My family has faced financial hardship due to the economy and Chapter 7 Bankruptcy may be an option.

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