The Chapter 7 Bankruptcy Process

Though you have made the decision to file bankruptcy, you might still have questions concerning the process

Total Lawyers has information on the Chapter 7 bankruptcy process, and can help you get in touch with a bankruptcy attorney near you.

All you have to do is give us a call at 877-421-3761 or complete our free bankruptcy case evaluation form.

We'll immediately connect you with a bankruptcy attorney in your area.

Understanding Chapter 7 Bankruptcy

Taking control of your finances is major priority for you.

As you seek to rebuild your financial security, understanding the Chapter 7 bankruptcy process is definitely high on your to-do list.

What to Do Before You File Your Petition

Prior to filing your petition, make sure you do the following:

• Arrange to meet with your bankruptcy lawyer
• Things to bring to the meeting:
• A list of propery you currently own and its value
• A list of creditors you owe and payments you have made
• Employment and other income information
• Anything else your bankruptcy attorney requests
• Complete a Credit Counseling Briefing approved by a U.S. Trustee and give the certificate of completion to your lawyer to file with your petition

Once you've taken these steps, your bankruptcy lawyer can file your petition and credit counseling certificate with the court to start your bankruptcy proceeding.

After Your Chapter 7 Petition is Filed

Once your bankruptcy lawyer has filed your bankruptcy petition, you're well on your way. When your petition has been filed, here's what will happen:

• The court will grant you an "automatic stay," which will prohibit creditors from collecting any debt and taking any legal action against you
• Your creditors will receive a notice of your case

The court will appoint a federal employee called a "trustee" to oversee your case. Your trustee will monitor your case, review your petition, monitor your case, ensure that you qualify for Chapter 7 bankruptcy, and, when satisfied that everything is in order, schedule a meeting of your creditors.

The Timeline

When your petition has been filed, you and your bankruptcy lawyer can expect:

• Within 15 days, to file any schedules not filed with the petition
• Within 30 days, to file a Statement of Intention regarding any secured property
• About 6 weeks from filing, to attend the Meeting of Creditors

At some point between your filing and your discharge, you'll have to complete a U.S. Trustee-approved Debtor Education course.

Finally, if there are no disputes or objections in your case, you should receive your Chapter 7 discharge as early as three and a half months after the filing of your petition.

Still Have Questions?

Get in touch with us today! You can fill out our free bankruptcy case evaluation form or call our toll-free 24-hour hotline at 877-421-3761 and we'll connect you with a bankruptcy attorney in your area right away.

The above summary is not legal advice. Bankruptcy laws may have changed since our last update. For the latest information on bankruptcy laws, speak to a local bankruptcy lawyer in your state.