A Breakdown of the Chapter 7 Bankruptcy Process
Posted on: 8 July 2021
Are you ready to ask an expert to help you with your financial issues? If you are drowning in debt and cannot get out yourself, you might want to visit a bankruptcy lawyer. A bankruptcy lawyer can review your financial situation to see what options might work well for you. Chapter 7 is one of the best options for getting out of debt, and here is a breakdown of how it works.
Gather Your Information
A Chapter 7 case requires a few steps before you can file the case. The first step is gathering the information you need to file. You can ask your lawyer what you will need, and they will give you a list. You will need a list of all your income for the past six months, as the lawyer uses this to determine your eligibility. Next, you will need a list of all your debts. Finally, you will need a list of all your assets. Your lawyer will ask you to bring these items to your initial meeting, as they cannot give you the best advice without reviewing all these things.
File the Documents
If you decide to file for Chapter 7, your lawyer will prepare the documents. Filing a Chapter 7 case is complex, and it might take your lawyer a few days to prepare everything. When ready, your lawyer will ask you to sign the documents, as this is necessary for filing. When complete, they will send your case to the local bankruptcy court. The bankruptcy court will schedule a hearing that will take place within three to four weeks.
Attend Your Court Hearing
You must attend the hearing for your case. Most Chapter 7 cases require only one court hearing, but some might require two or three. When you attend this hearing, a court trustee will ask you questions about your case. The purpose of the questions is to determine if you are eligible and to learn more about your financial situation.
Wait for the Case to End
After completing the court hearing, you will have to wait while the court processes your case. It might take a few months before the case ends, but it generally does not take longer than one year.
Are you interested in finding out if you qualify for Chapter 7? If so, the best way to do this is by meeting with a bankruptcy lawyer. You can contact one today to schedule an appointment.
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