Procedures to file bankruptcy chapter 7
Author: Steve
Bankruptcy has many types and one of those types is Chapter 7, which is commonly known as a straightforward type of bankruptcy. In this type of bankruptcy, a bankruptcy trustee will be the one to check your papers and decided if ever you pass or make additional amendments that you need to include in your papers. Having your papers go to the process of amendments can be the cause of mistakes that a bankruptcy trustee found in your papers.
There are procedures to file bankruptcy chapter 7. The first thing you need to do is file your bankruptcy papers. There are many ways you can do this depending on your situation. You could always hire a bankruptcy lawyer to do it for you or you can file your bankruptcy papers in court by yourself. Hiring a full time bankruptcy lawyer can be costly and doing everything alone can be cheap but hard.
The next thing that will happen after you file your papers is that the bankruptcy court will notify your creditors that you have filed for bankruptcy. This is a notice that is mailed to your creditors stating all the details and contact information of where and what time the creditors meeting will be and where and how a trustee can be contacted.
Next thing the court will do is assign a trustee for you to review your papers. This trustee will look for assets in your properties that are nonexempt. You will also need to provide your recent tax return to your assigned trustee. After that, a creditors meeting will be held. This is a personal appearance of you, trustee, and some creditors. The trustee’s job is to question your papers. Usually, this type of meeting do not last that long.
One of the next procedures to file bankruptcy chapter 7 is to take the means test. This is a test that will determine if you are eligible to file chapter 7 type of bankruptcy. If not or if you failed the means test, then go to a chapter 13 type of bankruptcy. After meeting the requirements in the means test for a chapter 7, negotiations are held about your properties which are nonexempt. The next thing you need to do is attend a credit counseling session which is a requirement under the new bankruptcy. This new bankruptcy laws started to take effect last October 2005 under the BAPCPA. In order to get discharged from your debts, you have to provide a documented attendance that you undergo financial management. Then after this, the court will reaffirm your hearing and get your debts discharged with the case closed.
There are many ways you can file bankruptcy and you can do it without spending much money. I suggest hiring a petition preparer or a bankruptcy lawyer to prepare your papers. All you need to do is pay them their flat fee. When your papers are done, you can file them in the bankruptcy court to have your case getting started. For more support on how to file bankruptcy, visit the link below.
Article Source: http://www.articlesbase.com/finance-articles/procedures-to-file-bankruptcy-chapter-7-1421709.html
About the Author
Steve Young is the author of The #1 Secret On How To File Bankruptcy. To get your free CD on How to File Bankruptcy Without an Attoney, go to www.onlinebkassist.com
After U filed Bankruptcy and had your creditors meeting what?
happened to you after that point? How long did you have to wait until your debts were discharged? Did you experience any problems after the creditors meeting?
Should we clear our accounts before going into chapter 7 bankruptcy meeting of creditors?
Did any creditors show up at your bankruptcy creditors meeting?
and contest your bankruptcy? Were they successful or did you breeze through without any creditors showing up at all?
What should I expect at a Meeting of Creditors when filing Chapter 7 bankruptcy?
I have filed Chapter 7 bankruptcy. My Meeting of Creditors is right around the corner. What should I expect to take place at the meeting? Ordinary or out of the ordinary?
How does a meeting of creditors for bankruptcy go?
1) Do the creditors usually show up?
2) How long should I expect it to take?
3) Do they give you a hard time? Im afraid im going to get lectured or that they will make it personal. Probably stupid.
4) After that, how long does a discharge take. Im in UT.
THANKS
None! Total breeze!
341 Meetings for Ch 7 are usually very short. In my district they are typically scheduled in half hour blocks with six (6) meetings per 1/2 hour block, which works out to an average of 5 minutes each.
The Ch 7 trustee is supposed to ask you the following questions, and most trustees pretty much breeze right through them:
—- here is what the trustee handbook says —-
These statements/questions are required. The trustee shall ensure the debtor answers the substance of each of the questions on the record. The trustee may exercise discretion and judgment in varying the wording of the statements/questions, if the substance of the questions is covered.
1. State your name and current address for the record.
2. Please provide your picture ID and Social Security number card for review.
3. Did you sign the petition, schedules, statements, and related documents and is the signature your own? Did you read the petition, schedules, statements, and related documents before you signed them?
4. Are you personally familiar with the information contained in the petition, schedules, statements and related documents? To the best of your knowledge, is the information contained in the petition, schedules, statements, and related documents true and correct? Are there any errors or omissions to bring to my attention at this time?
5. Are all of your assets identified on the schedules? Have you listed all of your creditors on the schedules?
6. Have you previously filed bankruptcy? (If so, the trustee must obtain the case number and the discharge information to determine the debtor(s) discharge eligibility.)
7. What is the address of your current employer?
8. Is the copy of the tax return you provided a true copy of the most recent tax return you filed?
9. Do you have a domestic support obligation? To whom? Please provide to me the claimant’s address and telephone number, but do not state it on the record.
10. Have you read the Bankruptcy Information Sheet provided by the United States Trustee?
Anything done is last 6 months will be carefully scrutinized, and if they see anything interesting, they can go back 2 years.
Sounds like you filed a chapter 7. The length of time till discharge varies- Anywhere from 3-6 months in TN. The meeting of creditors usually is no biggie- it just gives the creditors the opportunity to contest your filing if they want to. They never do unless they have reason to believe there is fraud involved (such as going out & charging up to the max a couple of months before filing.) Once you get your discharge you do not owe the debts. You will want to pull all 3 credit bureaus after your discharge to make sure that all accounts are marked “included in bankruptcy”. If they aren’t marked write to all 3 credit bureaus – TransUnion, Experian, & Equifax – include a copy of your list of creditors from the bankruptcy papers & ask them to update your file. If you don’t do this it will look like you filed bankruptcy but didn’t include all the accounts & they will show up as past due. After filing make sure to pay ANY new debt on time. It looks really bad on your credit to file & then have more bad debt later.
Good luck!
1. It’s called the meeting of creditors.
But mostly, it’s the meeting with the trustee who represents all the creditors.
They CAN show up, but they seldon do.
2. Usually about 5 minutes
3. These worries are unfounded. They will only give you a hard time if you have an ability to repay either through income or liquidation of unexpempt assets. Especially unlisted assets.
4. About 3 months. Don’t forget to file your Debtor’s Education certificate. On your 341 notice, notice the final date for creditors to object. That’ll be your discharge date 99 out of 100 times.