Author Box
Articles Categories
All Categories
Articles Resources

The Simple And Straight Forward Process Of Filing Chapter 7 Bankruptcy

March 27, 2012 | Comments: 0 | Views: 94

The decision to file Chapter 7 bankruptcy and address your overwhelming debt is one that should not be taken without careful consideration and research into the advantages and disadvantages that filing bankruptcy offers. Chapter 7 Bankruptcy is for individuals who are buried under a mountain of debt and are struggling just to stay afloat. It affords these individuals a way out from under crushing debt and gives them a fresh financial start.

Once an individual has made the decision of filing Chapter 7 bankruptcy they must first decide if they want to file a do-it yourself bankruptcy or use the expertise of an experienced bankruptcy attorney. This is a personal choice and it depends on the individual's personal financial situation as everyone is different. However, it is recommended that every debtor should at least have an initial consultation with a bankruptcy attorney to gain information and discuss their options. Most bankruptcy attorneys offer a free consultation and the information can be invaluable, even if the debtor feels that they can file bankruptcy on their own.

To begin the process the debtor must gather all of the necessary information. This includes a detailed list of monthly living expenses, monthly income (source, amount and frequency of income), ALL creditors as well as their addresses and amount of debt owed, and a complete list of all of the debtor's property and assets ( including bank accounts, household belongings, clothing, jewelry, tools for personal and work use ). All of this information must be put into the bankruptcy petition. The completed petition is then filed with the local federal bankruptcy court in the district that the debtor resides in. A list and location of all federal bankruptcy courts can be found online to determine which one to file at for the do-it-yourselfer. Once the petition is filed with the bankruptcy court, the court issues the automatic stay which stops all collection actions and prohibits the creditors from initiating or continuing with any lawsuits and/or wage garnishments.

The bankruptcy court will then notify the debtor of the 341 meeting or creditors meeting which usually takes place about 20-40 days after the petition has been filed. The debtor must attend, even if they are represented by an attorney. The debtor will be sworn in since it is a court of law and asked several questions by the bankruptcy trustee. The purpose of the meeting is for any creditors (if they even show up) to question the debtor regarding the debt or the ability to repay it. Most creditors won't waste their time or money trying to pursue the debt repayment since it will most likely be wiped out in the Chapter 7 bankruptcy discharge anyways.

The debtor must make sure that they comply in a timely manner with all of the court requirements during the bankruptcy process, such as the credit counseling course and the financial management course. If not, the debtor's case will be dismissed without a discharge. If the debtor completes everything on time, the court will issue the debtor their discharge notice in the mail within about 60-90 days following the 341 meeting. With the discharge notice in hand, the debtor is officially released from all personal liability for all of the discharged debts. The next thing to do is enjoy being debt free and begin rebuilding your credit.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

Source: EzineArticles
Was this Helpful ?

 
0
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Bankruptcy Court

,

Bankruptcy Attorney

,

Chapter 7 Bankruptcy

,

Filing Chapter 7 Bankruptcy

,

Debt Free

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 303

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 300

Many people that are considering filing bankruptcy typically look at every alternative in an effort to avoid the process. There is so much bad press out there on the damage it does to one's credit

By: Lisa Michelle Jonesl Finance > Bankruptcy Personall June 11, 2012 lViews: 177

Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure.

By: Bob P Jonesl Finance > Bankruptcy Personall May 29, 2012 lViews: 172

Recently, the student loan crisis has made its way to the front and center of the media. Currently, the student loan debt in the United States has surpassed an incredible $1 trillion and with no end

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 163

If you are currently bankrupt we explain what happens if you receive an inheritance payment from a will or trust. As a bankrupt person, if you receive any kind of windfall, this money must be paid to

By: James Fallal Finance > Bankruptcy Personall May 24, 2012 lViews: 242

Ever since the economy turned south back in 2008, many Americans are facing severe financial woes. Many of these usually hard-working folks are now unemployed or have had to settle for a lower form

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 173

Bankruptcy isn't just caused by excessive shopping. Three of the biggest reasons Americans are filing bankruptcy are medical debt, job loss and unexpected expenses due to an act of nature.

By: Chris A. Harmenl Finance > Bankruptcy Personall May 21, 2012 lViews: 183

On the outside, these two topics seem to be completely opposite. In reality, they actually have a lot in common. When someone graduates from college, they're getting a fresh start on life and heading

By: Bob P Jonesl Finance > Bankruptcyl June 11, 2012 lViews: 162

Lately, the topic of filing bankruptcy has become commonplace in social circles. Everyone, rich or poor, probably has someone in their neighborhood that is filing bankruptcy and facing foreclosure.

By: Bob P Jonesl Finance > Bankruptcy Personall May 29, 2012 lViews: 172

Recently, the student loan crisis has made its way to the front and center of the media. Currently, the student loan debt in the United States has surpassed an incredible $1 trillion and with no end

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 163

Ever since the economy turned south back in 2008, many Americans are facing severe financial woes. Many of these usually hard-working folks are now unemployed or have had to settle for a lower form

By: Bob P Jonesl Finance > Bankruptcy Personall May 24, 2012 lViews: 173

When an individual is filing bankruptcy the most important thing to keep in mind is to be completely honest with their bankruptcy attorney from the very beginning. The bankruptcy attorney is a

By: Bob P Jonesl Finance > Bankruptcy Personall May 09, 2012 lViews: 156

There are a few choices for individuals who are in a financial crisis to reduce or eliminate their debt. There is debt consolidation which requires the individual to take out a loan to cover all of

By: Bob P Jonesl Finance > Bankruptcy Personall April 20, 2012 lViews: 143

Discuss this Article

comments powered by Disqus