The Basics of
Chapter 7 Bankruptcy
Legal Guidance Through Chapter 7 Bankruptcy
Chapter 7 Bankruptcy Process
Next, you will work with your bankruptcy lawyer to prepare complete and accurate bankruptcy schedules. You will provide your bankruptcy lawyer with certain documents including tax returns, credit reports, etc. After the bankruptcy petition and related documents are completed, you will sign them and your lawyer can file your Chapter 7 bankruptcy case.
About a month later, you will appear with your bankruptcy attorney at a 341 meeting of creditors and answer a series of questions. The meeting is recorded and presided over by a Chapter 7 trustee. Your bankruptcy lawyer will help prepare you for the meeting of creditors. Depending on the complexity of your case, some of your creditors may appear, however, most times creditors do not attend. In most Chapter 7 cases, debtors’ only exposure to any official process is through this 341 meeting of creditors.
You will also be required to complete a second course in debtor education prior to receiving a discharge. Around six or seven months after the filing of your petition, the bankruptcy court will issue a discharge order and close your bankruptcy case. You can now move on with your life with the benefit of a fresh start.