While any form of bankruptcy may seem overwhelming and perhaps a little frightening for you, the Chapter 7 Bankruptcy when the steps are followed correctly usually runs smoothly. Your Fairfield bankruptcy attorney will keep you informed as to each stage of the bankruptcy.
Navigating The Process
It will begin with you having to complete a Government approved credit counseling course before you even file for bankruptcy relief.
Then you are going to be faced with many different forms that will need to be fully and accurately completed. This will be the bankruptcy petition, which notifies the court you are applying for this. There will be schedules with pertains to your finances.
Additional forms will need completing that help you to determine your income and expenses and what property you are going to want to exempt from the bankruptcy according to what is allowed. There will also be additional information that will be required in these papers as well.
When the petition for your bankruptcy has been filed, the automatic stay goes into effect. This is where most of your creditors can now no longer take action against you.
- You will be assigned a bankruptcy trustee.
- Then there will be a meeting of the creditors
- The court needs to decide if you qualify for the Chapter 7 bankruptcy and this is where the Means Test now becomes important.
- You property is then reviewed and your exempt property will not be touched. The trustee will make decisions about your non-exempt property.
- You will have to take an approved debt management course.
Anywhere between three to six months is what it will take for the bankruptcy discharge. After this your case is closed.