11 Steps To File Bankruptcy

The issue of bankruptcy is not just restricted to individuals under enormous debts alone. Large companies and corporations also face bankruptcy many at times. These may be a very difficult time for the individual in question if he is unable to meet up with paying back the accumulated loan. If your not sure what type of bankruptcy to file please read what is the best bankruptcy type for you.

Filing a chapter 7 bankruptcy may just be the next thing on your mind right now! But as good as bankruptcy may sound, there are steps you must complete in order to set the wheels in motion, and so you can complete the process and eventually have your debt cleared up.

The steps in filing a chapter 7 bankruptcy are made simple if there is a good lawyer representing the client to sort out the matter.

Filing chapter 7 bankruptcy online is also a feasible option that you may wish to look into if you are to make a resolute.

There are several separate steps in filing chapter 7 bankruptcy and we are considering some of those steps in filing bankruptcy in this article. But before we do that, it is important to note that every applicant going to file chapter 7 bankruptcy, are expected compulsorily to undergo counseling for credit, six months before filing for chapter 7 bankruptcy. Also, the applicants need to fill out bankruptcy forms and declare all their properties and check for a chapter which is usually decided by the federal organization whether the applicant can opt for chapter 7 as per the policy.

With the enormous information out there for getting out of debt, the process of filing a chapter 7 bankruptcy may just seem confusing to you. But thankfully an experienced bankruptcy lawyer can easily help you navigate through the chapter 7 bankruptcy process and make filing bankruptcy as simple as possible to get a fresh financial start. Check out how to overcome an abuse in a chapter 7 bankruptcy.

Here are the steps involved in filing bankruptcy:

STEP 1: Find an experienced bankruptcy lawyer you can trust

This may look simple, but is a very critical step for you. You may say but I don’t need a bankruptcy lawyer for this, but there are significant limitations to what a non-lawyer petition preparation service or paralegal service can do for you. And they may just be essentially restricted by laws from doing anything for you except typing out forms instead of filing chapter 7 bankruptcy for you. Attorneys are professionals and have the experience and competence to help you in the entire procedure.

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The United States Of America’s Federal Bankruptcy Act was created to protect you when you cannot afford to meet your financial obligations with your creditors. The following are examples of what filing for Bankruptcy protection can do for you.

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STEP 2: Discuss your bankruptcy option with your Attorney

This may just be a decision you will want to discuss with your lawyer to determine the best choice for your situation. Remember you can choose between chapter 7 bankruptcy and chapter 13 bankruptcy, so your lawyer will help you understand if chapter 7 bankruptcy or a chapter 11 bankruptcy is right for you or if another solution is just appropriate. To prove an undue hardship for student loans please click the link.

STEP 3: Gather documents needed to file chapter 7 bankruptcy.  

This seems to be the most difficult part of the whole process. Because your bankruptcy petition and schedules require you to provide complete and accurate information about your income for the last three years, your assets, debts and creditors, your monthly expenses, a list of all your property such as clothes and electronics etc. and your employment status. Documents like tax returns for the last three years and latest pay stubs are required to appropriately file chapter 7 bankruptcy.

And do well to make copies of everything you submit because the law office may just lose your papers and you will have to fill out those forms again. I bet you don’t want to do that!

STEP 4: Pre-bankruptcy credit counseling session.

According to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA of 2005), all filers are required to complete a credit counseling session with an approved provider within six months of filing before their case can be filed.

STEP 5: Nonexempt property is handled.

Nonexempt property is apparently considered by trustee whether they should be sold and distributed to creditors or not. Sometimes this can be negotiated with the trustee to keep some of the nonexempt property if the filer can come up with enough cash to secure the properties. Please read what is a “cramdown in a chapter 13 Bankruptcy.

STEP 6: Sign the petition and get the case filed.

Once payment is made, you will get a call from your lawyer’s office once everything is typed and ready to submit. Your lawyer will go through the paperwork with you to ensure that it is complete and accurate. Once that’s done, your lawyer will file the case for you.

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STEP 6: Sign the petition and get the case filed.

Once payment is made, you will get a call from your lawyer’s office once everything is typed and ready to submit. Your lawyer will go through the paperwork with you to ensure that it is complete and accurate. Once that’s done, your lawyer will file the case for you.

STEP 7: Eligibility to file for chapter 7 bankruptcy

After reviewing the provided documents and every other information you provided, the court makes a decision on your eligibility to file for chapter 7 bankruptcy. They do this by comparing your income to expenses to determine your ability to pay back a loan. Please read if you should file bankruptcy in 2018

STEP 8: Pre-discharge financial management course.

After filing bankruptcy and before you get a discharge, there is a requirement added in the 2005 amendments to the bankruptcy law which you must complete. Is called the debtor’s education course. After completing the class, you will then file form 423 certification of a financial management course with an approved provider before a case can be eligible for a discharge.

STEP 9: Court date

After you have filed a petition and the papers well examined by the assigned trustee, a court date will be set for your case after 20-40 days. In this meeting, all your creditors will be there and they will question you with regards to your assets and financial capacity which you need to reply. You will be asked questions by the trustee who will decide whether to approve the bankruptcy or make changes.

STEP 10: Discharge

Just as the name implies, this is when the case is officially finalized. Chapter 7 bankruptcies are discharged 60 days after the meeting with the trustee unless one of your creditors takes action against you.

STEP 11: Case closed.

Once your discharge is granted by the court, you get an official closure of your bankruptcy case and no longer a liability to most or all of your creditors. Now you can move on with your life. Congratulations!

At LG Law Office you will work with a lawyer who cares about you and your personal situation. We are committed to making sure that people get sound legal advice while also feeling comfortable dealing with their lawyer.

LG LAW Ontario office has advised hundreds of people in the areas of consumer debt relief, debt counseling and debt management. Visit us today at www.lglawoffices.com to talk to one of our lawyers.

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By |2019-09-23T21:05:11+00:00December 27th, 2017|Bankruptcy|0 Comments