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Chapter 7 Bankruptcy Explained
Below is a brief summary of the Chapter 7 bankruptcy process so that you can understand the legalities of what happens step-by-step.
The Chapter 7 Process
Initial Consultation
During your initial phone call, we will ask you some preliminary questions regarding your current financial situation in order to determine the nature and scope of the issues involved in your case.
You will then have a FREE phone consultation with David Giller, during which you will discuss the details of your case, including your specific debts, status of outstanding lawsuits, household income, and some of the various options that you might have in order to avoid filing for bankruptcy.
During that consultation, you will gain a better understanding of your options and the pros and cons associated with each of the options available to you.
If bankruptcy is appropriate, you will be asked to gather the necessary information and documentation in order to proceed. These documents will not only help us confirm the best solution to fit your circumstances, but the information in those documents will enable us to properly fill out the petitions to file for bankruptcy.
Credit Counseling
If we establish that Chapter 7 bankruptcy is the best solution for your financial situation, you will be required to complete credit counseling before filing for bankruptcy. This can be done either by phone or through an online service. At the end of the credit counseling, you will be given a certificate confirming your completion. This certificate will get filed with the court along with your bankruptcy petition, as required by law.
Filing for Bankruptcy
Once the bankruptcy petition is completed and we have confirmed that it accurately includes all of your debts, assets, income and creditors, we can file your bankruptcy petition with the court.
Upon the filing of your bankruptcy petition, you are granted an automatic stay. This means that your creditors are not allowed to ask for payment, try to possess your property or even try to contact you, once your bankruptcy petition has been filed.
Meeting of Creditors
Approximately 30 days after filing for bankruptcy, you will be required to attend a Meeting of Creditors, also called a 341 meeting. Once under oath, you will be asked questions by the court-appointed trustee, confirming the accuracy of the information included in your bankruptcy petition.
While the Meeting of Creditors may sound intimidating, it is fairly routine. This is often the only time that you'll ever have to make an "appearance" for your bankruptcy case.
We will thoroughly prepare you for this meeting and will be there with you.
After the Meeting of Creditors, your creditors will have 60 days to file any objections or issues that they might have, regarding your seeking a bankruptcy discharge.
Our office will handle any challenges that may arise after the meeting. More often than not, there are no disputes from the creditors and you will be granted a discharge that releases you from your debts.
Discharge
The final step in the bankruptcy process is receiving discharge from your debts. Once you obtain the bankruptcy discharge, you will no longer be financially liable for any of the debts that were included and approved in your bankruptcy case. This process will allow you to have a future free of harassment from your creditors and the constant threat of home foreclosure and repossession.
Send Us Your Contact Info
and We Will Call You!
For your convenience, you can simply provide us with your contact information and we will call you to schedule your initial FREE phone consultation.
Next Step
With so many alternatives to managing debt, it is important to discuss all of your options with an experienced and knowledgeable professional.
Call us at 201-478-7412, or fill out the form below, to schedule an initial FREE phone consultation.
Our first conversation will simply be to talk about your financial situation and identify the best solution to fit your circumstances.
Whether you qualify for bankruptcy, need to respond to a foreclosure or other lawsuit from a creditor, we will provide you with valuable information for you to make an informed and educated decision that is most appropriate for your situation.
With so many alternatives to managing debt, it is important to discuss all of your options with an experienced and knowledgeable professional.
Call us at 201-478-7412, or fill out the form below, to schedule an initial FREE phone consultation.
Our first conversation will simply be to talk about your financial situation and identify the best solution to fit your circumstances.
Whether you qualify for bankruptcy, need to respond to a foreclosure or other lawsuit from a creditor, we will provide you with valuable information for you to make an informed and educated decision that is most appropriate for your situation.