Not all bankruptcies are the same, and neither are their processes. Attorney Jen Koss takes you through the Chapter 7 process in this informative video.
Questions About the Chapter 7 Process?
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A lot of people are curious about the Chapter 7 process. It can be overwhelming so I want to share with you a summary of it.
Step One – Talk With a Lawyer
We begin with an initial assessment where we screen whether or not you would be a good chapter seven bankruptcy candidate based upon the requirements set out by law.
Step Two – Case Analysis & Strategic Planning
After hiring us, we move forward with an information and document collection process that allows us to draft your petition and further analyze your case for any possible areas of concern. This allows us to look into your income, assets, expenses, debts and so on.
Step Three – Credit Counseling
Chapter seven bankruptcies are a liquidation process if you own assets that are not protected by law. The bankruptcy court also requires that all debtors complete a pre- and a post-filing credit counseling course which we will provide instructions for.
Step Four – Select a Filing Date
From there we meet with you to review and sign your petition. We then select a filing date based upon our strategic suggestions.
Step Five – Attend a Hearing
About four to six weeks later we attend your one mandatory hearing together. Prior to your hearing we’ll prepare you with the questions that the bankruptcy trustee will likely ask you.
This hearing is fairly quick and it is an opportunity for your creditors to appear and to ask you questions if they choose to attend which is rare.
The hearing is conducted by a bankruptcy trustee who is an attorney. He does not represent you or the creditors.
Step Six – Debt is Discharged
After your hearing we typically receive your order of discharge about two to three months later. The order of discharge relieves your obligation to pay on dischargeable debts listed in your petition. Join our private Facebook group to learn more helpful debt resolution tips.