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If bankruptcy filing is seen to be an opportunity for debtor to end all his debts and start afresh; then filing for chapter 7 bankruptcy is a way to achieve the result quicker. Filing for chapter 7 bankruptcy will indicate that the government will sell all non-exempt possession belonging to the defaulter and appropriate the sales proceeds among the creditors. In most cases, when the debtor opts for chapter 7 bankruptcy, the defaulter is left no assets to lose and so the entire procedure takes place faster.
There are a number of laws of bankruptcy that you would consider to file for, but it may be a daunting job to choose the appropriate law that will suits your requirements. To help you out, the article will focus on Chapter 7 Bankruptcy.
The following steps will help you filing for this chapter in the proper manner:
– Always see filing for bankruptcy to be the last alternative and avail it only when you see that you have no choices left.
– Consult a bankruptcy lawyer. An attorney/lawyer will have enough knowledge and proficiency to assist you in the entire procedure.
– Credit counseling is a definite mandatory.
– File petition. Doing so will stop your creditors from taking any legal proceedings against you.
– Make sure that you complete all the required document promptly
– Ensure that you make all payments of your fees on time.
– After filing for a petition, a meeting will be held in about a 30 days time. All your creditors will be present and they might question you regarding your property and financial status which you need to answer. You must go to this meeting, it is important.
– According to the revised bankruptcy laws, you who files for chapter 7 bankruptcy will have to go for a debtor financial management educational course organized by credit counseling agencies.
So to conclude, if you have followed the abovementioned steps you know you are well on your way manage your debts.
So, now you know how to file chapter 7 bankruptcy, best of luck to you!