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Most Chapter 7 Bankruptcy cases are not complicated. From start to finish the whole process takes about four to six months. This slideshow describes the steps involved in Chapter 7 Bankruptcy. To learn more, call (800) 893-5048 (English)/ 877-483-2515 (Spanish) or email us at info@freebk7.com . Visit www.freebk7.com
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Most Chapter 7 bankruptcy cases are not complicated. From start to finish the whole process may take about four to six months. Chapter 7 filers rarely go to court, although the process does require one mandatory non-court appearance before the trustee.
Pre-bankruptcy Credit Counceling • You must receive credit counceling during the six month period prior to filing for Chapter 7 bankruptcy. • Get counceling from an agency that has been approved by the United States Trustee's Office.
File Your Petition You must file a packet of forms consisting of the • Bankruptcy petition • Schedules (which contain detailed information about your finances) • Other forms (which calculate your income and expenses, let the court know which property you claim as exempt and provide other various information to the court).
Automatic Stay • Once you file your bankruptcy petition, the automatic stay goes into effect. • This prohibits almost all of your creditors from continuing collection actions against you.
The Bankruptcy Trustee • The court will appoint a trustee to handle your bankruptcy case. • The trustee will try to maximize assets in the bankruptcy estate to distribute to your unsecured creditors, look for inaccuracies in your paperwork, and check for any possible fraud.
The Meeting Of Creditors • You must attend the meeting of creditors. • You will have to answer questions about your finances and bankruptcyforms from the trustee and any creditors who show up.
Chapter 7 Eligibility • The court makes a decision on whether or not you are eligible for Chapter 7protection. • You might not be eligible if you can't pass the means test.
Non-exempt Property • If you have any non-exempt property, the trustee will decide whether it's worth seizing and selling to distribute to your creditors.
Secured Debts • You must decide what to do about your secured debts – those debts for which you pledged property as collateral, such as your mortgage or car loan. • Typically you can surrender the property, redeem (pay for) the property, reaffirm the loan, or keep paying the debt.
Financial Management Course • After you file and before you get your discharge, you have to complete a debtor's education course. • When you complete the class, you must file Form 23 with the court.
Your Discharge • Anywhere from three to six months after you file for bankruptcy, you'll receive your bankruptcy discharge in the mail. • At this point, the automatic stay is lifted.
Case Closed • A few days or weeks after your discharge is granted, your bankruptcy case will be officially closed.
Free Chapter 7 Bankruptcy • Filing for Chapter 7 Bankruptcy is Free with us at Fenner & Associates, if you qualify for it. • We provide bankruptcy services in Los Angeles, Oklahoma City, Chicago, and Indianapolis.
Contact Us: Fenner & Associates Bankruptcy Services, Indiana 2534 Bluff Road Indianapolis, Indiana 46225 Phone: (800) 893-5048 (English) (877) 483-2515 (Spanish) info@freebk7.com www.freebk7.com
