When it comes to chapter 7, it could not be easier for consumers to get debt relief. In many cases, they can be free of nearly all debt in as little as a few months. For an idea of what to expect with the process, read on and see how easy it can be for you to file chapter 7 bankruptcy.
Speak to a Lawyer
They can get you started on gathering the paperwork you need and provide you with some tips on how to deal with your finances in the meantime. For instance, you want to be careful about how you use credit cards and about selling assets before you file.
Take the Class
Your lawyer will give you a list of approved credit counseling agencies to contact. This class is short and consists of you listing your monthly bills and income for an evaluation.
File for Chapter 7
Once you have proof of taking the class and your forms are filled out, your lawyer will file your papers in federal court. The automatic stay comes into effect right away and you will no longer be contacted by any creditors.
Comply With Requests
In some cases, you will be asked to send certain documents and information to the bankruptcy trustee, who oversees your case. That might include recent tax returns, bank statements, copies of property deeds, and more. The sooner you provide the needed information, the sooner your case will proceed.
The Creditor's Meeting
These meetings are an opportunity for your bankruptcy trustee to ask you questions about your filing. Creditors do not often attend these meetings, however. Your time in front of the trustee will be very brief and your bankruptcy lawyer will be with you to help if they ask an unexpected question.
The Other Class
After the meeting, get ready to take the final class which provides filers with general financial education information. That might include budgeting tips, how to obtain credit in the future, and more. Once you complete the class, submit your proof of attending to your lawyer so that your bankruptcy can become final.
The Final Discharge
You may receive your final discharge paperwork several months after you complete the second class depending in how busy the court is in your area. The final discharge will officially absolve you of all the debts listed.
To learn more about the bankruptcy process, speak to a bankruptcy attorney.