Chapter 7 Bankruptcy Steps
In a chapter 7 bankruptcy, there are certain steps to follow starting from filing your bankruptcy petition in court, to the discharge of your debts, to the closing of your bankruptcy case. Chapter 7 bankruptcy steps start even before you filed your bankruptcy petition in the court. How you prepared your bankruptcy papers is important, it is also the basis of information where the bankruptcy court decides the faith of your case but also it is used by your assigned bankruptcy trustee to determine and negotiate your nonexempt properties for liquidation. How well you prepared your papers will reflect the outcome you will get. Having errors and mistakes in your bankruptcy papers can cause you to lose more assets.
There are many ways to prepare your paper properly with avoiding much error as possible. You can prepare your bankruptcy papers and check it yourself. There are plenty of bankruptcy sites out there that provide bankruptcy information you might need.
Try to go online and search for bankruptcy sites in any search engines like Google and Yahoo. You can also download PDF bankruptcy forms or get an online bankruptcy lawyer to help you.
Your chapter 7 bankruptcy steps would start with a filing of bankruptcy petition in the bankruptcy court. As soon as you do this, the bankruptcy court will immediately send mails to your creditors notifying them of your status that you filed for bankruptcy. The bankruptcy court will soon follow up the case by assigning a bankruptcy trustee for you. The bankruptcy trustee will mostly be there through out the bankruptcy process. He will then ask for your latest income tax return. You must at least provide your latest tax return because it will be checked by the bankruptcy trustee. Your tax return should not indicate the obtaining of new debts or recently paid debts since this can affect your bankruptcy chapter 7.
A means test will follow that you need to pass. Means test is a process that studies your eligibility to file a bankruptcy chapter 7. Not passing this test does not equal of being unable to file a bankruptcy rather it simply means you are not eligible to file a chapter 7 and must convert your filing to a chapter 13 instead. There are ways to understand how you can pass this test. Examine your income and try to see if your income is sufficient or exceeds your expenses. Having extra cash after your expenses had been deducted will probably land you to file a chapter 13. The key term to understand here is that your income should be determined by the means test as insufficient to pay your debts and if forced to pay your debts will cause you undue hardships.
After passing the means test, prepare yourself for the creditors meeting. The bankruptcy trustee will question you base on the information you have given in your papers so make sure you know by heart what are the information written in your bankruptcy papers. This meeting does not usually last very long. Liquidation will soon take place after the meeting and then the court will declare your debts as discharged. For more support on how to file bankruptcy, visit www.onlinebkassist.com.
There are many ways to prepare your paper properly with avoiding much error as possible. You can prepare your bankruptcy papers and check it yourself. There are plenty of bankruptcy sites out there that provide bankruptcy information you might need.
Try to go online and search for bankruptcy sites in any search engines like Google and Yahoo. You can also download PDF bankruptcy forms or get an online bankruptcy lawyer to help you.
Your chapter 7 bankruptcy steps would start with a filing of bankruptcy petition in the bankruptcy court. As soon as you do this, the bankruptcy court will immediately send mails to your creditors notifying them of your status that you filed for bankruptcy. The bankruptcy court will soon follow up the case by assigning a bankruptcy trustee for you. The bankruptcy trustee will mostly be there through out the bankruptcy process. He will then ask for your latest income tax return. You must at least provide your latest tax return because it will be checked by the bankruptcy trustee. Your tax return should not indicate the obtaining of new debts or recently paid debts since this can affect your bankruptcy chapter 7.
A means test will follow that you need to pass. Means test is a process that studies your eligibility to file a bankruptcy chapter 7. Not passing this test does not equal of being unable to file a bankruptcy rather it simply means you are not eligible to file a chapter 7 and must convert your filing to a chapter 13 instead. There are ways to understand how you can pass this test. Examine your income and try to see if your income is sufficient or exceeds your expenses. Having extra cash after your expenses had been deducted will probably land you to file a chapter 13. The key term to understand here is that your income should be determined by the means test as insufficient to pay your debts and if forced to pay your debts will cause you undue hardships.
After passing the means test, prepare yourself for the creditors meeting. The bankruptcy trustee will question you base on the information you have given in your papers so make sure you know by heart what are the information written in your bankruptcy papers. This meeting does not usually last very long. Liquidation will soon take place after the meeting and then the court will declare your debts as discharged. For more support on how to file bankruptcy, visit www.onlinebkassist.com.
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