Steps to Filing Chapter 7 Bankruptcy

What are the steps to filing Chapter 7 bankruptcy?

The first thing to do when considering filing Chapter 7 bankruptcy or other chapters bankruptcy is to decide:

• if to file a bankruptcy (if it is the right course of action for you)
• what type of bankruptcy to file such as Chapter 7 or chapter 13

There are plenty of information online to help you decide.

Then you need to find out if you are eligible to file the type of bankruptcy that you want to file. If filing Chapter 7 bankruptcy is what you want to do then the steps below show you how to file Chapter 7 bankruptcy.

First you file a chapter 7 bankruptcy petition.

Pay the Chapter 7 bankruptcy filing fee.

Debtors have to pass the mean test or the income limit test to quality to file chapter 7 bankruptcy. The debtor also has to attend an approved credit counseling program before filing the chapter 7 bankruptcy.

A detailed financial information must also be filed. This is called the schedules that list the value of the debtors assets, income, debts and creditors.

Then you are considered to have filed for chapter 7 bankruptcy. The court will appoint a trustee for your case whose job is to liquidate your assets to pay for creditors. The automatic stay will be in effect at this time, stopping all creditors from attempting to collect debts from you.

Attend the creditors meeting. At this meeting the creditors and the trustee will ask the debtor under oath to reveal all the assets.