Chapter 7 bankruptcy is a financial solution that many people use when they are drowning in debt and searching for a way out. To file Chapter 7 bankruptcy, you must meet certain requirements, attend a court hearing, and get a discharge from the judge. It usually takes four to six months to complete a bankruptcy case. If you wish to mend debts through bankruptcy, the following are steps that must be taken to complete the process properly.
Step 1: Complete Credit Counseling
Credit counseling is required to file bankruptcy. You must complete, at your own costs, a pre-approved bankruptcy credit counseling course within six months of the court filing for bankruptcy.
Step 2: File a Petition
It’s a good idea to talk to a bankruptcy maryland lawyer to help file bankruptcy. Much of the paperwork that’s needed is complicated. Any errors on the paperwork can delay your filing. You’ll need to complete a bankruptcy petition, financial information schedules, expenses, a Chapter 7 means test, and many others.
Step 3: Get an Appointee
After filing bankruptcy, a trustee will handle the case, reviewing the information that you’ve submitted. Be sure to submit a copy of your most recent tax return with the information.
Step 4: Creditor Meeting
A notice will come to you from the courts, indicating a date and time for a meeting with your creditors. This is a very short meeting in most cases. Once this is complete, the trustee and the judge will determine your Chapter 7 eligibility and make a decision concerning the case.
Although the four steps here make bankruptcy seem simple, it’s very complicated and complex. Make sure there is an attorney by your side to help file bankruptcy to keep things simple in your life.