Bankruptcy Bankruptcy has many types and one of those types is Chapter 7, which is commonly known as a straightforward type of bankruptcy. In this type of bankruptcy, a bankruptcy trustee will be the one to check your papers and decided if ever you pass or make additional amendments that you need to include in your papers. Having your papers go to the process of amendments can be the cause of mistakes that a bankruptcy trustee found in your papers. There are procedures to file bankruptcy chapter 7. The first thing you need to do is file your bankruptcy papers. There are many ways you can do this depending on your situation. You could always hire a bankruptcy lawyer to do it for you or you can file your bankruptcy papers in court by yourself. Hiring a full time bankruptcy lawyer can be costly and doing everything alone can be cheap but hard. The next thing that will happen after you file your papers is that the bankruptcy court will notify your creditors that you have filed for bankruptcy. This is a notice that is mailed to your creditors stating all the details and contact information of where and what time the creditors meeting will be and where and how a trustee can be contacted. Next thing the court will do is assign a trustee for you to review your papers. This trustee will look for assets in your properties that are nonexempt. You will also need to provide your recent tax return to your assigned trustee. After that, a creditors meeting will be held. This is a personal appearance of you, trustee, and some creditors. The trustees job is to question your papers. Usually, this type of meeting do not last that long. One of the next procedures to file bankruptcy chapter 7 is to take the means test. This is a test that will determine if you are eligible to file chapter 7 type of bankruptcy. If not or if you failed the means test, then go to a chapter 13 type of bankruptcy. After meeting the requirements in the means test for a chapter 7, negotiations are held about your properties which are nonexempt. The next thing you need to do is attend a credit counseling session which is a requirement under the new bankruptcy. This new bankruptcy laws started to take effect last October 2005 under the BAPCPA. In order to get discharged from your debts, you have to provide a documented attendance that you undergo financial management. Then after this, the court will reaffirm your hearing and get your debts discharged with the case closed. There are many ways you can file bankruptcy and you can do it without spending much money. I suggest hiring a petition preparer or a bankruptcy lawyer to prepare your papers. All you need to do is pay them their flat fee. When your papers are done, you can file them in the bankruptcy court to have your case getting started. For more support on how to file bankruptcy, visit the link below. About the Author: 相关的主题文章:

 

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