Before you can even file Chapter 7 bankruptcy, you must establish whether you qualify. Chapter 7 bankruptcy has a strict means test that limits this form of relief to those that fall below a certain income threshold.
You would begin the Chapter 7 process by filing the bankruptcy forms with the court. Immediately, your property comes under the control of a trustee as part of the bankruptcy estate.
After filing, you would receive notice of a meeting of creditors, which is held roughly a month or two after you file. Before this meeting, you must turn over a set of documents that include:
At the creditors meeting, the trustee will ask you certain questions about your bankruptcy filing and the information that you provided. You will answer them under oath. Usually, this is a quick meeting, and it is the only type of hearing that you will have.
At this point, the bankruptcy may sell your property to satisfy debts, but only the property that is not exempt from Chapter 8 bankruptcy. Chances are that you have very little property that would be sold. The trustee may not even sell non-exempt property if it makes little economic difference.
The entire process takes about four months unless the trustee needs more time or the court has issues with your filing. At the conclusion of the Chapter 7 process, you would get the debt discharge that gives you the fresh start that you need.
The Harnage Law Firm can help you through the entire bankruptcy law process, from helping you determine what type of bankruptcy you are eligible for, all the way through discharge. Call us today at 321.549.7886 or contact us online to discuss your situation.