| No doubt if you are encountering financial hardship | | | | bankruptcy specific forms and supporting documents |
| and your debt is just rising by the month, you must | | | | such as tax return, pay stubs, bank statements, |
| have comtemplated filing for bankruptcy protection. | | | | credit card statements and more. |
| The most "popular" alternative is to file for Chapter 7 | | | | Be granted automatic stay |
| bankruptcy. Chapter 7 bankruptcy is named such | | | | Your creditors will be notified of your intention for |
| bacause it is chapter 7 under the bankruptcy law. | | | | default once you have filed your petition with the |
| Chapter 7 bankruptcy is also known as the liquidation | | | | bankruptcy court. Automatic stay is given to a |
| bankruptcy. It is also named liquidation bankruptcy | | | | bankruptcy filer once the petition is filed. With |
| because your assets can be repossessed and sold | | | | automatic stay, the creditors will have to cease all |
| off to satisfy the debt obligation to the creditors. So | | | | pending lawsuits or collection efforts against you. |
| what exactly is involved with filing Chapter 7 | | | | Attend 341 meeting |
| bankruptcy? | | | | Meeting with the creditors is another name for 341 |
| Hire a bankruptcy lawyer to represent you | | | | meeting. In this meeting, the attendees includes the |
| Since bankruptcy is so complex, it should not be | | | | filer, a bankruptcy trustee, and creditors if they |
| taken lightly. Bankruptcy is not an everyday event | | | | choose to attend. The purpose of the 341 meeting is |
| and therefore should be handled with care and should | | | | to verify the bankruptcy petition that has been |
| be left up to the certified bankruptcy lawyer. Filing | | | | presented to the bankruptcy court. The bankruptcy |
| for bankruptcy yourself is doable especially with the | | | | trustee will ask you questions to check the validity |
| help of software assisted bankruptcy like But do you | | | | and accuracy of your bankruptcy documents. The |
| want to take the chance and miss filing something | | | | creditors you have listed in your bankruptcy petition |
| crucial? What if you forget to include one asset in | | | | do not have appear in the 341 meeting. If the |
| your filing and ended up losing it to the creditors in | | | | creditor objects to the debt being discharge, the |
| the process? Instead of jeopardizing your bankruptcy | | | | creditor can submit in writing to the bankruptcy court. |
| filing, a bankruptcy attorney can help you keep your | | | | Receive your final bankruptcy discharge |
| assets and help you get a fresh start in life. | | | | This is the last stage of your Chapter 7 bankruptcy |
| Obtain credit counseling | | | | process. If and when you receive your bankruptcy |
| The bankruptcy law has required you to attend | | | | discharge paperwork, it means that you have |
| credit counseling classes if you were to file for | | | | successfully completed the bankruptcy petition. In the |
| bankruptcy. Many state approved credit counseling | | | | case of your unsecured debt, the bankruptcy |
| outfits have classroom training or online sessions. | | | | discharge papers effectively eliminated the debt, and |
| Bankruptcy law setup this credit counseling | | | | the creditors cannot pursue you in the future for the |
| requirement to educate the consumers on the | | | | repayment. In the case of secured debt, the |
| importance of money management so as not to fall | | | | bankruptcy discharge may or may not eliminate this |
| into any financial difficulty at any time. The credit | | | | debt because it all depends if the underlying assets |
| counseling as mandated by the bankruptcy law, is | | | | are exempt or not. |
| comprised of 2 sessions, which should be taken in | | | | In summary, filing for bankruptcy is not an easy task. |
| the pre-bankruptcy and the post bankruptcy phase. | | | | Chapter 7 bankruptcy is not something that you can |
| It is the intention of the bankruptcy law that through | | | | just pick up along the way, it requires a lot of |
| the education of the credit counseling course, you will | | | | knowledge to achieve a successful filing. Since it is so |
| never have to face bankruptcy since you are now | | | | complicated and involved, you definitely need a |
| better informed of the importance of money | | | | certified bankruptcy lawyer to assist you with the |
| management. | | | | entire process through and through. Just like you |
| File bankruptcy petition | | | | would not go to a family doctor for your eyesight |
| The bankruptcy process officially begins with you | | | | issue, you should not attempt to file for bankruptcy |
| apply your petition with the bankruptcy court of the | | | | by yourself. Bankruptcy is not something you should |
| state that you are in. The petition has a lot of | | | | just try and see if you can get it to work. |