Chapter 7 Bankruptcy Process

For people considering filing bankruptcy under Chapter 7, a prime question is: "What is the Chapter 7 bankruptcy process?"

Filing bankruptcy is very detailed and there are time requirement that must be met. Without going into any of the details and to give a quick overview, the process for filing bankruptcy under Chapter 7 is as follows:

1. You must receive credit counseling from an approved credit counseling agency either in an individual or group briefing.

2. You file a petition and associated documents with the bankruptcy court serving the district in which you live along with paying your filing fee. With court permission, the filing fee may be paid in installments or even waived in rare situations.

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3. A Chapter 7 bankruptcy trustee (in Alabama and North Carolina the person is called a bankruptcy administrator) is appointed by the court. The trustee will review all of the documents which you have filed and may ask for additional information.

4. The Chapter 7 trustee will hold a meeting of creditors. During this meeting, the trustee will place you under oath and you must answer questions from the trustee and creditors about your assets and financial affairs.

5. If you want to reaffirm certain debt(s) and you satisfy the qualifications, you can file a motion to reaffirm the debt(s). If you want to avoid certain liens on property or certain judgment liens, you can file a motion to avoid the liens with the bankruptcy court.

6. If the trustee determines that your case is a "no asset" case, then your involvement is over unless something unusual or unexpected occurs.

7. If the trustee determines that your case is an "asset" case and that certain property must be sold or that certain money must be recovered, then the trustee will proceed to take whatever action(s) he deems proper and then pay the net proceeds to your creditors.

8. If your case is a "no asset" case, the bankruptcy court will issue a discharge order, generally within 60 to 90 days after the date of the meeting of creditors. If your case is an "asset" case, the bankruptcy court will issue a discharge order after the trustee has completed everything he needs to do.

This is general information. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links must remain active.

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