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Bankruptcy is one of the things that make people shiver when they think about it. This is because when you reach such a point, you have everything to lose unless you find a good attorney. However, chapter 7 Monterey process is rather straightforward. You will be required to spend most of your time completing petitions about the bankruptcy, schedules, filling forms, etc. Also, you will be required to list all your debts, assets and financial transactions among others. Below are the basic steps that are involved in the bankruptcy process.
The court will require you to get counseling about credit. This counseling is mandatory, and it has to be completed within the first six months before filing for bankruptcy. This law was added when the bankruptcy law was amended in 2005. Thus, you must look for an approved agency that will provide the counseling. Failure to this, you must let the court know so that your case can be dismissed.
After that, you are supposed to file all the essential forms including the petition. This should be done before the case begins. The forms you will submit include a bankruptcy petition, financial information as well as a list of your income and expenses. These forms will be sued to determine whether you can win the bankruptcy case or not.
Then, the trustee takes over after you file the forms with the court. The court then appoints a trustee to handle the entire case for you. The trustee will then review your paperwork then distribute your nonexempt property to your creditors. Also, you must provide the trustee with a copy of your recent tax return. Then, the court will notify you when your meeting with the creditors will take place.
After this, you will be determined whether you are eligible for the case or not. This happens after the trustee reviews all the information you provided. The court will then decide on your eligibility. If you fail the means test, it means that you are not eligible. Thus, you will have to repay your creditors as in chapter 13.
If you have any nonexempt property, it is worth will be calculated. If the property is worthy, it will be sold. Then, your creditors will be given the money. If it chances that you have secured any debts that have been backed by some collateral, you are advised to return the property before the creditors seize it.
After filing and before you are given your discharge, you have to take a financial management course. This is a requirement that was added in the year 2005 when the bankruptcy law was being amended. After that, you will get the discharge that takes three to six months after you file.
You will receive the discharge by a mail notification. Then, the case will be officially closed. The case is closed after several days or weeks after you receive the discharge. This means that you will no longer be liable to most or all your creditors. Hence, you can start over.
The court will require you to get counseling about credit. This counseling is mandatory, and it has to be completed within the first six months before filing for bankruptcy. This law was added when the bankruptcy law was amended in 2005. Thus, you must look for an approved agency that will provide the counseling. Failure to this, you must let the court know so that your case can be dismissed.
After that, you are supposed to file all the essential forms including the petition. This should be done before the case begins. The forms you will submit include a bankruptcy petition, financial information as well as a list of your income and expenses. These forms will be sued to determine whether you can win the bankruptcy case or not.
Then, the trustee takes over after you file the forms with the court. The court then appoints a trustee to handle the entire case for you. The trustee will then review your paperwork then distribute your nonexempt property to your creditors. Also, you must provide the trustee with a copy of your recent tax return. Then, the court will notify you when your meeting with the creditors will take place.
After this, you will be determined whether you are eligible for the case or not. This happens after the trustee reviews all the information you provided. The court will then decide on your eligibility. If you fail the means test, it means that you are not eligible. Thus, you will have to repay your creditors as in chapter 13.
If you have any nonexempt property, it is worth will be calculated. If the property is worthy, it will be sold. Then, your creditors will be given the money. If it chances that you have secured any debts that have been backed by some collateral, you are advised to return the property before the creditors seize it.
After filing and before you are given your discharge, you have to take a financial management course. This is a requirement that was added in the year 2005 when the bankruptcy law was being amended. After that, you will get the discharge that takes three to six months after you file.
You will receive the discharge by a mail notification. Then, the case will be officially closed. The case is closed after several days or weeks after you receive the discharge. This means that you will no longer be liable to most or all your creditors. Hence, you can start over.
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