Filing for Chapter 7

Filing for Chapter 7 should begin only after first consulting with an experienced attorney at Blalock Law Offices. If you decide to file for Chapter 7 after a detailed consultation that analyzes your debts, assets and goals, your first step is to take part in mandatory credit counseling. Since 2005, the Bankruptcy Code has required counseling by a U.S. Trustee Office-approved counselor or else your case is dismissed.

Following the counseling, your attorney prepares and files your bankruptcy petition and any other required forms. Aside from the bankruptcy petition, your attorney files schedules showing your financial information, proof that you can pass the Chapter 7 means test and any exemptions that you are using to keep property. After the bankruptcy petition is filed with the court, the automatic stay goes into effect. The automatic stay prohibits creditors from continuing debt collection efforts.

At this point, the bankruptcy trustee takes over the administration of your case. However, your lawyer’s involvement does not stop here. Remember, the trustee’s primary goal is to satisfy the creditors, while my goal is solely to represent your best financial interests. The trustee sends a notice to you and creditors about the date, time and location of a 341 meeting, also known as a creditors meeting. At the meeting, creditors may ask you and your attorney questions regarding your finances or may challenge debt priority.

Following the creditors meeting, your eligibility for Chapter 7 is reconfirmed. The fate of nonexempt property you revealed through your filings and at the conference is decided. Next, secured debts, or debts backed by property or other collateral, are handled. After this process, the U.S. Bankruptcy Court may grant a discharge roughly 60 to 90 days following the creditors’ conference. If you receive a discharge, your case is soon closed and you are no longer liable for any discharged debts and may begin your financial life anew. An experienced bankruptcy attorney can best understand your bankruptcy issues and present your case for a Chapter 7 discharge, including objections you may face at the creditors conference.

Contact us today for step-by-step Chapter 7 guidance

Filing for Chapter 7 is a complex process with numerous technical requirements. Blalock Law Offices, P.A. can guide you through each step of the process with one-on-one counseling. Please contact us today by phone at (336) 274-2343 or online.