The process of filing a Chapter 7 liquidates all of a debtor’s non-exempt assets, and the assets are sold to pay off creditors listed in the Code. Candidacy to be able to file for a chapter 7 is established by taking the means test that’s compatible with the 2005 amendments regarding the bankruptcy code. In the majority of consumer cases, each of the assets is exempt, resulting in a situation where there aren’t any assets to liquidate and no money disbursed to creditors. A Chapter 7 is usually the easiest and fastest type of bankruptcy and individuals, married couples, and corporations are eligible to file.
After an individual takes the means test and determines if they qualify, they must begin the process of filing. The person should begin by requesting copies of their credit report from each creditor. The reports should have the addresses of the creditors, which enables the debtor to jot addresses down for filling out bankruptcy forms. To be informed of the basics, a mandatory online credit counseling course can be taken. This course costs around $30, and at the end of a successful test, the person is rewarded with a “Certificate of Completion.”
Individuals should include this when filing the paperwork for a Chapter 7 bankruptcy in St. Louis, MO. They should also determine which federal court jurisdiction they need to file under, then complete all the required paperwork. This process can be made much easier with the assistance of a bankruptcy program or lawyer, like the ones at Van Dillen & Flood P.C.
When everything is in order, the individual can file the Chapter 7 St. Louis MO with the completed paperwork along with the court’s fee; an attorney’s fee only has to be paid after the bankruptcy is discharged. Everything on the paperwork should be accurate, as the courts will not let people know if something is wrong, but the help of a bankruptcy attorney will make sure all of the documentation is in order.
Individuals should remember to respond to everything the court sends them to stay in good standing with the system. They should also be on time for the Meeting of Creditors court date and answer all questions honestly and respectfully. Finally, they must finish the post-filing Personal Financial Management Instruction Course within 45 days after the Chapter 7 St. Louis MO is filed. The decision regarding Chapter 7 may take more than two months. Visit Website.com for more details.
