Highland Chapter 7 Bankruptcy Attorneys Can Help You
Filing for Chapter 7 bankruptcy can be a confusing process, especially for those who are unfamiliar with bankruptcy procedure. Many individuals facing the choice of declaring bankruptcy find it helpful to educate themselves about how Chapter 7 bankruptcy procedure works before making a decision. Below is a brief overview of how a Chapter 7 bankruptcy filing work so that you can know what to expect when you file for Chapter 7 bankruptcy.
The First Step Is to File A Petition
The first thing that happens in a Chapter 7 bankruptcy proceeding is that the debtor files a bankruptcy petition with the bankruptcy court. The debtor generally must also file a schedule of current income and expenditures, a schedule of assets and liabilities, a statement concerning the state of his or her financial affairs, and any other schedules as appropriate, such as a schedule that designate exempt property. Other documentation may be appropriate, depending on your particular situation.
As part of your bankruptcy procedure, you are also required to provide to the court a list of all of your creditors and the amount that you owe each creditor, a list of all of your property, identify the source and the amount of your monthly income, and provide a detailed description of your monthly expenses, including things like food expenses, monthly utilities, mortgage or rent, taxes, transportation costs, etc.
You Will Get An Automatic Stay
When you file your petition for Chapter 7 bankruptcy, you get the benefit of an automatic stay. This means that any debt collection efforts must stop immediately because you filed for bankruptcy. The automatic stay can be a huge benefit for those individuals who have been hounded and harassed by their debt collectors in the months or years preceding their decision to file for bankruptcy.
The Bankruptcy Trustee Will Liquidate Your Assets and Repay Your Creditors
Your bankruptcy case will be assigned a bankruptcy trustee who will be put in charge of the task of selling all of your nonexempt assets so that your creditors can be repaid on the debts you owe as much as possible. Your bankruptcy trustee will also be in charge of holding your meeting with your creditors. At this meeting you will be put under oath and asked many questions by the trustee and your creditors. These questions are meant to determine the state of your financial affairs and to determine what assets you own.
Bankruptcy Lawyers Who Will Fight For You
While you may have a bankruptcy trustee assigned to your bankruptcy case, it is important that you have your own bankruptcy lawyer standing by your side and fighting for your rights. It is important to challenge creditors’ claims against you to make sure that the claims against you are legitimate debts. When you are ready to file for bankruptcy, the Highland, Indiana bankruptcy lawyers at the Law Office of Kevin M. Schmidt, P.C. are ready to help you with your petition and the whole bankruptcy process. Reach out to our office today.