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Four Steps Involved in Filing for Chapter 7 Bankruptcy

| Oct 27, 2016 | Firm News |

The Law Office of Travis Van Winkle LLC in Indianapolis helps clients who may be looking into Chapter 7 bankruptcy.

10.27.2016

Four Steps Involved in Filing for Chapter 7 Bankruptcy

If a Chapter 7 bankruptcy to remedy your financial situation is in your future, it’s crucial that you understand how to go about this process. Here are steps you should take when pursuing Chapter7 bankruptcy.

Make Sure You are Eligible

If you meet the following conditions, you may not be able to file for bankruptcy:

  • You already had a Chapter 7 bankruptcy discharge
  • You had another bankruptcy case dismissed
  • You were not honest about your assets
  • You can pay debts without filing for bankruptcy

Fill out all Required Forms and Statements

Several forms are required when you file for bankruptcy. These may involve providing information about:

  • Your income and expenses
  • Whether you have the means to repay debt
  • The debts you still owe
  • Your personal property and its value

File Forms With the Court

When you have completed all the bankruptcy forms, you will need to file them with the court, which will require a fee.

Attend the Meeting of Creditors

Following your filing of bankruptcy, a meeting of creditors will be scheduled where you will be asked questions about your finances, and you will have to provide answers to creditors under oath.

Bankruptcy proceedings can be complex, and to make sure you are following the process correctly, consider hiring a qualified lawyer who can lead you through the steps of your Chapter 7 bankruptcy.