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.
To begin with, you must be ready to get credit counseling from an agency that the United States will approve. This counseling is mandatory according to the bankruptcy law that was reviewed in 2005. Hence, you have to find an agency that is approved to counsel you. If you fail to get the training, you should notify the court. The court will then dismiss your case. These agents can, however, be found through their websites.
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.
The court will then appoint the trustee that will help you with the case. Then, this professional will guide you through the case. He/she will review the documentation and distribute any nonexempt property to the creditors you have. Nevertheless, you must ensure that you are transparent and give the professional a current copy of tax returns. Then, you will be notified on when to meet the creditors by the court.
After that, your eligibility to file the case is confirmed. This is after the trustee gathers and reviews all your information. Then, the court makes a decision on your eligibility for the case. You might not be found eligible if you do not pass the means test. This means that you can afford to repay the creditors like in chapter 13.
Then, all the nonexempt property that you own will be sold so that the money is distributed to the creditors if they will be worthy. In case you may have secured any debts for which collateral backed you up, ensure you give back the property as soon as possible. The creditor can seize this property if you default.
When you file the case, you must take up a course on financial management while you wait to be discharged. This is a law that you have to meet. The bankruptcy law was overhauled in the year 2005. When you complete the course, you will wait to be discharged after 3-6 months.
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.
To begin with, you must be ready to get credit counseling from an agency that the United States will approve. This counseling is mandatory according to the bankruptcy law that was reviewed in 2005. Hence, you have to find an agency that is approved to counsel you. If you fail to get the training, you should notify the court. The court will then dismiss your case. These agents can, however, be found through their websites.
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.
The court will then appoint the trustee that will help you with the case. Then, this professional will guide you through the case. He/she will review the documentation and distribute any nonexempt property to the creditors you have. Nevertheless, you must ensure that you are transparent and give the professional a current copy of tax returns. Then, you will be notified on when to meet the creditors by the court.
After that, your eligibility to file the case is confirmed. This is after the trustee gathers and reviews all your information. Then, the court makes a decision on your eligibility for the case. You might not be found eligible if you do not pass the means test. This means that you can afford to repay the creditors like in chapter 13.
Then, all the nonexempt property that you own will be sold so that the money is distributed to the creditors if they will be worthy. In case you may have secured any debts for which collateral backed you up, ensure you give back the property as soon as possible. The creditor can seize this property if you default.
When you file the case, you must take up a course on financial management while you wait to be discharged. This is a law that you have to meet. The bankruptcy law was overhauled in the year 2005. When you complete the course, you will wait to be discharged after 3-6 months.
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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