The Chapter 7 bankruptcy process is the case filed by individuals or partnerships when filing for insolvent conditions. There are several steps to the entire procedure and this article gives a brief outline of the steps.
There is a compulsory credit counseling that a person filing for bankruptcy must undergo. This is for a period of up to 6 months without which the claim will not be entertained. The second step is that of the filling out all the necessary forms filing for bankruptcy. This is a very important step as all the related financial documents and bank statements with all the records intact must be presented to the trustee. The claim will be thoroughly checked out and should the court find all the paperwork in order and satisfactory and stay is issued and this prevents any creditors from harassing about the repayment of any debts.
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Post the second step, in a period of 2 weeks, a court appointed trustee is placed in charge of all the claimant's financial records and any property related documentation. A meeting with creditors is arranged in the presence of the trustee to seek out a positive way out of the problem.
Once the trustee has reviewed all the details along with the results of the meeting with the creditors, the eligibility for Chapter 7 bankruptcy is analyzed again. Should the claim be rejected under chapter 7, there is a possibility of filing the claim under chapter 13. The person filing the claim must be aware of the subtle differences between the two procedures. The lawyer representing can provide a comprehensive idea about what the whole process entails.
Following this step is the sale of some property to repay debtors as seen fit by the trustee along with the consultation of the lawyer and the client. As mandated by the courts the claimant must take financial management classes and a final hearing takes place to conclude the proceedings and then the case is closed
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