Chapter 7 Bankruptcy Lawyer

Filing for Chapter 7 bankruptcy is a complex and significant financial decision. If you have made the decision to file for bankruptcy, qualified legal professionals, such as lawyers at Therman Law Offices, LTD, understand that you are in a critical situation. Additionally, a dedicated Chapter 7 bankruptcy lawyer will take your case with the utmost sincerity and precision. Chapter 7 bankruptcy may be the best step for a pathway forward, and it provides individuals with a fresh start by eliminating most of their unsecured debts. However, the process requires careful planning and adherence to legal procedures. If you’re considering filing for Chapter 7 bankruptcy, here are five essential steps to follow:

Evaluate Your Financial Situation

Begin by thoroughly assessing your financial circumstances. Consider your income, expenses, assets, and debts. Determine if your financial situation meets the criteria for Chapter 7 bankruptcy. Generally, Chapter 7 is suitable for individuals with limited income and significant unsecured debts. However, some debts, such as student loans and tax liabilities, may not be dischargeable through Chapter 7. Consulting with a bankruptcy attorney can help you evaluate your eligibility and understand the potential outcomes.

Complete Credit Counseling

Before filing for Chapter 7 bankruptcy, you are required to complete credit counseling from an approved agency. The purpose of credit counseling is to assess your financial situation, explore alternatives to bankruptcy, and provide educational resources. Upon completion, you will receive a certificate that needs to be filed along with your bankruptcy petition. Ensure you choose an approved credit counseling agency recognized by the U.S. Trustee Program.

File the Bankruptcy Petition and Forms

The next step is to prepare and file the necessary bankruptcy forms and petition with the bankruptcy court. These forms include schedules of your assets, debts, income, expenses, and a statement of your financial affairs. It’s crucial to be accurate and thorough when completing these forms, as any discrepancies or omissions can result in serious consequences. Hiring an experienced bankruptcy attorney can help ensure that your forms are correctly prepared and filed on time.

Attend the Meeting of Creditors

After filing your bankruptcy petition, you will be scheduled for a Meeting of Creditors, also known as a 341 meeting. During this meeting, you, your attorney, the bankruptcy trustee, and potentially your creditors will gather to review your financial information. The trustee will ask you questions about your assets, debts, and financial affairs. It’s essential to be honest and forthcoming during this meeting. Your attorney can help prepare you for the types of questions that may be asked. Creditors rarely attend these meetings, but they have the opportunity to ask questions if they choose to do so.

Complete Financial Management Course and Receive Discharge

Before receiving a discharge of your debts, you must complete a financial management course from an approved provider. Similar to credit counseling, this course aims to provide you with essential financial education and skills to help you make better financial decisions in the future. Once you’ve completed the course, you will receive a certificate, which needs to be filed with the court. After completing all the necessary requirements and if there are no objections from creditors or the trustee, you will receive a discharge, releasing you from most of your debts.