What is The Chapter 7 Bankruptcy Process Like?
We know that this is a very stressful time in your life, so we try to make the process as straight forward as possible. If you’re considering filing for Bankruptcy, let’s talk to see if it’s the best option for you.
1. Schedule a Free Bankruptcy Consultation
The first step is scheduling a meeting with Toledo bankruptcy lawyer Scott A. Ciolek. He will evaluate your financial situation and determine what type of bankruptcy, if any, would be best for you. In order to make the most of this appointment, please bring along with you; a list of your creditors, any court documents or official papers regarding wage garnishment, foreclosure, etc., any documents you have questions about, and know your income (approximately) for the past 6 months.
2. Credit Counseling Course
After you’ve completed the questionnaire, you will be required to pay the fee, return the questionnaire, and any other information we may have requested. At this point, we’ll pull your credit report and get you started on the required credit counseling course.
3. File Bankruptcy Petition with Court
We will prepare your Chapter 7 Bankruptcy petition. We will notify you when your Chapter 7 Bankruptcy petition is ready to be signed. You will come back to meet with Scott and review the petition. The petition will then be electronically filed with the bankruptcy court.
4. Meeting of Creditors
After the petition is filed, what is known as the Meeting of Creditors will be set. It is mandatory that you attend. The date is usually 20 to 40 days after the petition has been filed. At the Meeting of Creditors, there will be a Bankruptcy Trustee who will ask you various questions regarding your petition. Also, a representative of creditors may attend. This is usually a short meeting lasting less than 15 minutes. You must bring a photo ID and proof of your social security number. Scott will be there with you throughout the entire process.
5. Personal Financial Management Course
To be eligible for the bankruptcy discharge, you must complete a personal financial management course offered by an approved agency. We provide you with the course registration. This step must occur within 45 days after the meeting of creditors.
6. Discharge & The Road to Rebuilding
The final step in Chapter 7 Bankruptcy, is the granting of the debt discharge. Generally, the discharge will be obtained in approximately 4 months from the date the petition is filed.
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