After filing for Chapter 7, the bankruptcy process typically moves along swiftly. Within a matter of months, most cases are soon completed, and a Chapter 7 filer can experience the benefits of bankruptcy debt relief.
The next step after filing Chapter 7 for most people is to begin completing the bankruptcy paperwork, known as schedules. This often includes compiling a list of debts, meeting with creditors and the bankruptcy trustee, and filling out what's known as a statement of intention.
For more information about what to expect during bankruptcy and how Chapter 7 could work to help you eliminate debt, connect with a local attorney for a free consultation by filling out the form below:
Because Chapter 7 bankruptcy is a federal law, the process is generally the same throughout the country, although the details may change based on your local court and your specific case. Typically, Chapter 7 progresses quickly:
After the meeting of creditors occurs, a few more deadlines are installed that allow filers to make alterations and creditors to challenge exemptions and discharges.
The Chapter 7 process is designed to provide efficient debt relief. As a result, filers are often surprised by how quickly the process may take.
Chapter 7 bankruptcy is the most common form of personal bankruptcy. According to government statistics, roughly 1 million people filed this type of bankruptcy in the last year alone.
While bankruptcy is a popular form of debt relief, it is a formal process with its own unique set of legal rules and procedures.
Due to these complexities, many people turn to attorneys in their area for assistance with taking the necessary legal steps of filing Chapter 7.
For more information on your next steps after filing for Chapter 7, contact a local bankruptcy lawyer today .