The Next Steps After Filing Chapter 7 - Total Bankruptcy
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Next Steps After Filing Chapter 7

What to Expect when Filing for Bankruptcy

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:

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Steps to Take After Filing Chapter 7

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:

  • 15 days after filing. During this time, filers usually have to file documents with the court that detail all the debts they owe, and to whom these debts are owed. In these two weeks after filing, the court will also notify creditors of the impending bankruptcy.
  • 1 month after filing. In the month after filing, most bankruptcy filers must file a statement of intention, which lets the court know what they intend to do with their property that is being held as collateral for their loans, such as a car or other asset.
  • A few weeks after filing. Shortly after filing Chapter 7, the filer must appear in court before the trustee and swear to the truth and accuracy of their filings. This hearing is called the meeting of creditors, but in reality, few creditors decide it's worth their time to even show up.

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.

Contact a Local Chapter 7 Attorney

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 .

Tap to Call - (877) 250-8242

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