How may an El Paso bankruptcy lawyer help you file for Chapter 7?
A Chapter 7 case should begin with the debtor's El Paso bankruptcy lawyer filing a petition with the court. In addition to the petition, your El Paso bankruptcy lawyer should file several schedules of assets and liabilities, a schedule of current income and expenditures, a statement of financial affairs and a schedule of executory contracts and unexpired leases.
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To complete the official forms, your Texas bankruptcy lawyer may need a list of all your creditors and the amount and nature of their claims. In addition you should give your El Paso bankruptcy lawyer the source, amount and frequency of your income, a list of all your property and a detailed list of your living expenses.
After your Texas bankruptcy attorney files your petition in court under Chapter 7, you may get an "Automatic Stay". As long as the "stay" is in effect, creditors generally should not intimidate or continue any lawsuits, wage garnishments or even talk to you. Your creditors should receive notice of the bankruptcy filing from the court.
May your creditors object to discharging your debts?
In Chapter 7 cases, you may not have an absolute right to a discharge. An objection to your discharge may be filed by a creditor or by the United States trustee. Your creditors should receive a notice shortly after the case is filed that gives them a deadline for objections. Your creditor should file a complaint in court before the deadline. The filing of a complaint is known as an "adversary proceeding". A Chapter 7 discharge may be denied for certain specific reasons including the transfer or concealment of property with intent to defraud, destruction or concealment of records, perjury, failure to account for the loss of assets, or a violation of a court order.
A "meeting of creditors" is usually held 20 to 40 days after your petition is filed. You must attend this meeting, at which time your creditors may appear and ask questions about your finances and property. It is important that you cooperate and provide any additional financial records or documents requested.
Provided everything goes as scheduled, the court usually grants the discharge under Chapter 7 about four months after the date the petition was filed with the clerk.
What is the role of the case trustee?
After your attorney files the Chapter 7 petition, an impartial case trustee is appointed by the United States Trustee to administer the case and liquidate your nonexempt assets. If, as is often the case, all of your assets should be exempt or subject to valid liens, there should be no distribution to unsecured creditors. Typically, most Chapter 7 cases involving individuals are "no asset" cases.
You should call 1-877-349-1309 or click here to fill out our secure online evaluation to speak to a sponsoring attorney.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.