What does a Chapter 7 entail?

The procedure we use is unique.  The initial FREE consultation is approximately 40 minutes to an hour (and sometimes longer), where we interview the Clients via telephone to gather information on your assets, finances, number of people in your home, etc.  We attempt to find out from each Client what they want to achieve by the Chapter 7 Bankruptcy.  For example, whether or not they are attempting to retain their home, cars and/or other assets that may be collateral for certain loans.  At the conclusion of this interview, we discuss the recommendations as to the Clients' ability to file for Chapter 7 Bankruptcy and the options available to the Client.  In some cases, we make this analysis later in the day and re-contact the Clients with our opinion.  We also advise each Client as to what documents they must provide to our office - for example, current tax return, payroll stubs, bank statements, loan documents, credit letters, etc.

Once the Clients have indicated a desire to file Chapter 7 Bankruptcy, they are invited to the office to meet and deliver the necessary documents.  After the retainer agreement has been signed and a down payment is made, we prepare the Chapter 7 Bankruptcy documents that are necessary to file with the Court.  After the Chapter 7 Bankruptcy documents are prepared, reviewed and signed by the Clients, the documents are filed with the Court.  Prior to filing all fees and costs must be paid in full.

The next step is the First Meeting of Creditors that is held before a Trustee.  The Trustee will examine each Client as to the truthfulness of their documents filed with the Court.  This usually takes place approximately 4 to 6 weeks after the Chapter 7 Bankruptcy is filed.  Unless there are problems, approximately 3 months later each Client will receive his/her Chapter 7 discharge in the mail.  However, each Client must take and complete a Personal Financial Management Course prior to the Chapter 7 discharge being granted.  We usually have Clients take this course within 4 to 6 weeks of filing their Chapter 7 Petition so that their case can be finalized as soon as possible.  This course takes a minimum of 2 hours to complete and can be done via the internet in the privacy of your own home.

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