Free Consultations Serving the Entire Wilmington Area
UNDERSTAND THE FILING PROCESS FOR CHAPTER 7 BANKRUPTCY
Chapter 7 bankruptcy is a liquidation process that involves a trustee selling the debtor’s assets—unless exempt—and dividing the proceeds among the creditors. Filing Chapter 7 is considered the easiest and quickest way to file for bankruptcy. To begin the process, the debtor hires a bankruptcy attorney to help him or her file the proper paperwork, including an official petition, schedules and a statement of all assets and debts. It must also include information about the debtor’s most recent financial history. The debtor must attend the first meeting of creditors and answer any questions the trustee decides to ask while the debtor is under oath. Creditors can also show up to this meeting to ask questions but usually don’t. Once the court approves the bankruptcy, it takes between four and six months to complete. The debtor must complete a financial education course first.
SEE IF YOU ARE ELIGIBLE
Most people who decide to file Chapter 7 as a means of debt relief do so simply because they want to improve their quality of life by getting creditors to stop harassing them. Veterans who accrued their debt while on active duty as well as those who received most of their debt due to the operation of a business are automatically eligible to file. However, most people have to qualify. Qualifying includes passing the means test, which proves that the debtor does not make enough money to pay off any of the debt after paying for necessary expenses. He or she must also not have a dismissed bankruptcy in the past 180 days and must not have had the debt previously discharged.
SERVING ALL OF WILMINGTON
James S. Price of Price & Williams Attorneys at Law is a law firm that provides a bankruptcy lawyer to help clients file for bankruptcy. We are here through this trying time. To learn about the benefits of filing for bankruptcy in Wilmington, call us at 910-791-9422.
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