Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

Chapter 7 is often a quick, easy, and pain-free process as compared to most other legal matters, and can be summarized as follows:

1. Petition Preparation: An attorney at Smith, Pappas & Jones, Ltd., in addition to answering any bankruptcy-related questions, will review with you, in fine detail, all of your financial information (income, expenses, assets, debts, etc.), and then use this information to prepare a bankruptcy petition to be signed.
2. Meeting with the Trustee: A Trustee will be assigned to your case whose job it is to review the petition, ask you questions, and otherwise investigate whether there is any valuable property that he can take possession of, liquidate, and distribute the proceeds of that liquidation to unsecured creditors, however it should be determined prior to filing whether the trustee would be entitled to collect any assets for liquidation.
3. Reaffirm Secured Notes: An attorney will work with the creditor to ensure that the forms are completed and filed with the court if there is any secured mortgage or vehicle loan that requires a reaffirmation.
4. Discharge: At the end of the period for creditors to object to discharge, a discharge order shall be issued, and the case shall be closed within a week.