Fresno Bankruptcy - The Chapter 7 Timeline

The Chapter 7 bankruptcy process is generally a predictable series of events that typically results in the dismissal of qualified debts, and a clean slate. Though the process is usually uncomplicated, the process itself contains important milestones that can be used as a guideline to navigate your path through the bankruptcy filing. In some instances, individuals filing for bankruptcy are anxious to know what the next step will be in their bankruptcy case - this timeline provides some good, general answers to those types of questions, and can help you to assess the process of filing for Chapter 7 bankruptcy overall.

Filing for Chapter 7 Bankruptcy in Fresno County - Things to Consider

Step 1 - Before You File: You will need to take an approved credit counseling/debt management course and get a certificate of completion. Without this certificate, your bankruptcy case cannot proceed. You should plan on taking the course within 180 days of when you plan to file in order for the completion certificate to be valid in your bankruptcy case. In this course, you will likely develop a budget - you are not required to stick to this budget, but you may need to submit it to the court as well.

Step 2 - Filing the Petition: If you have legal representation, then your Fresno County Bankruptcy Attorney will file the petition on your behalf. If not, you will need to file the paperwork and make certain that everything complies with the bankruptcy laws and regulations. Regardless, you will need to supply information about your finances, income, expenses, liabilities, and other information in order to complete the petition. Our firm can help you to gather all the necessary documentation, and ensure that you don't leave out any vital paperwork that might get your case dismissed.

Step 3 - Case Evaluation: Your paperwork will be checked in order to ensure that it complies with current bankruptcy laws and that you have supplied all the necessary information. This is the point in which the means test will be applied in order to make certain you qualify for a Chapter 7 bankruptcy case. If you've hired our exemplary Fresno County Bankruptcy Law Firm to represent you, you don't need to worry about a thing - we'll be sure you qualify for Chapter 7 before we send the paperwork to the court.

Step 4 - The Meeting of Creditors: You will be required to attend a meeting of creditors during your bankruptcy case. At this meeting, your creditors may choose to be present and ask you questions about your current financial state. Many times, creditors do not actually come to this meeting, but regardless, you will need to speak with the bankruptcy trustee who has been appointed to handle your case. He or she will make certain that you've been fully informed of the bankruptcy process and that you understand what will happen if the case proceeds. You will also have the chance here to reaffirm any debts that you want to continue to pay in order to keep possession of an item, such as your car or your home.

Step 5 - Disbursement of Assets: If you have non-exempt assets that the bankruptcy trustee determines can be sold for the benefit of creditors, these assets will be taken and sold, and the proceeds disbursed amongst your creditors. If your case is a "no asset" case, then your bankruptcy case will proceed and you will be entitled to keep all of your possessions. Remember - just because an asset is non-exempt does not mean the trustee will decide to sell it. If the item is not worth much or is too difficult or expensive to move, store, or transport, it may be abandoned back to the bankruptcy estate, and you will be allowed to keep it.

Step 6 - Chapter 7 Bankruptcy Discharge: Once any payments have been made, unless there are other complications, your bankruptcy will be discharged fairly quickly. In a typical Chapter 7 bankruptcy filing, you can expect to have your bankruptcy discharged within a few months after your Meeting of Creditors takes place.

If you have concerns about the Chapter 7 bankruptcy filing process, you can have your questions addressed by one of our reputable, experienced Fresno County Bankruptcy Attorneys. We offer a free initial case evaluation to those who may be considering filing for Chapter 7 bankruptcy in Fresno County. One of our Fresno County Bankruptcy Attorneys will speak with you on your particular issues, and help you to better understand the details of the Chapter 7 bankruptcy process. Contact us today and schedule your appointment as soon as possible -the more informed you are, the easier it will be to decide if Chapter 7 bankruptcy is the right type of bankruptcy for your situation.