Bankruptcy Frequently Asked Questions Chapter 7

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					Table of Contents

Introduction-How to use this guide................................................................................................. 2

What is a chapter 7 bankruptcy? ..................................................................................................... 3

Do I need a lawyer to file bankruptcy? ........................................................................................... 3

How do I find a reputable law firm? ............................................................................................... 3

General FAQ ................................................................................................................................... 4

Timeline for filing Chapter 7 ........................................................................................................ 12

What are the Fees to File Bankruptcy? ......................................................................................... 16

Pertinent Rules and Regulations Regarding Bankruptcy .............................................................. 17




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Introduction-How to use this guide
Deciding to file for bankruptcy is a one of the most important financial decisions you can
make. The purpose of this guide is to walk the user step by step through the process and
shed light on what can be a very confusing and complex process. While a lawyer is not
necessary to file bankruptcy, it can be a challenge for the layperson. This guide was
created to inform the user, but is not meant to provide legal advice.

This guide will address many of the frequently asked questions that arise in a chapter 7
filing, as well as discuss the rules, filing fees, and timelines required. Lastly, it will
outline a step by step course of action preparing your own Chapter 7 filing.




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What is a chapter 7 bankruptcy?
A chapter 7 bankruptcy is a liquidation proceeding. All non-exempt property of the
debtor is sold by the bankruptcy trustee who converts it to cash and pays off the creditors.
You are able to keep exempt property. However, what is considered exempt varies from
state to state, so be sure and check your states rules before you decide to file. Exempt
property can include things such as real estate, social security payments, trade tools and
equipment.



Do I need a lawyer to file bankruptcy?
You do not need a lawyer to file a bankruptcy. All of the information and forms required
are readily available. It should be noted, however, that the process of filing and
navigating court rules can be daunting. If a filing deadline is missed, or a major error is
made on a filing, the court will not take into consideration that you are a layperson and
without counsel. Many people successfully file their own cases every day, but
completing the forms properly and filing them in a timely manner is crucial.



How do I find a reputable law firm?
The law is a huge field and each subject is fairly vast, so find a lawyer who is well versed
in bankruptcy law. There are many resources available to find counsel in your area by
through the phone book, the internet, or even word of mouth. If you are interested in
using a particular lawyer but aren’t sure, contact the local Bar Association and see if the
lawyer is in good standing. Most lawyers will give a free initial consultation. This would
be a good time to size up your lawyer, ask a lot of questions and get a general feel for
their knowledge in the area.




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General FAQ

Which type of bankruptcy should you pursue?


A chapter 7 bankruptcy is by far the most common for individuals. In a chapter 7, the
debtor turns over all non-
				
DOCUMENT INFO
Description: Deciding to file for bankruptcy is a one of the most important financial decisions you can make. The purpose of this guide is to walk the user step by step through the process and shed light on what can be a very confusing and complex process. While a lawyer is not necessary to file bankruptcy, it can be a challenge for the layperson. This guide was created to inform the user, but is not meant to provide legal advice. This guide will address many of the frequently asked questions that arise in a chapter 7 filing, as well as discuss the rules, filing fees, and timelines required. Lastly, it will outline a step by step course of action preparing your own Chapter 7 filing.
This document is also part of a package Chapter 7 Bankruptcy Guide 48 Documents Included