djamal-soft
الأحد، 11 نوفمبر 2018
Bankruptcy is one of the things that make people shiver when they think about it. This is because when you reach such a point, you have everything to lose unless you find a good attorney. However, chapter 7 Monterey process is rather straightforward. You will be required to spend most of your time completing petitions about the bankruptcy, schedules, filling forms, etc. Also, you will be required to list all your debts, assets and financial transactions among others. Below are the basic steps that are involved in the bankruptcy process.
To begin with, you must be ready to get credit counseling from an agency that the United States will approve. This counseling is mandatory according to the bankruptcy law that was reviewed in 2005. Hence, you have to find an agency that is approved to counsel you. If you fail to get the training, you should notify the court. The court will then dismiss your case. These agents can, however, be found through their websites.
After that, you are supposed to file all the essential forms including the petition. This should be done before the case begins. The forms you will submit include a bankruptcy petition, financial information as well as a list of your income and expenses. These forms will be sued to determine whether you can win the bankruptcy case or not.
Then, the trustee takes over after you file the forms with the court. The court then appoints a trustee to handle the entire case for you. The trustee will then review your paperwork then distribute your nonexempt property to your creditors. Also, you must provide the trustee with a copy of your recent tax return. Then, the court will notify you when your meeting with the creditors will take place.
Then, your eligibility will be determined by the court. This is after the trustee takes a look at your documentation. Then, the court will decide your eligibility. In case you are found illegible, it is because you may have failed a test called means test. This test is done by comparing your expenses. Hence, you will be considered capable of repayment according to chapter 13.
Then, all the nonexempt property that you own will be sold so that the money is distributed to the creditors if they will be worthy. In case you may have secured any debts for which collateral backed you up, ensure you give back the property as soon as possible. The creditor can seize this property if you default.
After filing and before you are given your discharge, you have to take a financial management course. This is a requirement that was added in the year 2005 when the bankruptcy law was being amended. After that, you will get the discharge that takes three to six months after you file.
After this period, the court will send you a mail notifying you that you have been discharged. The case will then be closed officially after a few weeks. At this point, no creditor will hold you liable for any of their debts. Thus, this is an excellent chance to have a new beginning.
To begin with, you must be ready to get credit counseling from an agency that the United States will approve. This counseling is mandatory according to the bankruptcy law that was reviewed in 2005. Hence, you have to find an agency that is approved to counsel you. If you fail to get the training, you should notify the court. The court will then dismiss your case. These agents can, however, be found through their websites.
After that, you are supposed to file all the essential forms including the petition. This should be done before the case begins. The forms you will submit include a bankruptcy petition, financial information as well as a list of your income and expenses. These forms will be sued to determine whether you can win the bankruptcy case or not.
Then, the trustee takes over after you file the forms with the court. The court then appoints a trustee to handle the entire case for you. The trustee will then review your paperwork then distribute your nonexempt property to your creditors. Also, you must provide the trustee with a copy of your recent tax return. Then, the court will notify you when your meeting with the creditors will take place.
Then, your eligibility will be determined by the court. This is after the trustee takes a look at your documentation. Then, the court will decide your eligibility. In case you are found illegible, it is because you may have failed a test called means test. This test is done by comparing your expenses. Hence, you will be considered capable of repayment according to chapter 13.
Then, all the nonexempt property that you own will be sold so that the money is distributed to the creditors if they will be worthy. In case you may have secured any debts for which collateral backed you up, ensure you give back the property as soon as possible. The creditor can seize this property if you default.
After filing and before you are given your discharge, you have to take a financial management course. This is a requirement that was added in the year 2005 when the bankruptcy law was being amended. After that, you will get the discharge that takes three to six months after you file.
After this period, the court will send you a mail notifying you that you have been discharged. The case will then be closed officially after a few weeks. At this point, no creditor will hold you liable for any of their debts. Thus, this is an excellent chance to have a new beginning.
About the Author:
You can get valuable tips for picking a Chapter 7 Monterey lawyer and more information about an experienced attorney at http://www.centralcoastbankruptcy.com now.
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