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Chapter 7 Bankruptcy Court Facts

 


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Just about everyone gets anxious at the thought of heading to court. If you have got to be there for a Chapter 7 bankruptcy, however, the endeavor is less difficult or scary in comparison to what you may be picturing. Here's a quick guide to what exactly one should expect from consumer bankruptcy court.

Prior to your case being accepted, you’ll be called to have a short conference with the chapter 7 trustee, which will be held in the court house or the trustee office. This is often just an easy overview of your case and the point at which you may come forth with any relevant questions concerning the plan. Following that meeting, you are likely to receive the Notice of Commencement of Case, which indicates that the petition was established. You’ll then be told the time and date of a meeting with the collectors.

The First Meeting with Creditors may take fewer than three hours, but despite the seeming simplicity of the process, it must be given due attention and respect as you're testifying in a court case. You'll need to bring along your SSN, a government-issued state ID, and all related records - deeds, bank statements, and other things that may be required. Your creditors could ask you questions, which you will answer under oath.

What will the trustee want answered? They are basically looking to discern if any of your assets are valuable enough to be changed into repayment for the debt collectors. The queries will likely be very clear-cut and simple for you to explain. Does the available documentation show a complete inventory of assets and debt accrued? Is anybody else currently in possession of any of your resources? How did the financial problems start, and how do you intend to keep the same thing from occurring in the future?

Following your conference, the trustee could need more details from you, and you or your attorney should see to it that they be sent it as soon as possible. When sixty days have passed after the initial meeting with your creditors, if no creditor has recorded a grievance or objection to your bankruptcy, you will probably be awarded a Notice of Discharge in a couple of weeks. This should be kept in a safe place at all times, as it is a lawful document asserting that you are rid of your debts.

As far as court processes go, consumer bankruptcy is one of the fastest and least distressing to go through. Depending on your case and the work involved, you may want to find an experienced .

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