What Are The Things Required For Chapter 7 Bankruptcy?

  • What Are The Things Required For Chapter 7 Bankruptcy?

What Are The Things Required For Chapter 7 Bankruptcy?

Call: 888-297-6203

Chapter 7 is a bankruptcy medium for businesses as well as individuals. It contributes to over 70% of bankruptcy cases and is one of the most popular chapters amongst bankruptcy filers. To ensure Chapter 7 procedures are followed appropriately and dismissal is not an obvious consideration for the bankruptcy courts, it might well be worthy to dial 888-297-6203 and seek professional assistance. However, it should be noted that it isn’t mandatory for the filer to appoint an attorney to file for bankruptcy via Chapter 7.

Status of the filer

The first thing to verify when filing for bankruptcy under Chapter 7 is if the filer had any historic filing concerns or history with the bankruptcy court in the recent past. It is important to note that any case has been dismissed due to manipulation or misinterpretation of the bankruptcy court. If the filer has already discharged some of the debts previously by filing Chapter 7 debt, he/she should be mindful of the seasoning period. If the seasoning period or the cool-off period is not achieved, it is important to understand as a filer that the debt discharge might not be possible.

Counseling course

Bankruptcy is not a pretty situation and along with getting a second chance on finances, the government and the bankruptcy court expect the filer to learn some key aspects of managing finances. This initiative has made a credit counseling course mandatory to ensure the filer does not repeat the same financial mistakes and is wiser by the time bankruptcy proceedings are done. Hence, it is mandatory to attach the credit counseling course certificate along with other documentation to ensure error-free filing.

Filing Fees

The bankruptcy court and the whole setup of bankruptcy require some finance to function. This is assured by levying a filing fee on the filers. It might vary on a district-to-district basis. However, for bankruptcy courts in Los Angeles & Dallas, TX, it could be somewhere around $338.

Net household income

There is a means test to qualify for chapter 7. The net household income should fall under your respective state median income in order to qualify for Chapter 7. There can be certain exemptions or allowances that can allow a filer to qualify even if the net household income is slightly higher than the median income of the state. There can be situations where the whole means test can be waived off. These scenarios and more about bankruptcy can be learned by logging on to https://recoverylawgroup.com/bankruptcy/.