The Process of Chapter 7 Bankruptcy
What happens in a Chapter 7 Bankruptcy? Chapter 7 bankruptcy is quite simple. To sum it up in short - you are required to file the bankruptcy petition, with forms including lists of the assets, debts, financial transactions etc along with schedules. Once this paperwork is done, a bankruptcy trustee will proceed over your case as appointed by the court. The next crucial step is to attend a court hearing (also known as the 341 Meeting) to get the desired discharge. It generally takes about four to six months for a normal case to close since the date [...]