If you become bankrupt, do not drain yourself in stress and depression. There are so many lawyers who can help you get over this stressful period by filing for bankruptcy. Hence, you can follow the chapter 7 Monterey bankruptcy procedure, which is quite simple. Nevertheless, you have to complete petition forms, schedules and list all your financial transactions, expenses, debts, and assets. These are the things that will be sued to check your eligibility. The procedure has been outlined below for you to read and understand before filing your case.
The court will require you to get counseling about credit. This counseling is mandatory, and it has to be completed within the first six months before filing for bankruptcy. This law was added when the bankruptcy law was amended in 2005. Thus, you must look for an approved agency that will provide the counseling. Failure to this, you must let the court know so that your case can be dismissed.
Then, you need to file your petition and other necessary forms. This is mandatory before you start your case. The forms and documents will include the bankruptcy petition, financial information, and forms in which you will list your income as well as expenses. All these forms will determine whether you will win the 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 you have filed the case and waiting for your discharge, you are required to get training in financial management. This requirement was added to the bankruptcy law in 2005 when this law was overhauled. After the course, you will wait for about three months or half a year for the case to be discharged.
After receiving the discharge in the mail, your bankruptcy case will be closed officially. This happens after a few days or weeks when you are granted the discharge. When the case is closed, you will no longer be held liable to all your creditors. This means that you can have a fresh start and move on with your life.
The court will require you to get counseling about credit. This counseling is mandatory, and it has to be completed within the first six months before filing for bankruptcy. This law was added when the bankruptcy law was amended in 2005. Thus, you must look for an approved agency that will provide the counseling. Failure to this, you must let the court know so that your case can be dismissed.
Then, you need to file your petition and other necessary forms. This is mandatory before you start your case. The forms and documents will include the bankruptcy petition, financial information, and forms in which you will list your income as well as expenses. All these forms will determine whether you will win the 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 you have filed the case and waiting for your discharge, you are required to get training in financial management. This requirement was added to the bankruptcy law in 2005 when this law was overhauled. After the course, you will wait for about three months or half a year for the case to be discharged.
After receiving the discharge in the mail, your bankruptcy case will be closed officially. This happens after a few days or weeks when you are granted the discharge. When the case is closed, you will no longer be held liable to all your creditors. This means that you can have a fresh start and move on with your life.
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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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