Chapter 7

Chapter 7 is quick and easy.  The case is open for an average of only 3 months.  All of your qualified debt is discharged immediately and in most cases, you keep all of your property.  

Here's how it works.

• Means Test.  Your household income must be below the state median income for your household size.  That sounds simple, but our skill with the means test helps many people who think they don't qualify, still file under Chapter 7.  

• Exempt Property.  Chapter 7 is known as the "liquidation bankruptcy".  This means you give your property away in exchange for debt discharge.  But most or all of your property is exempt and can't be touched.  Most filers give away nothing.

• Automatic Stay.  Once you file, your creditors are frozen.  Lawsuits end immediately, garnishments and repossessions are stopped and foreclosures can't go forward.

• Dischargeable Debt.   As you probably know, some debts cannot be discharged.  Generally, this includes student loans, recent taxes, child support and criminal fines.  

We see several Chapter 7 case that are not filed with a MyBankruptcyTeam attorney where a mistake by an attorney or unrepresented debtor results in debtors losing their vehicles, bank accounts, wages, and homes.  Mistakes can also lead to dismissal and denial of discharge.

 Prepare to File - After You've Hired Us

• Client Intake Form.  Click on this link to complete and submit the online Client Intake Form. 
• Send us these documents through our Secure Online Document Portal

1. Most recent tax return
2. Paystubs you've received for the last 3 months
3. Bank Statements for the last 3 months
4. Copies of any lawsuits filed against you

• Take the Prefiling Credit Counseling Course 
• If you are using the Zero Down Financing Option we will file your case after you've completed the Client Intake Form and the Prefiling Credit Counseling Course.
• We will prepare your 50 to 60 page petition and then meet with you by phone or at the office to sign the bankruptcy petition.  
• Then we will file the full case.  

After Filing the Case

• We make sure all creditors receive notice of your case and your attorney will deal with creditors who had threatened foreclosure, garnishment, repossession, eviction, etc.
• We prepare you for the 341 Hearing with the trustee.  
• We provide the trustee with all necessary documents to prepare for the hearing.  
• You attend the hearing with your attorney which is scheduled by the court and takes place approximately 5 weeks after the filing date.
• You take the Postfiling Personal Financial Management Course and we file it to your case.
  

After the 341 Hearing

• Your attorney will coordinate with the trustee after the hearing to meet all directives.
• We coordinate with your secured and priority creditors regarding reaffirmations, surrender and payment agreements.
• We provide you with guidance for post-bankruptcy credit rehabilitation.
• We provide you with a copy of the Order of Discharge for your future records.
  

A Chapter 7 case requires great attention to detail.  We will help you through the process and make sure your debts are discharged and your case is closed without any issues.