To be eligible to file for Chapter 7 bankruptcy, one must pass a means test, which was regulated as part of the 2005 amendments to the bankruptcy code.
In the majority of cases, all assets are exempt, so there are no assets to liquidate and no funds paid to creditors. Individuals, couples, corporations, and partnerships can file for Chapter 7 bankruptcy, which is the shortest form of bankruptcy.
Visit the court clerk to obtain the petition, schedules, and financial statements for your entire financial situation. The forms will provide detailed instructions and listing requirements. Include everything on your credit report, including your assets and liabilities, as well as your financial history. This is a necessary but time-consuming step when registering for bankruptcy. Don't neglect to pay the court clerk the filing fee, which can exceed two hundred dollars.
Ensure that each creditor's name, phone number, and mailing address are listed accurately in the schedules. Even if the debt is non-dischargeable, such as a mortgage foreclosure, or if you intend to repay it, you must enumerate all of your debts. The schedules must identify all of your real property, any time shares acquired for purchasing property, and the property's actual value.
After listing all of your debts and creditors, you must decide what should be exempted. These products include washers and dryers, refrigerators, and appliances, as well as everything else that contributes to a high quality of life. Once these decisions have been made, you can then sign the documents.
Once the documents have been signed, they are submitted with the bankruptcy court clerk and creditors who have filed a response are notified of any hearings or proceedings scheduled before a judge.
In the majority of cases, the debtor and creditor rights are only valid on the registration date. All other creditor additions and inclusions are excluded from bankruptcy proceedings.
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