The case begins with an official petition filing, statement of the financial affairs as well as the schedules. During this period, a debtor is required to list out their assets alongside the debts that they have incurred. Besides, it is equally important to mention the list of creditors from whom the debtors have been extended credited. The list should also include any property, debts that have been secured on that property, as well as its current sales value. Property includes any of the assets belonging to the debtor and not just necessarily real estate. After this process, the list has to be signed by debtors. Meetings of the creditors take place after the listing. This part of the Chapter 7 ensures that the trustee as well as creditors can have a clear view upon the number of debts and assets that the debtor holds.
After this first meeting, the trustee reviews the debtor's income to ensure that the person will be capable of living at their current rate of expenses. The only job of a debtor is to make sure they offer appropriate and timely information to the trustee as and when required. The trustee and the creditors have a period of 60 days with them in order to decide whether they would want to challenge the right of the debtor to discharge. If the creditors do not incline to challenge a debtor's discharge, individual debtors are given the discharge from any of the dischargeable debts.
Again Chapter 7 Bankruptcy is considered the easiest and today is the most popular form of bankruptcy filed in the United States. To see if you are eligible for a Chapter 7 Bankruptcy consult with local Bankruptcy Attorneys. Only licensed Bankruptcy Lawyers can thoroughly review the bankruptcy process with you and determine eligibility factors based on the individual parameters of your unique situation.