The Chapter 7 Process Summarized

Posted: March 27, 2015 by Jeffrey J. Randa

Many people do not know much about bankruptcy other than they know it can get them relief from their debts. Whether you are unsure of what chapter is right for you, or if you should even be filing bankruptcy at all our office is here to guide you. Here at the bankruptcy law office of Jeffrey J. Randa we only file one chapter of bankruptcy, Chapter 7. Below outlines how the typical process of filing for Chapter 7 partakes:

1. FREE Initial Phone Consultation: the whole process begins with calling our office to see if not only bankruptcy is the right option for you, but also if you qualify to file Chapter 7.
2. Come in for an Appointment: once you determine filing is the best route for your financial affairs, the second step is actually putting the process in motion by coming in for an hour long appointment with our office.
3. Collection of Documents: when you leave the bankruptcy appointment with our office you will have a list of documents that you will need to gather and provide us with before the filing of your petition.
4. Payment in Full: in addition to providing us with all the necessary documents you must also clear up your balance with our office.
5. Completion of your First Credit Counseling Course: It is mandatory to complete a  federally approved credit counseling course for certification before the filing of your bankruptcy petition.
6. Review of your Petition: once we have all the documents required, your first credit counseling certificate and your file is paid in full we will complete your bankruptcy petition. We will then mail it out to you for you to review and sign.
7. Filing of your Bankruptcy: after we receive your signed petition back to our office and make any necessary changes we will then electronically file your bankruptcy petition and the automatic stay will be put into place immediately.
8. Completion of your Second Credit Counseling Course: once you are filed our office will mail you a copy of your filed petition, your case number, your court date, and a reminder to complete the second portion of your credit counseling and provide us with your obtained certificate.
9. Meeting of Creditors: roughly 6 weeks from your filing date you will attend your Meeting of Creditors (court date) in the Federal Court building in Downtown Detroit with your assigned bankruptcy Trustee.
10. Complete Reaffirmation Agreements: after your bankruptcy hearing is concluded you will want to make sure you complete the agreements for any secured debt you are reaffirming (our office will explain in further detail during your initial appointment what this exactly entails).
11. Receive your Discharge: around 90 days after your Meeting of Creditors you will receive your discharge (relief from your debts).
12. Obtain a Credit Report: we recommend pulling your credit report 30 days after obtaining your discharge to ensure all debts have been properly reported as discharged through bankruptcy.
13. Begin Building New Credit: we also recommend that you begin to build new credit by obtaining a low limit credit card in which you make minimal charges and pay off each and every month.

At the bankruptcy law office of Jeffrey J. Randa we explain each step in detail and ensure your confidence along the way. If you are questioning whether or not bankruptcy is the right option for you, give our office a call today and we can provide you will all of your available options and guide you in the best direction.