How to file for Chapter 7 Bankruptcy

How to file for Chapter 7 Bankruptcy

Certain things have to be done to properly file a Chapter 7 bankruptcy. 

1. First documents have to be gathered here is a checklist of the documents you will normally need from a Louisville Attorney’s  Bankruptcy checklist . 
2. Documents are sent to the court and the Bankruptcy trustee as adobe pdf scans but often it takes fewer documents to file a Chaper 13.  You may be able to email adobe pdf scans of your documents to your attorney.  Some trustees and attorneys will  have fax to email capability allowing you to fax the documents and the faxes are automatically converted to adobe files and emailed to the attorney.   Other bankruptcy offices allow you file information online that is sent to your attorney.  If you bring documents to your attorney they should be copies do not send originals.   
3. Most bankruptcy cases either involve a foreclosure or “discharging” unsecured debts such as credit cards.   If you are attempting to save your home from a foreclosure you normally want to file a Chapter 13 Bankruptcy.   If you have an average income and little in assets such as less than 45,000 in equity in your home, then you probably want to file a Chapter 7.   The exemptions that allow you to keep property change from state to state.  Over half of the states like Kentucky use the federal exemptions.  Indiana, Florida and Texas have their own state rules.  You may want to download the manual on  How to file for Bankruptcy that explains step-by-step how to file bankruptcy with your lawyer.  Or just listen to the 60-Minute How to file for Bankruptcy audio which is a dramatized first interview answering common foreclosure and bankruptcy questions.   There is also a “How to file Chapter 7 Bankruptcy“ and  “How to file Chapter 13 Bankruptcy”  PowerPoint that quickly explains how to file for Chapter 7 and Chapter 13.  This is a  Chapter 7 or 13 Bankruptcy timeline .  This is a foreclosure timeline showing the process. 
4. You must take credit counseling from an organization that is certified to give you the certificate that allows you to file.   This can be done by phone with financiallit.org 1-866-662-4932 for about 50 dollars or by intenet for 30 dollars with mybknow.com please see the document checklist for a coupon code that will give you 10 dollars off with mybknow;
5. Getting a free credit report will help you in listing your debts.   You will need the name address amount and the account number for each debt and to list each debt as secured or unsecured.   One source for a free report is annualcreditreport.com do not pay for any added services the free report is enough.  
6. Remember to repair your credit record after filing bankruptcy so you can have a life after bankruptcy