At its most basic level, Chapter 7 bankruptcy is a means of filing for legal protection from creditors. Some assets, such as a car that you own outright, are exempt from being taken; other assets may be taken by a trustee and liquidated to offset your unpaid debts. At the end of the bankruptcy process, you should receive a Discharge, which frees you from the obligation of paying for your debts (except for certain non-dischargeable debts, such as Federal student loans).
In most Chapter 7 cases, all assets are exempt, so this is often the quickest and easiest way to obtain relief from your consumer debts.
The process begins when your attorney files the bankruptcy petition, along with a list of your debts and assets and a summary of your recent financial history. If all of your assets are exempt, your attorney will also file a "no asset report" that can help expedite the Discharge and Final Decree process.
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It is important to make sure that all of your creditors are listed, and that the information about your creditors, debts, and assets is accurate and complete. Inaccuracies and omissions can cause significant delays, making your stress and worry carry on much longer than necessary.
You will be required to attend a creditors' meeting, where the trustee will question you under oath about your debts and assets. Creditors may also question you, but this rarely happens.
After the creditors' meeting, your creditors will have 60 days to object to the discharge of your case. During this time, you will also have to complete a financial education course, which is available through several approved providers (you can even take the course online). If you complete the course on time, and there are no objections filed, the court will issue the Discharge and Final Decree shortly after the 60 day period has passed.
Once you have received a Discharge, you are free and clear of your debts - and you can start rebuilding your life!
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