How does Chapter 7 bankruptcy work?
At CaJacob Law Group Chapter 7 starts with the initial consultation. At this appointment the client provides basic information to the attorney. At that time the attorney will review the assets, debts, income and expenses of the client. We will provide a legal opinion as to what the best legal debt solution is for the client. We’ll also discuss legal fees, court filing fees and a timeline at the initial consultation. Should you decide to proceed with filing bankruptcy, we’ll provide a list of documents that we need to gather to get your Chapter 7 case prepared and filed. At CaJacob Law Group we treat every case as the client’s case – as it should be. We don’t pressure anyone to file a case before they are ready. We encourage clients to make payments towards legal fees and court filing fees over time. Payments can be made in person, through the mail, online or via a smartphone app. The timeline to get a Chapter case filed is up to you. If you need a case filed quickly, we can accommodate. If you need more time to make payments on fees and gather documents, we’ll work with you.
After all of your documents and fees are provided, we’ll have a signing appointment. It’s at this appointment where we will review the bankruptcy paperwork that we’ve drafted for you. We’ll go through every detail to make sure we have all of your information correct. These documents include the bankruptcy petition and schedules that the bankruptcy laws require to file a Chapter 7 case. Once we’ve got everything right, you’ll sign the bankruptcy paperwork. At that time the case can be filed. In Ohio bankruptcy cases are filed electronically. So, this second appointment can happen any time of day. CaJacob Law Group will work with the client’s schedule. We can meet after normal business hours or on weekends if that’s what the client needs.
Once the bankruptcy case is filed, a Chapter 7 bankruptcy trustee is assigned. The Chapter 7 trustee will oversee the case and determine if any of the debtor’s property is available to be liquidated for the benefit of creditors. The job of the trustee is to see that your creditors are paid as much as possible toward the debts you owe them. At this time a date will also be set for your hearing with the Chapter 7 trustee. This hearing is called the Meeting of Creditors. The hearing is a short, relatively informal meeting where the bankruptcy trustee (and any creditors who wish to appear) ask the debtor questions. Although all creditors receive notice of the hearing, most creditors choose not to appear. After the hearing and a statutory waiting period, the debtor receives a bankruptcy discharge, which wipes out most or all of the debt accrued to the time of the bankruptcy filing.
Our Team Is Here To Help
Chapter 7 bankruptcy is a fairly straight forward process. There are, however, a lot of idiosyncrasies and details involved with every case. CaJacob Law Group is here to help. We want to help. We’ve helped debtors in over 1500 bankruptcies. Let us use our experience and knowledge to guide you through the process. Don’t live with financial stress one more minute. Contact us to set up a complimentary initial consultation today.