Chapter 7 Bankruptcy Checklist

Filing for chapter 7 bankruptcy is a process that is made up of steps required to reach your goal and that is having your debts discharged in the end.  You must have a chapter 7 bankruptcy checklist to prepare yourself for each step in the process.  You start the bankruptcy process by filing your bankruptcy petition in court.  Your bankruptcy petition is made up of forms that you prepare.  These forms are required because they serve as the basis for the bankruptcy court decision if they approve your case or not.  You can either hire a petition preparer to do it or you can fill out the forms by yourself.  I suggest you hire a petition preparer because any mistakes or errors in your papers can cause you to lose more assets or worst, having your bankruptcy declined by the bankruptcy court.

If you want to save some money, you can download the forms from any website.  They are usually in PDF form so you will need software to be able to open and print your bankruptcy forms.  After you are done filing your papers in the bankruptcy court, your creditors will receive a mail stating that you have filed for bankruptcy.  This is sent to them by the bankruptcy court.  Then you will be assigned to a bankruptcy trustee who will be there until the bankruptcy process ends or if your debts get discharged.

Another thing you should put on your checklist is that you must provide your latest tax return to your assigned bankruptcy trustee.  Make sure that your recent tax return does not reveal something that can tilt the decision of the bankruptcy court against your side.  This can be newly paid debts from other creditors or a newly obtain debt.

Adding to your checklist is your preparation for the creditors meeting.  Usually, your creditors are too busy to attend the meeting but the bankruptcy trustee will be there and will question you so I suggest you prepare to answer those questions as honest as you can be.

Aside from that, your checklist should include the means test.  Just keep in mind that this test is mainly determining if your income is sufficient or not to pay your debts.  Having an income that exceeds your expenses will make the bankruptcy trustee convert your bankruptcy to a chapter 13 which is a repayment plan.  Otherwise, if the debts cause you undue hardships, you will proceed in filing for a chapter 7 type of bankruptcy.

Note also in your checklist the properties you have.  Find out which properties you have are nonexempt and which are exempt.  You are required to hand over your nonexempt properties to a bankruptcy trustee for liquidation and the exempt properties you can keep.  Listing them down can be helpful when it comes to negotiations.  You can buy back your properties which are nonexempt.

In your chapter 7 bankruptcy checklists, write down that you are required to attend credit counseling.  This is required because of the new bankruptcy law.  After a reaffirmation hearing, the court will discharge your debts and close the case.  For more support on how to file bankruptcy, visit the link below.