There are many people who are considering bankruptcy, but do not know what Chapter 7 incorporates. This is a common bankruptcy filing chapter used in the United States. It is called Chapter 7 because it falls into that chapter of the Bankruptcy Code.
It is also known as liquidation bankruptcy. Chapter 7 bankruptcy Louisiana is when a debtor's assets that have not been exempted are sold by a trustee. The proceeds obtained from the sale of the assets are used to settle outstanding creditors' amounts.
You should ensure that you have all the necessary financial records available before commencing the filing. This includes reports such as bank statements, payslips, loan documents, credit card statements and any other documents required for the completion of the bankruptcy petition. The information filled in on the bankruptcy documents must match those of your financial records.
You will require a predetermined set of documents when you file for liquidation. The documents are available as a package from the bankruptcy clerk's office. It may be necessary to pay a fee for the documents. The pack will include documents such as assets and liabilities listings and financial affairs statements. You have to indicate your total financial situation to the court. This means you should list all your property, expenses, debts, property transfer and income. Upon completion of the pack, you need to file the petition with the court clerk. This stage will require a filing fee to be paid.
To allow for filing, you need to be successful at a means test calculation. This has to be done before you file your documents. The test is a calculation of your means to settle all your debts. If you do not pass this test, you may have to make use of special circumstances to allow you to use this chapter for bankruptcy filing.
After you have filed the petition, a notice will be issued by the court calling for your creditors to attend a meeting. The notice is issued to the list of creditors in your petition documents. During this process, the trustee will pose questions about your financial situation. If the trustee is not satisfied with the answers you provide, the meeting may be postponed to allow for investigation into your affairs. The creditors may also raise question regarding the state of your finances during this meeting.
The trustee is able to take possession of non-exempt property you own and sell it to raise funds. There are certain types of property that are exempt from seizure. For example, you are able to retain your retirement accounts. The list of exempt property has to be stated in Schedule C of the petition documents you include in your filing. Any assets and funds taken by the trustee will be used for distribution among your creditors.
If the creditors or the trustee do not raise any objections to your debt discharge, the court will discharge your debts 60 days after the first creditors meeting. The discharge protects you from any further collections from creditors. You should remain aware that you will not be discharged from all your debts.
It is also known as liquidation bankruptcy. Chapter 7 bankruptcy Louisiana is when a debtor's assets that have not been exempted are sold by a trustee. The proceeds obtained from the sale of the assets are used to settle outstanding creditors' amounts.
You should ensure that you have all the necessary financial records available before commencing the filing. This includes reports such as bank statements, payslips, loan documents, credit card statements and any other documents required for the completion of the bankruptcy petition. The information filled in on the bankruptcy documents must match those of your financial records.
You will require a predetermined set of documents when you file for liquidation. The documents are available as a package from the bankruptcy clerk's office. It may be necessary to pay a fee for the documents. The pack will include documents such as assets and liabilities listings and financial affairs statements. You have to indicate your total financial situation to the court. This means you should list all your property, expenses, debts, property transfer and income. Upon completion of the pack, you need to file the petition with the court clerk. This stage will require a filing fee to be paid.
To allow for filing, you need to be successful at a means test calculation. This has to be done before you file your documents. The test is a calculation of your means to settle all your debts. If you do not pass this test, you may have to make use of special circumstances to allow you to use this chapter for bankruptcy filing.
After you have filed the petition, a notice will be issued by the court calling for your creditors to attend a meeting. The notice is issued to the list of creditors in your petition documents. During this process, the trustee will pose questions about your financial situation. If the trustee is not satisfied with the answers you provide, the meeting may be postponed to allow for investigation into your affairs. The creditors may also raise question regarding the state of your finances during this meeting.
The trustee is able to take possession of non-exempt property you own and sell it to raise funds. There are certain types of property that are exempt from seizure. For example, you are able to retain your retirement accounts. The list of exempt property has to be stated in Schedule C of the petition documents you include in your filing. Any assets and funds taken by the trustee will be used for distribution among your creditors.
If the creditors or the trustee do not raise any objections to your debt discharge, the court will discharge your debts 60 days after the first creditors meeting. The discharge protects you from any further collections from creditors. You should remain aware that you will not be discharged from all your debts.
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