How to File Chapter 7 Bankruptcy

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Again, there are important steps you have to go through before filing for a successful chapter 7 bankruptcy, Therefore, you can take a short read since many of the steps have been listed below. 

Eligibility Criteria. 

According to chapter 7 bankruptcy attorneys one of the first things you have to put into consideration is your eligibility status for filing a chapter 7 bankruptcy. This means that you have to be as plain as possible regarding your wealth and asset declaration when you want to file a chapter 7 bankruptcy plan. In fact, it is better to take up a calculator to calculate every amount of income you are getting, every other asset you might have somewhere, and the amount of debt you are owing during disclosure to the court. 

Filling the Means Form Test. 

There are three forms you have to fill here, The three forms are in order as follows: 22A-1, 22A-1 Supp, and the 22A-2. These forms are like a test therefore you need to fill the form successfully before you are able to fill the second. The first form 22A-1is chapter 7 part that talks about your current monthly income. Therefore your current income is examined against the average income being received in other similar households of your city. If your income meets the average income then you would be qualified to fill the second form. Else, that may be the end. 

Enroll for a Credit Counseling. 

You may have to apply for a course on financial management from a reliable source in order to get the proper knowledge about settling and handling debt. In most cases such programs are sponsored, so you are usually enrolled for free for such programs. However, you must have passed the filling form stage to be qualified for this. 

Filling other Bankruptcy Forms. 

Before filing the petition, you may have to file other bankruptcy forms such as the 

  • Voluntary Petition Form
  • Intention Statement
  • Financial Affairs Statement
  • Case Commencement Notes List. 

After compiling these papers with other important papers, you can then file your petition with the clerk at the federal court and then you can have your case scheduled just in time.

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