Chapter 7 Bankruptcy in Riverside

The concept of Chapter 7 bankruptcy is simply a liquidation process. The assets of the debtor which are not exempted by the law will be paid off to the creditors. People who files for chapter 7 could lose any of their properties which are not protected. Unlike chapter 13 bankruptcy, the entire process for Chapter 7 bankruptcy usually takes around five to six months especially when everything is properly done.

Professional Bankruptcy Attorney / Law Corporation

The first actions that a person who plans to file for this form of bankruptcy is gather the information needed for the case. Some of these are the pay stubs for the past six months, tax return in recent years and information about their creditors. You certainly need the help of a professional bankruptcy attorney or a law corporation in determining and preparing the needed documents since each case is different. These professionals have the knowledge on this filing which makes them competent enough to help you prepare everything for a successful case.

If everything is prepared, you need to review all the documents and sign it. The attorney will now be the one who will file the case to the court. After the Chapter 7 bankruptcy is filed, it immediately prevents creditors from collecting, suing and garnishing the debtor.

The Meeting of Creditors

Next, the Meeting of Creditors will proceed and this meeting will be attended by the debtor, his or her attorney, the creditors and the assigned Trustee. The Trustee would ensure that everything that the debtor and the attorney filed is true. The Trustee would also determine if there are properties that could be liquidated and if there is, the money is distributed to the creditors.

After the meeting, there will be an objection period which usually last for two months. This could cause a lot of complications when one of the creditors would object that is why you need to the help of an experienced bankruptcy attorney. When the objection period is over and any liquidation is done, then the case will be closed.

Free Consultation

If you need help in filing for Chapter 7 Bankruptcy, contact Riverside Bankruptcy. We will help you to find a suitable solution. Free Consultation.

Call UsĀ 951.290.7234