1.) Q: What is the Chapter 7 bankruptcy process?
A: If you are considering bankruptcy, we would ask you numerous questions about your income, assets, expenses, and debts. We would run your credit report to determine the amount you owe each creditor. If we find that your monthly expenses exceed your income, and your assets are within the bankruptcy exemptions, we would assist you in filing your bankruptcy petition. Once the petition is filed, a creditor’s meeting is held approximately 4-6 weeks after filing. After the creditor’s meeting is held, the Trustee has sixty (60) days to determine whether or not to discharge your debt. If the Trustee discharges your debt, then you will not be responsible for any of the debt listed in your bankruptcy petition.
2.) Q: What is the creditor’s meeting?
A: The creditor’s meeting, or 341 Hearing, is an informal meeting with the Trustee that is handling your case. Creditors are welcome to appear to ask questions related to your bankruptcy filing. The Trustee will generally ask questions about your income, expenses, assets, and debts. The Trustee will also ensure that the information contained in your bankruptcy petition is a true and accurate representation of your financial situation.
3.) Q: What is an Order of Discharge?
A: The Order of Discharge is the official order stating that your Chapter 7 case has been approved, discharging all of the debt listed in your petition.
4.) Q: What is the role of the Trustee?
A: The Trustee investigates the information contained in your bankruptcy petition. The Trustee then conducts the 341 Meeting and requests any additional information and documentation that they need, in order to determine if you qualify for a discharge of your debt.
5.) Q: When will my debt be discharged?
A: If the Trustee finds you are entitled to a discharge of the debts listed in your petition, then you will receive your order of discharge sixty (60) days after your 341 hearing – or approximately three (3) months from the date you filed your Petition.