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Chapter 7 overview with a list of forms and schedules needed to file your own chapter 7 bankruptcy petition.

  1. List of creditors;
  2. Schedule of assets and liabilities;
  3. List of exempt property;
  4. Schedule of current income and expenditures;
  5. Statement of your financial affairs;
  6. Statement of intent regarding consumer debts secured by property.

What happens after I file chapter 7 bankruptcy?

After filing bankruptcy chapter 7, you turn all property except exempt property over to a trustee who is appointed by the court.

Your initial goal in filing chapter 7 is to obtain the "order of relief" so that an automatic stay is triggered! This prohibits creditors from pursuing you or your property outside of the bankruptcy proceeding.

Soon after filing your petition, the court clerk sends an official notice of your bankruptcy filing to your creditors and then sets up a 341 meeting. The purpose of this meeting is to allow your creditors (if any even show up) to question you about your debts and your ability to pay them.

Although judges usually won't question you, your creditors and the trustee might and you're expected to respond in good faith. Creditors who object to your listed exemptions must do so within 30 days after the 341 meeting of creditors.

Creditors must also file a proof of claim against you within 90 days after the 341 meeting. Although rare, if after your case is closed and a surplus of funds or assets exists and all claims are paid in full, the court may grant an extension of time to creditors to still file a claim against you.

If the trustee or any creditor objects to you receiving a general discharge of all of your debts, they must file their objection within 60 days following the 341 creditors meeting. Otherwise if no objections are filed, and no motion to dismiss is pending, the court will ordinarily grant a discharge upon expiration of the 60 day period.

A creditor may object to a particular debt being discharged, but only within 60 days of the first date set for the 341 meeting of creditors, if;

  1. You created a debt just before filing;
  2. You've committed fraud;
  3. You committed a willful and malicious injury to the person or property of another.

See Chapter 7 bankruptcy for in-depth information and alternatives.


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