Filing Chapter 7 Bankruptcy is a process through which the debtor's debts are liquidated. It is simpler and quicker than Chapter 13 Bankruptcy, which is a process by which the debtor repays a portion of his or her debts over time. It is a process through which all of the debtor's non-exempt property is turned over to the bankruptcy trustee, who then sells it or liquidates it to re-pay money to the creditors. In most cases, all of the assets of the debtor are "exempt", meaning they cannot be touched by creditors or the bankruptcy trustee. This is sometimes referred to as a "no-asset" Chapter 7. Most people do not lose property in a Chapter 7 Bankruptcy.
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In order to file for Chapter 7, you must first qualify under the new "means test". The means test determines whether or not you make too much money to file for Chapter 7. The calculation under the means test is based on household size and family income. If you are over the means test, you may not be able to file for Chapter 7 bankruptcy. You may instead have to file your case under Chapter 13, which is a repayment plan. The figures for the means test are updated from time to time. You should check the website for your local bankruptcy court and search for the current numbers.
Before filing Chapter 7 Bankruptcy, you must also complete an approved credit counseling course. This course generally costs between $30-$60, but can be waived if your income is low enough. You must also complete a pre-discharge course after your case has been filed. You will not receive your bankruptcy discharge until you complete this course.
After your case is filed, you will have a meeting with your bankruptcy trustee. This meeting is referred to as the Meeting of Creditors, or 341 Meeting. Although this is an opportunity for your creditors to show up and ask you questions, in almost all instances there are no creditors present. Usually you, the trustee and your attorney are present. The trustee will swear you in, tape record you and ask a series of questions. For the most part, the hearing lasts only 5 to 10 minutes. Remember that during this hearing you are under oath and subject to a charge of perjury if you intentionally lie. The trustee may conclude the hearing or may request additional information from you. This is normally the only hearing you ever have.
After the hearing, your creditors have 60 days to object to your discharge. Normally, there are no objections. If there are no objections, you have completed your pre-discharge education course, and the trustee is in agreement, you will receive your discharge approximately 60 days after that hearing. After receiving your discharge, you are not eligible to file another Chapter 7 and get a discharge for 8 years from the date of filing of your first case.
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