How Does the Chapter 7 Bankruptcy Process Work?
By no means is this information a complete and definitive summary of the Chapter 7 bankruptcy process, but it gives debtors an overview of how the general process works. Debtors are encouraged to seek the advice of a bankruptcy attorney to provide them with additional information regarding specific issues or further clarification. The Swenson Law Group does not charge for your initial case evaluation and Attorneys Mart and Evan Swenson and their qualified staff will personally address your case scenario. Often times clients will retain at this time, either by making payment up front or by making installment payments over the course of a few months.
Pre-Petition Chapter 7 Bankruptcy Filing Preparation…
Once it is determined a Chapter 7 bankruptcy is the right choice, clients will be asked to provide a list of their assets, liabilities, and creditors. Clients will also be required to provide a detailed six month summary of your income earnings to us. This income evaluation will be used to determine whether or not you qualify (often called the Means Test) for a Chapter 7 bankruptcy. Often Attorneys Mart and Evan Swenson are able to determine during your case evaluation whether or not you will qualify for a Chapter 7 bankruptcy. Once we receive the required information from you, the Swenson Law Group and its staff will prepare your bankruptcy schedules as required by the United States Bankruptcy Court. The Swenson Law Group will work closely with you to ensure that all the required information has been provided and/or request additional information needed to complete your bankruptcy petition, schedules and forms.
Bankruptcy Petition Filing and Post Filing Procedures…
Once you have reviewed and signed your Chapter 7 bankruptcy schedules prepared by the Swenson Law Group and its staff, your case is filed with the Bankruptcy Court. This filing will then stop any and all further collection efforts by any creditor.
You will then be required to appear at a “meeting of creditors” at the Bankruptcy Court with your attorney for further review of the schedules that have been filed. A trustee will then ask a series of basic questions, in which the trustee is trying to determine if your case is to be declared as an asset or a no-asset case. Often times we have already established this and clients are urged not to worry about this meeting. Many times creditors do not appear and your case will be declared a no-asset case.
After this “meeting of creditors” you will then receive a discharge notice from the bankruptcy court indicating your Chapter 7 bankruptcy filing as complete and you no longer are obligated to pay the discharged debts. This discharge notice usually takes place two to five months after your meeting of creditors.
The attorneys for the Swenson Law Group have been exclusively practicing bankruptcy and debtor/creditor law in Eau Claire and the surrounding communities for over 35 years, specifically Mart Swenson. With no other areas of practice, Attorneys Mart and Evan Swenson are able to provide your case with the experience and knowledge, while giving you the assurance that your case is being handled correctly.
KNOW YOUR OPTIONS…KNOW YOUR RIGHTS!
The Swenson Law Group will help address all of your Chapter 7 bankruptcy questions. Attorneys Mart and Evan Swenson’s experience matters when reviewing all your financial options. It is the Swenson Law Group’s goal to get you the best outcome possible.
The links below provide additional information regarding bankruptcy:
- Consumer Information – Debt Collection: Federal Trade Commission
- Wisconsin Consumer Act – Wisconsin Department of Financial Institutions
- Avoiding Foreclosure – HUD
- Credit Counseling and Debtor Education Information – U.S. Trustee Program
- Student Loan Forgiveness – StudentAid.ed.gov
- Consumer Financial Protection Bureau
- Wisconsin’s New Automobile Repossession Law – State Bar of Wisconsin
- Repossession and Your Rights – Avvo.com
- Federal Poverty Guidelines – Wisconsin Department of Health Services
- Facing Foreclosure? – Federal Trade Commission