Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is what most people think
of when they hear the word bankruptcy. In a chapter 7 bankruptcy,
all of your dischargeable debts are wiped out. In most cases
that we file, the debtor does not lose any of their possessions.
The Supreme court of the United States stated,
"bankruptcy (was) designed to relieve the honest debtor
from the weight of indebtedness which has become oppressive
and to permit him to have a fresh start in ... life, freed from
the obligation and responsibilities which may have resulted
from ... misfortunes." This "fresh start" allows
hundreds of thousands of Americans to live without the fear
and anxiety of living paycheck to paycheck. Please read the
information below. If you have questions please look at the
Chapter 7 FAQ.
At Robert A. Higgins & Associates, P. C.,
the process generally follows the following course:
Initial Consultation-At this
meeting, your financial situation is examined. Many if not all
of the options available debtors are presented at this meeting.
If it is agreed that a Chapter 7 bankruptcy is most appropriate,
you retain Robert A. Higgins & Associates, P.C. as your
legal representation in this matter. In addition, you will be
given paper work to fill out and a list of documents needed
for this process, (such as tax returns, pay stubs, etc.).
Bring Back-The next meeting
occurs, in most cases, within a week of the initial consultation.
At this meeting, we go over your paper work with you to ensure
that we have all of the necessary information.
Signing-This meeting is the
last step toward filing. You will review all of the documents
and sign the petition. This is the document that will then be
filed with the court.
Filing-After the signing meeting,
we will file your case and notice all of your creditors. Getting
to this point will usually take between two days and several
weeks, depending on the urgency of your case and your work schedule.
341 meeting-Roughly 30-50 days
after we file your case, there is a meeting called the 341 meeting
or meeting of creditors. This meeting will take place in room
521 of the Federal Court House which is located down town at:
501 West 10th, Fort Worth, TX 76102.
Discharge-You will receive
your discharge about two to three months after the 341 meeting.
This is the last step in the bankruptcy process. At that point,
you do not owe any of the unsecured creditors that were discharged
in the Chapter 7 bankruptcy.
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