The Chapter 7 bankruptcy is a legal process that you need to go through if you have decided that this is a course of action you want to take for your debt resolution. Once you have decided to do this then there are steps that you have to go through in order for the bankruptcy to be completed. Normally a Chapter 7 bankruptcy will take anywhere from 4 to 6 months.
Navigating The Process
The first thing you may want to do is seek out a bankruptcy attorney in Houston to assist you with this legal matter. Once you have started the Chapter 7 bankruptcy process one of the first steps you are going to have to take is to get mandatory credit counselling. This has to be done within the time period of your filing. The counselling must come from an approved agency of the US trustee’s office. Once you get the credit counselling you must file a certificate of completion that you have done this.
The next step is filing your petition and the other forms that you must fill out. Filling out these forms includes your income and expenses which will show that you can pass the Chapter 7 means test. The trustee will now take over the handling of your case. An arrangement for a meeting of creditors, which is called at 341 meeting, will be arranged.
The trustee will review all your paperwork and confirm that you qualify for the Chapter 7 bankruptcy. Property that is non-exempt will be dealt with. Also your secured debts will be dealt with. Before you get your bankruptcy discharge you will have to take a debtors education course. Once completed and filed with the bankruptcy court you will receive your discharge. Shortly after you receive your discharge, your bankruptcy case is closed.