How to file a chapter 7 bankruptcy

Are you a person who is having sleepless night due to your debts? Then chapter 7 bankruptcy is for people like you. If you are a person who gets frequent calls from your creditors and unable to lead a normal life then chapter 7 might give you relief from that. It is possible to get exemption for your properties and belongings so that it is safe with you to start your life afresh.

If there is no exemption got for that, then a trustee might seize your properties and belongings. Thus the property seized by the trustee is sold and the money they get out of it is used to settle the creditors. Even if the money got is not sufficient to settle all the amount of the creditors at least a part of that is settled.

Filing for Chapter 7 bankruptcy yourself

It is not necessary to have an attorney for you to file a personal bankruptcy under chapter 7. You can also do this yourself so that you can save around $1000 that you will be paying to an attorney.

You can get the forms that are required for filing from the bankruptcy court or from the bankruptcy court website. There is no money needed to get these forms. If you are so much bothered about filling the forms you can even buy some bankruptcy kits that are sold in the market that sample forms filled. These kits are available for around $40.

Handing the documents over to the court

You can present the completed forms in the bankruptcy court yourself. You might be required to pay a small fee in the court. You may be required to meet the bankruptcy trustee once. You have to go the court in about two months time after filing where your debts will be discharged.

Bankruptcy kit

Getting a bankruptcy kit is a good approach to fill out the forms that are required for filing for chapter 7. You get all the instructions needed for filling the forms in that kit. It also has an appendix that lists out the properties that are exempted. This information is available for all the states in the US.

You can get the website of the bankruptcy court to download the forms for free. If you are ready to pay for the attorney then it is very easy for you to file the case. You need not worry about filling forms for filing the bankruptcy case. You can also get a waiver of the application fee if you are 150% below the poverty line.