Steps to Summarize Bankruptcy By: Destiny S Maria B

Chapter 7 of the Title 11 of the United States Code governs the process of liquidation under the bankruptcy laws of the United States.

Chapter 13 of the United States Bankruptcy Code, under Title 11 of the United States Code, sets forth the statutes governing the various types of relief for bankruptcy in the United States.

7 step bankruptcy process.  1. A meeting with the attorney, discussing what each of you expect of each other. *Documentation, paper work informing you of the bankruptcy law. *Process, discussing which type of bankruptcy to file.  2. Deciding to file under ch. 7 or ch. 13

 3. By now, you and your attorney should know what chapter you will be filing and the next steps that need to be taken. A current credit check is needed, and the value of your property must be known. Step 3 happens in stages, and can be one of the most expenses steps in the bankruptcy process. Once done, the case will be filed.  4. Once the case is filed, attending what is known as the “341” meeting, usually taken place between days after the case has been filed.

 5. Trustee will have a meeting, which you must attend. The trustee and creditors may ask you questions about your assets  6. Under the new bankruptcy act, there is now an additional requirement for post petition financial counseling.  7. The process is complete. Giving the debtor a “ new start”