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Chapter 7 Bankruptcy
The Koplen Law Firm attorneys will evaluate your financial situation and determine whether you should file a Chapter 7 bankruptcy to discharge unsecured debts. The Koplen Law Firm will handle your bankruptcy from beginning to end, and will file your bankruptcy petition for you, electronically. Your relief will begin the moment the Koplen Law Firm files your bankruptcy petition for you. From that moment forward, creditors may not ask you to pay any money, nor may they even contact you. For all practical purposes, your relief from debt and harassing creditors begins the moment your lawyer files your petition for you.
How does a Chapter 7 bankruptcy work?
A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. (3) In addition to the petition, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a statement of financial affairs; and (4) a schedule of executory contracts and unexpired leases. Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case (including tax returns for prior years that had not been filed when the case began).
Individual debtors with primarily consumer debts have additional document filing requirements. They must file: a certificate of credit counseling. evidence of payment from employers, if any, received 60 days before filing; a statement of monthly net income and any anticipated increase in income or expenses after filing; and a record of any interest the debtor has in federal or state qualified education or tuition accounts. A husband and wife may file a joint petition or individual petitions. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors.