Chapter 7 Bankruptcy Requirements
What is the first Chapter 7 bankruptcy requirement for filing bankruptcy?
The first Chapter 7 bankruptcy requirement for filing bankruptcy is to see if you are eligible. If you pass the means test you are eligible. The means test verifies that you do not have enough income to pay your debts. If you are eligible you can start the filing process. Learn more about the bankruptcy process.. You need a bankruptcy lawyer for filing Chapter 7 bankruptcy.
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Is credit counseling part of Chapter 7 bankruptcy requirements?
Credit counseling is part of Chapter 7 bankruptcy requirements. The law requires that you get credit counseling. Credit counseling is a mandatory requirement before you can file for bankruptcy. After completion of bankruptcy credit counseling, the debtor obtains a certificate of credit counseling completion. This certificate is mandatory when filing a bankruptcy petition. A petition without this certificate is not considered to be a valid petition by the court. Completion certificates for bankruptcy credit counseling must be issued by credit counseling agencies that have been approved by the U.S Trustee program. This pre-filling counseling requires a fee.
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Is the statement of intention part of Chapter 7 bankruptcy requirements?
The statement of intention is part of Chapter 7 bankruptcy requirements. In this written statement you specify the secured assets you want to keep and the ones you do not want to keep. This statement has to be filed within 30 days of the bankruptcy filing. Your bankruptcy lawyer will write the statement.
Are there any other important Chapter 7 bankruptcy requirements?
There are at least two other important Chapter 7 bankruptcy requirements. The first one is the creditors meeting. The Creditors meeting is often called the 342 meeting. In this meeting you and your bankruptcy trustee meet with your creditors. In addition, for a proper discharge, you must obtain a post-filling credit counseling certificate by taking a required course. The post-filing course requires a fee. This course must be delivered by an organization that is approved by the U.S Trustee program.
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