You have to make appropriate choices when it comes to filing bankruptcy, so the first thing you should do is figuring out what chapter you need to register. The current bankruptcy law requires the debtor to fill in a chapter 7 means test which determines your qualification for chapter 7 or you will be required to file a chapter 13 instead.
This bankruptcy filing process is somehow complicated, but with some proper research, it is easy to understand. Chapter 7 bankruptcy is widespread because it is advantageous. Many pay no attention to their opportunity to be debt free, creditor harassment, and the distressing feeling we all get when behind on our bills. This guide points out explaining how to file chapter 7 with no money process.
Complete a Chapter 7 means test
You will get a good idea if you qualify for a chapter 7 by just looking at your income. Consider your monthly salaries over the past two months before filing, subtract any monthly expenses, if the remainder is tiny, then you could qualify. Also, if your income lies below the median income for your family size and your state.
Decide on how you prefer to file bankruptcy
You may achieve this by yourself using free online forms. If you own little assets and lots of debt, then, you should consider this options which will be best for your situation.
Get all of your debt together
Once you have decided on how you want to file bankruptcy, you will be required to get all of your debt together. These include balances, dates the accounts were opened, account numbers and the last payment date. Ensure you include all liability, as it is your chance for a fresh financial start that by filing bankruptcy will provide. It is where to consider your latest credit report. You need to make a list that highlights all your assets.
They include your car, clothing, furniture, your bank account balance, cash on hand, and your house if you own one All things that you own even if you owe money on it
Assess your income
You will need to assess your income for the past six months before filing bankruptcy together with the expenses. If you do not have an income now, you will still require income information from the previous 6six months. It will be useful in determining your future re-payment amounts. Make sure that you include all present, future, expenses, and income tax returns for the past three years.
Familiarize yourself with forms
Make sure you are familiar with and have all of the required forms, or your case could be denied, and if this happens, you will lose your filing fee. Also, ensure there is no mistakes present. You will do this on your own.
Most petition preparation services have a standardized, convenient online questionnaire which you can take much time as long as you need to complete.
Complete the pre-filing credit counseling course
When your bankruptcy petition is well completed, you are now ready to file it Take your paperwork along with your credit counseling course certificate to your nearest Federal Bankruptcy Court with your filing fee and your identification.
Attend the meeting
When you receive a notice in the mail of the “first meeting of the creditors,” it is a requirement that you attend the meeting. The debtor does not participate in this hearing, and thus they will not have to attend. Your chapter 7 should be discharged about six months after you file the petition.
Complete post-bankruptcy financial management course
Before discharge of chapter 7, a post-bankruptcy financial management course is required to be complete. You would also receive additional paperwork which must be filed to show that this has been completed. After which, you will have about one and a half months after chapter 7 has been filed to the end.
The Bankruptcy process has been the similar bankruptcy process over the years. It is designed to help debtors like yourself to start over financially. Make sure it is the right one for you before filing it If you delay may be because of the damage, it will result in your credit, just look at your credit now and decided on what do you have to lose.
Hopefully, this article helped you to understand how to file chapter 7 with no money so that you can take that first step. Be sure while filing bankruptcy to be very much informed about the bankruptcy process to make sure all goes well