After your initial consultation with a lawyer, you may be strongly urged to pursue a Chapter 7 bankruptcy filing. But before you jump head-first into these legal proceedings, you must have a full comprehension of what they exactly entail. Read on to discover the steps to follow when filing for bankruptcy and how a seasoned Louisville, Kentucky Chapter 7 bankruptcy lawyer at Schwartz Bankruptcy Law Center can help make this process as efficient as possible.

What steps should I follow when filing for Chapter 7 bankruptcy?

Firstly, you may be expected to collect and submit a significant amount of financial documentation for your Chapter 7 bankruptcy. Such documentation may entail, but may not be limited to, the following:

  • Two years’ worth of your tax returns, which must include the most recent tax year.
  • Six months’ worth of your bank statements, which must include the most recent two months.
  • Six month’s worth of your investment and retirement statements, which must include the most recent two months.
  • Six months’ worth of your paycheck stubs, or any other proof of income.
  • A copy of your driver’s license, or any other government-issued identification.
  • A copy of your Social Security card, or otherwise proof of your Social Security number.
  • Financial statements related to your business, if applicable.

Secondly, before your proceedings can officially commence, you may have to attend a credit counseling course. This is so you may determine, once and for all, whether you undoubtedly require a bankruptcy declaration to return to a financially stable situation.

Then, you may have to attend a section 341 meeting of creditors. This is so you may get a better understanding of the proceedings ahead; along with allowing interested parties to inquire about your assets, debts, and overall financial situation.

Lastly, you may have to attend a debtor’s education course. This is so you may discharge your eligible debts; along with teaching you financial skills that may prevent you from ever having to go through these proceedings again. Only then will your Chapter 7 bankruptcy proceedings have officially concluded.

How long will it take me to go through these steps?

So long as you do not encounter any complications during your Chapter 7 bankruptcy proceedings, you may anticipate these steps to take anywhere between four to six months to complete. Of note, it is required that you attend a credit counseling course within six months of your filing date. Also, it is expected for your debts to be discharged within 60 days of your section 341 meeting of creditors.

All in all, you may be intimidated by the bankruptcy proceedings that lie ahead of you. But one way to alleviate some of this worry is to have a competent Louisville, Kentucky consumer bankruptcy lawyer stand by your side throughout. Contact Schwartz Bankruptcy Law Center at your earliest possible convenience.