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File a Chapter 7 Bankruptcy: A Step-by-Step Guide
You may be aware that bankruptcy involves a complex set of laws and procedures specific to each individual jurisdiction. Filing for bankruptcy may seem daunting at first. If you are considering filing Chapter 7 bankruptcy in DC, Maryland or Virginia, read below for the ten steps of a successful Chapter 7 bankruptcy.
The steps to Chapter 7 bankruptcy
1. Run your credit report.
You may think you know your finances inside and out, but until you know what the credit bureaus know (or believe) about you, you’re operating only on your own subjective opinion.
2. Meet with a bankruptcy lawyer.
Schedule a free consultation with Lee Legal and determine whether bankruptcy is right for you. There are other options to bankruptcy.
3. Get credit counseling.
Prior to filing a bankruptcy, you must attend a brief course, either online or over the phone, called the pre-filing credit counseling course. You will obtain a “certificate” which is valid for 180 days. Most of my clients have reported credit counseling to be a waste of time and money (it costs about $50), but it is a requirement for filing.
4. Sign off on your paperwork.
You will meet with your lawyer again and sign your bankruptcy petition and schedules. You must disclose all of your debts and all of your assets. When you sign off on your bankruptcy filing, you do so under penalty of perjury, so you must pay close attention and be completely forthright with your attorney during this step.
5. Direct your creditors to your attorney.
Once your bankruptcy has been filed, the Automatic Stay of your bankruptcy directs your creditors not to contact you directly. If your creditors, for some reason, did not receive notice, of if they are willfully violating the Automatic Stay, you should provide them with your case number and your attorney’s contact information. Then hang up.
6. Attend the meeting of creditors.
Also known as the “341 meeting,” the meeting of creditors is a mandatory hearing where the trustee will question you, under oath, about your bankruptcy filing. Your creditors may also question you at the meeting, however creditors attend only under certain circumstances.
7. Respond to your attorney’s request for documents.
Occasionally the trustee will raise questions at the meeting of creditors that will require additional documentation. Because the trustee is operating under statutorily-defined deadlines before which he or she must raise objections, it is important to communicate with your attorney after the meeting of creditors and to promptly respond to requests for documents.
8. Complete the debtor education course.
That’s right, you will need to attend another course, called the debtor education (or personal financial management) course. Very much like the pre-filing credit counseling course, you may attend either online or over the phone. You wil obtain another “certificate” which must be filed by a pre-determined date. If you do not take the course, you will not be granted a discharge.
9. Play the waiting game.
Your creditors have 60 days to file an objection in your case. If this period elapses without objection, then you are entitled by matter of law to a discharge of your debts. Your attorney will notify you by phone or email, and you will receive your Discharge Order from the court by mail.
10. Keep an eye on your credit (and your creditors).
Once you have received your discharge order, you should immediately take steps to rebuild your credit. About four months after you receive your bankruptcy discharge, you should run your credit reports to ensure that they are accurate. After all, your goal post-bankruptcy is to boost your credit score quickly. Inaccurate information on your credit report will only prolong the time it takes to score high enough for conventional credit. Request reports from all three of the major credit bureaus carefully review all of the entries on each report.
We help people file Chapter 7 bankruptcy in DC, Maryland, and Virginia
Would you like to learn more on how to file Chapter 7 bankruptcy? Call Lee Legal at (202) 448-5136 to schedule a free, confidential consultation with an experienced bankruptcy attorney.
They Called. They're Glad They Did.
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
