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What should you know about Chapter 7 Bankruptcy?

On Behalf of developers | February 1, 2018 | Bankruptcy

Choosing to file for bankruptcy in Mississippi is a big decision. Once you have made this choice and decided to file for Chapter 7, you may think there is little else you need to do. However, there is much more to this process and it is important for you to understand the fine details.

Once you file your bankruptcy, you case usually receives a trustee. According to the United States Courts, this person takes care of the administrative tasks related to your case. Additionally, the trustee distributes your assets to your creditors and informs them that you have filed for bankruptcy. The trustee also forms an estate that owns your property for a short period of time.

It is your trustee’s job to make sure you understand every part of your bankruptcy case. You should usually receive information about your credit history and how it might change. Additionally, your trustee should inform you about the possibility of filing for a different type of bankruptcy.

You typically need to file paperwork with your local bankruptcy court. This paperwork usually includes a list of your expenses and income, your assets and your most recent tax return. Sometimes your particular situation requires you to submit additional paperwork. If you and your spouse file for bankruptcy together, you may need to file your documents individually. Additionally, some kinds of paperwork are required only if you have consumer debts. You usually need to submit information about your student loans and expected changes in your income. If you have attended credit counseling, you generally also need to submit the certificate from this counseling, as well as your debt repayment plan.

This information is intended to educate. It should not be used in place of legal advice.

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