Legal Guide in Preparing a Chapter 7 Petition

June 2, 2010 - PRLog -- This Legal Guide gives general guidance on preparing a Chapter 7 Bankruptcy
1
Determine if you meet the means test
The bankruptcy laws are strict in determining if you basically qualify to file. The means test is a way of deterimining if you make too much money (with too little debt) to be able to file a Chapter 7 Bankruptcy.
2
Gather your supporting documents
You need to have information on whom you owe the debts to; what the amount of the debts are; whether the debts have been assigned, etc.
3
Determine all of your assets
You must include all of your assets in the Chapter 7 Bankruptcy Petition, so you should list the Fair Market Value of all of them.
4
Determine the exemptions
You are entitled to exempt certain amounts from certain properties. When you exempt those assets, the Trustee and subsequently the Bankruptcy Court cannot take those assets.
5
Prepare all the petitions and schedules
You should prepare all of the schedules and review for accuracy. Once done, get the appropriate filing fee and file in the Bankruptcy Court.

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I have been a licensed attorney since 1992. I have passed a rigorous examination and extensive experience requirements by the State Bar of California, Board of Legal Specialization. My firm helps prepares many different types of bankruptcy petitions. They will be prepared and filed in the Bankruptcy Court where the bankruptcy records will be stored for many years.