Chapter 7 Bankruptcy Tips from Canterbury Law Group

April 6, 2016 - PRLog -- The bankruptcy attorneys at Canterbury Law Group frequently represent clients on Chapter 7 bankruptcy cases, which provides individuals with a discharge of all debts which are "dischargeable" under the Bankruptcy Code. In Chapter 7, all of the debtor's non-exempt assets on the petition date are liquidated through the priorities set forth in the Bankruptcy Code.

Unfortunately, many debtors are not fully informed of obligations that are part of Chapter 7, so they run the risk of not receiving a discharge of some or all or their debt. If you're thinking of filing Chapter 7, here are some recommendations from our lawyers:

• Complete the Mandatory Credit Counseling - Before you can file chapter 7 bankruptcy, it is essential to complete credit counseling. It is a mandatory step before you can file and often requires paying a fee. Otherwise, your filing will not be allowed to continue.
• File All Chapter 7 Paperwork - Complete and file all necessary paperwork in court. Make sure all of your paperwork is accurate.  Determine any fees associated with your filing.
• Meet With Your Creditors - Approximately one month after filing the petition, you will need to meet with your creditors, an arrangement made by the court. During this important meeting, your creditors will question you regarding your finances and property. Typically this meeting involves only a few people connected with the credit card companies to whom you owe your debt.  Your lawyer can help you prepare for this meeting.
• Attend the Personal Financial Management Instruction Course - In addition to your credit counseling course, a personal financial management course generally costs about $30 and is necessary for completing your filing of chapter 7.  If you skip the money management course, you risk dismissal of your case. For more information visit http://www.canterburylawgroup.com/.