Frequently Asked Questions about Chapter 7 Bankruptcies

Chapter 7 is a total liquidation bankruptcy. This means that you can eliminate your debt and get a fresh start with some exceptions. If you are seeking a bankruptcy, it may be in your best interests to work with Bankruptcy Lawyers in Tampa to ensure that you don’t make any costly mistakes. The following are some of the more frequently asked questions about Chapter 7 bankruptcies.

I Have Heard That I Must Attend a Class; Is This True?

Prior to filing your bankruptcy petition, you must complete a credit counseling course through an approved agency. You can generally do this online. This must be completed no earlier than six months before you file. In addition, you will need to attend a two-hour course on financial management before your bankruptcy is discharged.

What Happens When I File?

As soon as you file your bankruptcy, an automatic stay is issued. This is an order by the court prohibiting creditors from having further contact with you. You will no longer receive letters and calls from them.

Do I Have to Go to Court?

It is very unlikely that you will need to appear in court. You will, however, be required to attend a creditor’s meeting, which is held in the trustee’s office. This meeting generally lasts only a few minutes, and no judge presides. At the meeting you will be asked to state under oath that you listed all of your assets, valued all of them accurately and have not transferred any assets to a third party, which is improper and will mean your bankruptcy will not go forward.

Could My Bankruptcy Be Audited?

It is very unlikely that your bankruptcy will be audited, but it could occur if something seems out of order. For instance, if your home is valued highly but the furnishings low, or you went on a spending spree just before filing. This can raise a red flag.

Work with Bankruptcy Lawyers in Tampa If You File for Bankruptcy

Working with Bankruptcy Lawyers in Tampa will minimize the possibility that your bankruptcy is thrown out for errors or failure to complete all requirements. Call Robert Savage today to arrange a consultation at 813-200-0013.

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