We understand that Chapter 7 bankruptcy is a difficult and often nerve-wracking experience. While we can’t give you legal advice or attend your trustee’s meeting with you – we can walk you through the process and we are happy to do so. Here are some things you need to know about bankruptcy, Fresno & vicinity residents:
A Chapter 7 bankruptcy is a cancellation of many or all of your debts. To qualify for a Chapter 7 bankruptcy, a debtor must first pass a Means Test. The Means Test is based on household size and income. Petitioners are required to complete two credit counseling courses approved by the United States Trustee. Debtors are also required to attend a creditor’s meeting on the date and time assigned to them by the Court. From start to finish -the process can take from four to six months.
Fees for filing a Chapter 7 bankruptcy:
$125.00 for document preparation
- $306.00 filing fee paid to the Court (the court offers fee waivers to those who qualify or a monthly installment plan)
- $10-$50 for each credit counseling course (these fees vary by company, some companies offer fee waivers)
Documents we need to prepare your paperwork:
- Pay Stubs for the last 60 days
- Last year’s taxes
- A credit report (pull for free at www.annualcreditreport.com)
- Any bills not included in your credit report.