Chapter 7 Lawyer West Palm Beach
A "Chapter 7 bankruptcy" refers to Chapter 7 of the U.S. Bankruptcy Code governing the liquidation of a debtor's assets. A Chapter 7 bankruptcy may be filed by a personal or corporate debtor. The goal of a Chapter 7 bankruptcy is to obtain a discharge of the debtor's debts.
To qualify for the filing of a Chapter 7 bankruptcy, a debtor, if not exempt, must pass a 'means test', which is a calculation based on income over the six month period preceding the bankruptcy filing. If a debtor passes the means test, the debtor must subsequently complete a credit counseling course given by an agency approved by the U.S. Trustee, which course must be completed within 180 days of the bankruptcy petition filing. Upon filing of the petition, the debtor must submit appropriate schedules detailing a comprehensive list of all assets and liabilities. Thereafter, a trustee is appointed to administer the case. Within approximately 30 days of the filing, a '341 meeting' is held between the debtor and the trustee wherein the trustee makes factual inquiry into the state of the debtor's financial affairs. This meeting is held under oath and creditors are entitled to appear. After the 341 meeting, interested parties may object for cause to the discharge of the debtorÂ’s debts. Subsequently, the trustee conducts an administration of assets.
Typically within 60 days of the 341 meeting, the debtor will receive a discharge of those debts which may discharged, meaning that such debts are no longer enforceable against the debtor.
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