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Filing a Chapter 7 bankruptcy

The filing for a Chapter 7 bankruptcy may appear scary or intimating to some individuals. That’s why it is so important for a person to fully under the process.

After the debtor’s attorney has collected all the required documents from the debtor and the debtor has completed a mandatory pre-filing educational class, then the debtor’s bankruptcy petition is filed with the court. The bankruptcy court is located in the same area or jurisdiction where the debtor lives or where the majority of their assets are located. Upon filing the petition the debtor is assigned to a trustee. The trustee then reviews all of the documentation provided by the debtor and decides whether the debtor’s assets are listed correctly. This is one of the reasons it is very important to be completely open and truthful with your bankruptcy attorney about your assets and liabilities. If the trustee finds or believes that your assets are not listed entirely correct or truthful they have the power to dismiss your petition. This dismissal would cause the debtor to have to start completely over.

After meeting with the trustee, if approved, the debtor will be required to complete a post-filing education class. This class helps teach the debtor about credit and financial management. It is done in an effort to prevent the debtor from finding themselves in another bankruptcy. Additionally after being approved by the trustee, the debtor’s assigned assets shall be liquated and the funds will be divided among the known creditors. If the debtor has regular income a trustee may assign that a certain portion be rationed for a period of time to help pay off or down their debts in a Chapter 13 filing.

The law offices of Jayson Lutzky, P.C. has over 29 years of experience. If you are considering bankruptcy, call us today at (800) 660-LAWYER(5299) to set up a free initial consultation. You can also visit us on the web at

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