Life Cycle of Chapter 7 Bankruptcy

At the office of James H. Monroe, P.A., we have over 30 years of experience handling a wide variety of bankruptcy issues, including Chapter 7 bankruptcy. Our firm takes the time to determine the type of bankruptcy that is right for each client and works to see that his or her best interests are being served. To schedule an appointment for a free initial office consultation, call 407-917-4147 or contact our offices online today.

The Life Cycle of a Chapter 7 Bankruptcy

We start all bankruptcy cases by consulting with our clients. This firm offers a free initial office consultation. At the appointment, an attorney will consult with the client to get the background information needed to determine if the client qualifies for Chapter 7. A fee is quoted if it is determined that bankruptcy is the way to go. If the client decides to retain the law firm, a portion of the fee is paid and the clients are given paperwork to complete, as well as a list of documents and other information that the law firm needs for the bankruptcy petition and schedules.

After this, we direct clients to take their first credit counseling session, which is required by the newest bankruptcy laws. At our second meeting, we review their documents and the questionnaire provided by our firm, along with the certificate of completion of the credit counseling session and all the other documents the court requires.

At their last meeting with us before the bankruptcy is filed, clients review all documents and sign the bankruptcy petition. This allows us to move forward with the case.

  • Clients are then directed to take their second credit counseling session immediately after the case is filed. The 341 meeting (meeting of the creditors) is set by the court within 20 to 40 days after the case is filed. This is a meeting in a simple conference room where clients are placed under oath and asked about assets, petition schedules, debts and transactions by a Chapter 7 trustee.
  • Once this meeting has concluded, creditors have up to 60 days in which to file an adversary complaint to try and block the client from discharging debt. However, creditors have very narrow grounds upon which to file this type of complaint and, in most cases, none can be filed.
  • After the conclusion of the 341 meeting, the bankruptcy trustee has 30 days to challenge any property that is being claimed as exempt.
  • After the 60-day period has run, the bankruptcy court will issue the discharge and the client moves on with a fresh start.

Contact an Orlando Consumer Bankruptcy Lawyer

To learn more about the life cycle of Chapter 7 or other consumer bankruptcy matters, call 407-917-4147 or contact us online to schedule an appointment for a free initial office consultation with attorney James H. Monroe.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.