Chapter 7 Process

A chapter 7 bankruptcy is commenced by filing a petition for bankrupty. The petition provides a detailed description of the debtors assets, liabilities, income and expenses. After the petition is filed, the bankruptcy trustee wll review the documentation and make an assesment of the debtor's finances and determine which assets are exempt from the creditors. A meeting of the creditors is held at the bankruptcy court approximately 30 days after the filing of the petition. At the meeting of the creditors, the bankruptcy trustee will ask the debtor's attorney questions about the debtor's finances. Creditors may also attend the meting and ask questions. However, creditors rarely do attend. After the meeting of the creditors, the creditors have 60 days to file an objection to discharge. If no objection is filed within 60 days, the debtor is usually then discharged.

We Can Help

The decision as to whether to file bankruptcy and the preparation of a chapter 7 petition for bankrutcy is a complex and difficult process. If the documentation is not prepared propoerly, you can suffer serious financial and legal consequences. Accordingly, it is important to consult an attorney to guide you through your bankruptcy. We would be happy to meet with you and provide you with a free initial consultation.

The McAndrew Law Firm, located in Corona, represents clients in the Inland Empire, Riverside, Chino, Chino Hills, Yorba Linda, Lake Elsinore, Lake Matthews, Norco, Ontario, Rancho Cucamonga, Moreno Valley, Fullerton, Industry, Diamond Bar, Rowland Heights and surrounding communities thoroughout Riverside, Orange, Los Angeles and San Bernardino Counties.