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Required Documents for Chapter 7 Bankruptcy

Richmond, Va.  Upon filing for Chapter 7 bankruptcy, an interim trustee is appointed to review your case.  The trustee is a bankruptcy attorney that has been appointed to the panel of trustees to review bankruptcy cases.  They owe a fiduciary duties to the creditors of your bankruptcy estate.  In order to review your case, the trustee needs to review the following documents: General Financial Documents Copies of your taxes for the last two fiscal years. Read more

By Ronald Page, ago

Chapter 7 Bankruptcy and the Chapter 7 Trustee

Richmond, Virginia. When a chapter 7 petition is filed, the U.S. trustee appoints an impartial case trustee to administer the case and liquidate the debtor’s nonexempt assets. If all the debtor’s assets are exempt or subject to valid liens, the trustee will normally file a “no asset” report with the court, and there will be no distribution to unsecured creditors. Most chapter 7 cases involving individual debtors are no asset cases. But if the case Read more

By Ronald Page, ago

Chapter 7 Bankruptcy and the Bankruptcy Discharge

Richmond, Virginia. The primary reason to file a Chapter 7 bankruptcy is to receive the discharge. A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor. Generally, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of chapter 7 cases. In most cases, unless a party in interest files a complaint Read more

By Ronald Page, ago

The Automatic Stay under Chapter 7 Bankruptcy

Richmond, Virginia. Filing a petition under chapter 7 of the bankruptcy code “automatically stays” (stops) most collection actions against the debtor or the debtor’s property. Filing the petition does not stay certain types of actions listed under 11 U.S.C. § 362(b), and the stay may be effective only for a short time in some situations. The stay arises by operation of law and requires no judicial action. As long as the stay is in effect, Read more

By Ronald Page, ago