What is the process for filing a Chapter 7 straight liquidation type of bankruptcy?
Before you can file bankruptcy, you must complete a credit counseling course. This course can be completed on the Internet or by telephone. Depending on your financial situation, you may have to pay a fee. Once you complete the course, you or your attorney prepare paperwork including descriptions of what you own, the property that you want to exempt, the names and addresses of your creditors and the amount you owe, your current income and expenses, a statement concerning your financial affairs and a statement of what you intend to do with the property you used as collateral to secure consumer debts. You must include all of the creditors that you know about, including friends and relatives. You can find many of your creditors on your credit report. You can get a free copy of your credit report once each 12 months at www.annualcreditreport.com. All of your information must be prepared on forms that have been approved by the court. They are filed with the United States Bankruptcy Court, t
