The following steps will guide you along the process of working with BK-& Plus, LLP for your Chapter 7 bankruptcy.
Step One - Qualify to file for a bankruptcy
In order to qualify for a Chapter 7 Bankruptcy, the candidate must take a bankruptcy means test. This test is a 7 page document with about 85 questions and calculations that you will answer and perform. The means test compiles your financial information, as well as data from the IRS, the Census Bureau, the Department of Health and Human Services, and more.
If you pass the test, you qualify to have your debts wiped out, but if you do not pass, then it is up to a judge to decide.
All of our customers pass the means test because it is full of second chances and allowed loopholes, and we find and apply every single one of them to your benefit.
Step Two - Prepare and file the bankruptcy forms
We will prepare all of your bankruptcy forms for you.
We need the following documents:
Step Three -Take a mandatory credit counseling class
The bankruptcy law requires you to take a 90-minute credit counseling class before filing your bankruptcy, unless there is an urgent matter that makes is necessary for you to file first before taking the class.The class is perfunctory, not determinative - you cannot fail since there is no test to take. The class consists of the credit counselors, on behalf of credit card companies, trying to talk you out of filing for bankruptcy. The credit card companies wrote the class into the law so they can use it as an opportunity to divert you into debt repayment instead of bankruptcy filing.
Once you complete the credit counseling class, you are ready to file your bankruptcy forms.
Step Four - File the bankruptcy
After we have prepared your bankruptcy forms, they need to be filed with bankruptcy court.
Step Five - Attend a creditor meeting
About a month after filing, you will need to attend the mandatory creditor meeting. The meting only lasts 30 to 60 seconds wince there are usually no creditors present. It's just a mere formality.
Step Six - Take a budget class
After filing bankruptcy, you must attend another 90-minute class which is the debt education class. You will be educated on how to manage your finances to avoiding filing for bankruptcy again.
The bankruptcy court will send you a discharge notice about four to five months after filing, stating that your debts have been wiped. You do not need to wait for the notice before enjoying your new-found freedom. Your bankruptcy filing goes into effect the moment you file, not when you get the discharge notice.
Step Seven - Watch video series
Learn more about Chapter 7 Bankruptcies on the United States Courts website, and watch their video series on the topic.