The debtor must file a signed Official Form 103B: Application to have the Chapter 7 Filing Fee Waived and Schedules I and J for the court’s approval. DOCUMENTS MUST BE FILED WITHIN 14 CALENDAR DAYS OF FILING THE PETITION UNLESS OTHERWISE INDICATED. YOUR CASE MAY BE DISMISSED IF YOU DO NOT FILE THE REQUIRED DOCUMENTS ON TIME.
Full Answer
Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.
Essentially, you need to have three things: (1) moderate to low income, (2) significant amount of debt and (3) no substantial property. In order to qualify for Chapter 7 personal bankruptcy, you must have moderate to low income as set forth in the Bankruptcy Code.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
How much does it cost to file for bankruptcy? As of December 2020, it costs $338 for court fees to file for bankruptcy under Chapter 7 and $313 to file for bankruptcy under Chapter 13. You may be allowed to pay the filing fee in installments if you cannot pay all at once.
They'll be due at least seven days before the date set for the 341 meeting of creditors —the one hearing that all filers must attend. If you can, submit the forms earlier.
The average Chapter 7 bankruptcy petition is approximately 50 pages in length, so it shouldn't come as a surprise that you'll need a lot of information to complete the required forms. Being organized will help you complete the bankruptcy forms efficiently.
If the trustee asks for additional documents at the 341 meeting of creditors, the trustee will likely continue the meeting to allow enough time to review them. Many trustees will cancel the new date after receiving acceptable documentation.
Finish sooner. The trustee will schedule multiple debtors during the same hour. Some trustees reward people who submit documents early by hearing those cases first. Late submitters, or those with complicated cases, tend to be set later in the hour.
Corporations and partnerships must have an attorney to file a bankruptcy case. While individuals may appear “pro se” (without an attorney) in the bankruptcy court, it is recommended that you obtain the legal services of a bankruptcy attorney. Only an attorney is authorized to give legal advice regarding a bankruptcy case or proceeding.
Only an attorney is authorized to give legal advice regarding a bankruptcy case or proceeding. If playback doesn't begin shortly, try restarting your device. Videos you watch may be added to the TV's watch history and influence TV recommendations.
Only an attorney can provide legal advice. Note: During the course of a bankruptcy case, bankruptcy court notices are mailed by the Bankruptcy Noticing Center (BNC) on behalf of the court. The BNC, which is operated by a private contractor, provides notice production and mailing services for the court, but the BNC is not the court.
Corporations and partnerships must have an attorney to file a bankruptcy case.
Filing Fee: $338.00 Payable By : Attorneys may pay by check; money order; certified bank check; cash or credit card (Visa, Mastercard, American Express or Discover). Personal and Third Party Checks cannot be accepted. Pro-se debtors must make all payments in cash (exact amount) or money order made payable to “CLERK, U.S. BANKRUPTCY COURT.” Do NOT send cash through the mail.
The Court may schedule a hearing to potentially dismiss the debtor’s case if the item (s) above are filed late.