Steps To Know When Filing For Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also called liquidation or straight bankruptcy. An individual files Chapter 7 to relieve them from most of their debt. The process can last three to six months. The length of your case will depend on the complexity of the case. To apply for Chapter 7, you will need to file a petition in bankruptcy court depending on the area you live in. In addition to the petition, you will also be required to file other documents such as schedules of assets and liabilities, schedules of income and expenses, schedules of executory contracts and leases, and statements of financial affairs.