Chapter 7 Form

Chapter 7 form refers to any of the several forms and schedules that are related to filing bankruptcy under chapter 7. One of the forms is the list of creditors. The person filing should make sure this list is complete and accurate because any creditor not listed is not bound by the bankruptcy rules, which include not contacting the debtor. The second chapter 7 form is the schedule of assets and liability. Again, you will want to list all of the things you own and all of your liabilities in order to be fully covered. Next is the list of exempt property. Your attorney can go over this with you. Then there is the Statement of Financial Affairs which must be filled out and filed with the court. Finally, Statement of intent regarding consumer debts secured by property. Your attorney will help you with these chapter 7 forms. Once all of the paperwork is filed and the work is done, the case is usually discharged. The entire process usually takes less than a year but in some cases it can take longer. 99% of cases are discharged which means they end successfully. Chapter 7 is the quickest form of bankruptcy among all of the different types.

Fast Facts

  • 99% of chapter 7 cases are discharged
  • It takes about 3-5 months for a bankruptcy case to be discharged

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