How Chapter 7 Works
Here's how it works in a Chapter 7 bankruptcy case. Your lawyer draws up the papers, based on the information you provided. They're called "the schedules" because the papers are divided into "Schedule A," "Schedule B," etc., as an organizational tool.
You review the papers very carefully to make sure everything is accurate and you understand everything. You sign it in several places. Remember, you are signing these papers under penalty of perjury, so if there is anything out of order, now is the time to speak up. The case is filed, which triggers the automatic stay, so that you're under the protection of the bankruptcy court.
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Perhaps about a month after you file, you will have to attend a hearing. It's called a creditor's meeting, because it's a chance for your creditors to ask you questions about your debts and assets. But not many creditors show up.
The main purpose of the hearing will be for a trustee to question you to determine if you have any assets to take and sell to raise cash for your creditors. This is usually a fairly routine matter. Your lawyer should be able to tell if there's anything unusual about your case.
If all goes well, you'll receive a discharge order about two months after the hearing. This order means that you are discharged from paying your debts. The creditors may no longer attempt to collect them.
The biggest change brought about by the 2005 law was that it disqualified many people from filing a Chapter 7 bankruptcy-many people who make more than the median income in their states. And it's not a simple matter to figure out whether you are ineligible.
Other people are also ineligible for a Chapter 7 discharge; for example, those who already received a discharge in a Chapter 7 case within the previous eight years. People who had a bankruptcy case dismissed within the previous 180 days are also ineligible for a Chapter 7 discharge if the case was dismissed on certain grounds, such as refusing to show up for their hearing.
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