What happens during the Chapter 7 bankruptcy process?
1. An individual must complete a credit counseling course with an approved credit counseling agency before filing for bankruptcy. A certificate of completion will be issued to the individual and must be filed with his/her bankruptcy petition. 2. The bankruptcy petition, certificate, and necessary schedules are filed with the bankruptcy court. 3. A 341 Meeting of Creditors is scheduled 30 days after filing. The debtor must appear at this meeting before a bankruptcy trustee. If the debtor fails to appear, the debtor’s case is dismissed. At this meeting, creditors are given the opportunity to appear and to ask the debtor questions about the debtor’s financial affairs. 4. After the 341 Meeting of Creditors, the debtor must complete a personal financial management course before the debtor can receive a discharge. 5. Generally, a debtor receives a discharge within three to four months after filing for Chapter 7.
