Copyright The Law Office of Eric L. Crump, PLLC, 2007, All rights reserved
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THE LAW OFFICE OF
ERIC L. CRUMP, PLLC
ATTORNEY AND COUNSELOR AT LAW
____________________________________________________
THIS IS AN ADVERTISEMENT
CHAPTER 7 BANKRUPTCY
Chapter 7 bankruptcy is a debt adjustment procedure
for individuals with who meet certain income and asset
requirements to receive a complete "discharge" of their
indebtedness.  In Chapter 7, the debtor's non-exempt
assets are liquidated and distributed to creditors in total
satisfaction of outstanding liabilities in most cases.

             Starting the Bankruptcy

In Chapter 7 bankruptcy, the debtor files a petition with
the court, which includes detailed financial information
about his assets, debts, and income, and a list of the
assets claimed as exempt.  The papers filed with the
court are executed under penalty of perjury. The  court
process usually takes about 3-4 months.

The court appoints a trustee to:
1.        Review the bankruptcy filing;
2.        Conduct the meeting of creditors;
3.        Review the debtor's eligibility for a discharge;
4.        Liquidate (sell) any non-exempt assets
   Distribute the proceeds to creditors.

            
The Meeting of Creditors

The debtor attends a meeting of creditors which is
usually held about 1 month after the filing. The debtor is
put under oath, and the creditors have the right to ask
the debtor about the debtor's assets and liabilities.. In
most instances, the meetings are quite brief, and often
limited to the debtor simply confirming that the
bankruptcy papers contain a true and accurate listing of
all of his assets and debts. If complications arise, such
as litigation with a creditor or the trustee, the debtor may
have to attend a court hearing or additional  
examinations, and he will receive such notice from the
court or his attorney.

             The Discharge Notice

If there are no objections to the debtor's discharge, then
the debtor receives a written notice from the court,
stating that he has been discharged of all of his
dischargeable debts.

                   Credit Reports

The fact that a debtor has filed bankruptcy can appear
on credit reports for 10 years. If the debtor was
delinquent in his bill payments, then he may have
already had bad credit. If the debtor receives a
discharge of his debts, then he will often be in a good
position to pay his current bills, and may be able to get
new credit. A debtor is entitled to receive a discharge in
bankruptcy once every 6 years.



For more information concerning Chapter 7 Bankruptcy
or other related legal matters in the Commonwealth of
Kentucky, Attorney Eric L. Crump is available for
consultation. To set up an appointment, please feel free
to call (502) 540-9958 or email at
ecrump@crumplawoffice.com.
WE ARE A DEBT RELIEF AGENCY – WE HELP
PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER
THE BANKRUPTCY CODE
620 South Third Street, Louisville, Kentucky 40202
Phone: (502) 540-9958; Fax: (502) 540-9957
email: contact@crumplawoffice.com