What Is the Cost and Process for a Chapter 7 Bankruptcy?

What Is the Cost and Process for a Chapter 7 Bankruptcy?

It is important to gather all the necessary information before starting the bankruptcy process. Chapter 7 Bankruptcy can provide a fresh start if you are struggling with credit card or medical bills. In California, the process can last anywhere from 3 to 6 months, but the benefits begin the day the case is filed. The first step is to gather financial information, including bank statements, pay slips, tax returns, and worksheets.

While credit reports can be useful, they do not include all of your debts, and many debts do not appear on credit reports. Official paperwork should include:

Complete List of Assets

To complete your list of assets, you will need to provide detailed information. This will help you determine which items can be protected. It is not recommended to leave any information out. The following information is required to complete this form:

  • Note the year, make, and model of all cars, motorcycles, or trucks, as well as their mileage.
  • Keep records of utility bills, rental information, and security deposits.
  • Estimate the cost of all household items, including sheets and towels, coffeemakers, etc.
  • List and value all electronic items, jewelry, firearms, and sports equipment you own.
  • Include all retirement, savings, and checking accounts in your name, even if the account is not solely yours.

Bankruptcy Attorney

This article was written by Alla Tenina. Alla is the best bankruptcy attorney in Los Angeles California, and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user, or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.