What is Involved With Filing for Chapter 7 Bankruptcy in Fairfield Township

by | Aug 13, 2013 | Lawyer


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Chapter 7 is known as a quick form of bankruptcy, getting the petitioner in and out in four months or so. What it is not is a get out of jail free card as this chapter requires that assets are sold to pay off creditors. However, if all assets are exempted because the petitioner owns nothing of value, then nothing is sold off. This is not all there is to a Chapter 7 Bankruptcy in Fairfield Township, though. It is a complicated process requiring a lot of information in order to be considered for debt relief.

When you look to start a Chapter 7 Bankruptcy in Fairfield Township, you have to fill out what is known as the means test. Here, you enter in an estimated amount of debt and income, complete the math, then compare it against the median income of the state. If the amount that is left over is lower than the median, you are eligible to file under Chapter 7. The means test then directs you to begin the petition, where you fill out even more information.

The beginning of a Chapter 7 Bankruptcy in Fairfield Township is filling out the first page of the petition. Here, you ask the court for voluntary relief from your debt, and sign your name to verify that you are, indeed, who you say you are. An affidavit for declaring your honesty comes at the end of the packet. In between everything are schedules, matrixes and forms to be filled out. You are required to list out every creditor you owe, total up the amount, then move onto your exemptions. For exemptions, you look up the relevant codes for the state in order to determine the limits for each type of exemption. After that, you move onto listing your debts, your assets and more.

Filing a Chapter 7 Bankruptcy in Fairfield Township is not easy. There is a lot of information required, meaning you have to do research to ensure you’ve found every last scrap of financial information. It’s always best to talk to a lawyer such as Domain Url for help. A lawyer is familiar with the petition and helps you move through the process while taking some weight off your shoulders.