August 13th, 2009 by Reed Allmand 
When considering Chapter 7 bankruptcy, many debtors experience anxiety about the process. Let’s take a look at the process for debtors filing Chapter 7 bankruptcy:
Step #1 – Meet with your bankruptcy attorney to discuss your financial situation. Bring a list of your creditors, bills, income records and credit report. At the meeting the bankruptcy attorney will help you determine the amount of your debts, your income and which debts you may or may not discharge during bankruptcy.
Step #2 – The debtor who decides to file bankruptcy must take a credit counseling course which can most likely be done online. This credit counseling course is a requirement for all debtors filing bankruptcy.
Step #3 – The bankruptcy attorney will file the debtor’s bankruptcy petition with the court. The petition will include all of the information you compiled and gave to your attorney; creditors names, debt amounts, income etc.
Step #4 – The debtor will attend a meeting with his/her bankruptcy attorney, the bankruptcy trustee and maybe a few of the debtor’s creditors. This is NOT a meeting where creditors will confront you or anything along those lines. They will just ask you basic questions about your ability to pay the debt.
Step #5 – The debtor must attend a financial management class where he/she will learn how to manage his/her money. Attendance at this class is required.
Step #6 – The debtor will receive a discharge of his/her debts and begin a brand new financial start.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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