Chapter 7 Success Lawyers Chicago - Chapter 7 Bankruptcy - Filing the Petition

Chapter 7 Bankruptcy - Filing the Petition

A voluntary petition is filed under Chapter 7 of the U.S. Bankruptcy Code. The clerk of the U.S. Bankruptcy Court will issue notice to all creditors, the Chapter 7 debtor and his attorney. The filing under Chapter 7 constitutes an automatic stay, effectively restricting the collection efforts of most creditors. The Chapter 7 debtor pays a filing fee, currently $299.00, pursuant to Section 1930.
A statement of current monthly income is filed for an individual debtor with primarily consumer debts. The debtor is also required to file sixty (60) days worth of pay advices that were received just before the date of filing. Because of identity theft reasons, many courts are not requiring that the pay advices be filed with the court. Instead, the advices are being submitted directly to the Chapter 7 trustee who is assigned to the case.

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