The Chapter 7 procedure is underway when you receive an “computerized continue to be” with the bankruptcy courtroom. This prevents creditors from pursuing the debts you owe them.Step one is filing an official bankruptcy petition in your business’s area jurisdiction on the US Bankruptcy Courtroom and paying the filing cost to your type of bank

The moment all of the crucial information and facts has actually been filed With all the court, the courtroom appoints a trustee, whose career is to ensure that your secured personal debt is repaid in excess of a given interval.Most often, if you file for bankruptcy before the creditor wins the situation, the bankruptcy will stop the pending lawsui