The legal procedure followed by the consumers when bankruptcy is filed.
Chapter 7 bankruptcy
When a person files for chapter 7 bankruptcy, he has to go through legal formalities by filling some forms. It will list his income and expenses, assets, debts and property transactions for the past couple of years. The cost of filing chapter 7 bankruptcies is $200. Those people who receive public assistance or those who live below the poverty line do not require paying this fee. Then a court appoints a person who is known as the trustee to oversee your case.