Know What To Expect With In Chapter 7 Bankruptcy Timeline
One advantage of using Chapter 7 bankruptcy to solve your debt problems is that it is usually a relatively quick process. In fact, the majority of Chapter 7 matters are completed in six months or less. However, there are many important things that must happen at certain times in order to keep the process moving. A skilled bankruptcy lawyer can guide you from beginning to end.
At the Law Office of Paul L. Urich, P.A., bankruptcy is all I do. I am completely devoted to helping Floridians find relief from overwhelming debt. Since 1998, I have filed thousands of Chapter 7 bankruptcy petitions to help people get fresh starts. I know the Chapter 7 bankruptcy timeline and will do my best to make your case predictable for you, so there are no surprises along the way.
An Overview Of The Chapter 7 Process
There are many important dates involved in a Chapter 7 bankruptcy case. It is necessary to look back as much as eight years to examine your history and whether you filed any previous bankruptcies. For most people who have never filed before, however, the timeline usually starts 180 days (about six months) before the date of filing.
First consultation with my firm: If you are considering bankruptcy, the first step is to speak to an experienced Orlando bankruptcy lawyer. When you come to me, I will analyze your finances and conduct the means test to see if you qualify for Chapter 7. There are many important items to bring to your first consultation, including six months’ worth of pay stubs, bank statements and bills.
180 days before filing: You must receive credit counseling from a court approved agency.
90 days before filing: You must be a resident of Florida at least 90 days before filing. Further, you should avoid making charges on your credit card within 90 days of filing because it may be considered nondischargeable.
Filing your case: After gathering all the required information, I file your Chapter 7 petition and your case officially begins. The court enters an automatic stay, which halts all collections efforts and lawsuits against you. Creditors must stop harassing you and foreclosures are delayed, as are repossessions. The court will notify your creditors that you have filed for bankruptcy.
About 30 days after filing: You must file a Statement of Intention with the court telling the court whether you want to keep property that is collateral for loans (for example, your car). You may either reaffirm the debt and make payments, or you can redeem the property by paying the fair market value for it. The court must approve either option.
About six weeks after filing: You will be required to attend a Creditors’ Meeting. This is an informal meeting and often lasts less than 10 minutes. Creditors have 30 days after the meeting to object to the discharge of debts.
Five or six months after filing: After the Creditors’ Meeting, the legal system proceeds and your attorney handles most issues, if any arise. In most cases, you will receive a final discharge from the bankruptcy court within six months, and you will be able to start fresh.
What Is The Timeline For Getting Out Of Debt? Call Me For A Consultation.
I am a debt relief agent. I help people file for bankruptcy relief under the Bankruptcy Code.