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FIRM, P.A
ATTORNEYS AND COUNCELORS AT LAW
Blog
Chapter 7 Bankruptcy Timeline
| Posted on February 4, 2013 at 2:18 PM |
The entire process
takes about 3 months (CHAPTER 7) and is summarized in 4 easy steps:
Once you’ve chosen us
to assist you with your bankruptcy case, you will need to provide documentation
regarding your financial situation and to fill out our Bankruptcy Intake Form.
· Go to Credit Counseling – One of the
requirements of bankruptcy is to attend credit counseling classes. These
classes are designed to educate you regarding finances so that you do not wind
up in the same situation again. Classes are simple and take a short amount of
time to complete and can be done on the web.
About 1 weeks after
you provide us with a completed Bankruptcy Intake Form we will have your
bankruptcy ready for filing! We will schedule to review the details of the
petition and sign the required documentation.
· Bankruptcy Petition Filed and Case Number
Provided – The day after
signing your petition we will file the documents with the bankruptcy court and
you will receive your case number. Once you have a case number, you will be
required to attend another educational course. This should either done prior to
you first bankruptcy court hearing or no more than 60 days after your
bankruptcy hearing.
· ‘Automatic Stay’ Goes into in Effect – This stops all
creditors from making any attempts to collect money from you or to even call
you. All judgments or pending law suits are also stopped as of the moment in
time of your bankruptcy filing.
· Notice From Bankruptcy Court – After your
bankruptcy petition has been filed with the court, you will receive a notice
informing you of your hearing date. Normally the hearing will take place about
30 days after your petition signing.
You will need to
appear before the court for a hearing during which the bankruptcy trustee will
ask you a series of questions. Your bankruptcy lawyer or paralegal will prepare
you for these questions and get you ready for the hearing. The hearing itself
is relatively short, only ten minutes in many cases.
· Keeping Property (Reaffirming Debt) – During the bankruptcy
court hearing, if there are any debts that you would like to “reaffirm”,
meaning you would like to keep the property, you will need to bring this up and
sign a reaffirmation agreement. This means you will agree to a repayment
schedule with the creditor. Often times a discounted rate will be offered in
order to help you with the repayment, such as a car payment.
About two months after
you court hearing, you will receive a Notice of Discharge from the bankruptcy
court. At this point, your bankruptcy case is over and you are relieved of all
debt, except that which you chose to reaffirm. |
Categories: Bankruptcy
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