Bankruptcy Timeline

Chapter 7 Bankruptcy Timeline

• Typically, the Chapter 7 Bankruptcy process takes about 4 1/2 months start to finish. This is remarkably quick for any significant legal process.
• The Bankruptcy process starts with the filing of the Chapter 7 Bankruptcy Petition with the U.S. Bankruptcy Court.
• Filing of the Bankruptcy Petition places an automatic "stay" on all collection efforts. This simply means that your creditors can have no further contact with you about your debt. This is where the harassing telephone calls and law suits immediately STOP.
• The U.S. Bankruptcy Court will automatically assign a Bankruptcy Trustee to your case. The Trustee will serve to administer your Bankruptcy case on behalf of the U.S. Bankruptcy Court.
• The Bankruptcy Court will schedule a Meeting of Creditors to be held about 30 to 45 days after the Chapter 7 Bankruptcy Petition is filed. This will typically be the one time that your will need to go to the Court. However, the Meeting of Creditors is a relatively informal meeting that takes place in a conference room, not a Court room.
• Within 45 days after the Meeting of Creditors, you are require that you take a Pre-Discharge Course. This course will provide you with tips and tools for wise money management and credit use. There are two ways to complete the Pre-Discharge Course. First, you can access this online Course using any internet-connected computer. Or, you can access this Course over the telephone via a toll free telephone number.
• Approximately 90 days after the Meeting of Creditors you will become eligible to receive a Discharge of debt from the U.S. Bankruptcy Court. This "Discharge" will wipe out your debt and your case will be closed.

Chapter 13 Bankruptcy Timeline

• Typically, the Chapter 13 Bankruptcy process follows one of two tracks and takes either 36 month/3 years or 60 months/5 years. The track your case may follow will depend upon a number of case specific circumstances
• The Bankruptcy process starts with the filing of the Chapter 13 Bankruptcy Petition with the U.S. Bankruptcy Court.
• Filing of the Bankruptcy Petition places an automatic "stay" on all collection efforts. This simply means that your creditors can have no further contact with you about your debt. This is where the harassing telephone calls and law suits immediately STOP.
• The U.S. Bankruptcy Court will automatically assign a Bankruptcy Trustee to your case. The Trustee will serve to administer your Bankruptcy case on behalf of the U.S. Bankruptcy Court.
• The individual filing Bankruptcy, through their attorney, must file a Chapter 13 Payment Plan within Fifteen (15) days of filing the Petition.
• The individual filing Bankruptcy must begin making payments under the Payment Plan within thirty (30) days of the Petition filing date. These payments will continue on a monthly basis for the duration of the Payment Plan, either 36 month or 60 months.
• The Bankruptcy Court will schedule a Meeting of Creditors to be held about 30 to 45 days after the Chapter 13 Bankruptcy Petition is filed. The Meeting of Creditors is a relatively informal meeting that takes place in a conference room, not a Court room.
• Prior to completing payments under the Payment Plan, you are require that you take a Pre-Discharge Course. This course will provide you with tips and tools for wise money management and credit use. There are two ways to complete the Pre-Discharge Course. First, you can access this online Course using any internet-connected computer. Or, you can access this Course over the telephone via a toll free telephone number.
• Upon successful completion of the Payment Plan you will become eligible to receive a Discharge of debt from the U.S. Bankruptcy Court. This "Discharge" will wipe out your remaining debt and your case will be closed.

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