Important Steps in the Bankruptcy Process
Regardless of which
lawyer you choose to help you with bankruptcy, the timeline is
pretty much the same. The guidelines below are for
a "normal" case. If you have an emergency we can file
your case immediately. Also, sometimes a case will take
longer to close because the trustee is holding your case open
for some reason.
Chapter 7 Timeline:
Day
1:
Meet with the lawyer, complete the paperwork
Day 3-5:
Lawyer prepares and files case (all collection activity
stops! Hooray!)
Day 30-45: Attend the
meeting of creditors with trustee and lawyer
Day 100-120: Bankruptcy judge signs discharge order
and trustee closes case. You're debt free!
Chapter 13 Timeline:
Day
1:
Meet with the lawyer, complete the paperwork
Day 3-5:
Lawyer prepares and files case (all collection activity
stops! Hooray!)
Day 30-45: Attend the
meeting of creditors with trustee and lawyer. Your
first
bankruptcy payment is due at this meeting.
Day 50-70: Attend
confirmation hearing before bankruptcy judge (only if
necessary to
resolve any disagreements about your repayment plan)
Month 3-36: Mail your monthly
bankruptcy payment in to trustee to pay down debts. In
some
cases
your payment plan will extend out as long as 60 months.
Year 3-5: After
you've made the last payment required by your repayment plan,
the judge
signs the discharge order and the trustee closes the
case. You're debt free!