Bankruptcy Timeline

Bankruptcy Timeline

Deciding to file for bankruptcy is an important financial decision. If you need legal assistance in order to make an informed decision, we urge you to contact Attorney Chenelle. In a free, initial consultation, Attorney Chenelle can evaluate your case and give you the tools and knowledge you need to know about the various types of bankruptcy and eligibility factors.

If you decide to file for a Chapter 7 bankruptcy which is the most common type of petition filed, below is a timeline of what you can expect to happen in the bankruptcy process.

Your bankruptcy petition will be filed with the court. You must include a list of creditors, assets and liabilities, your current income and expenses, and a certificate from an approved credit counseling agency whom you have seen within 6 months prior to your filing. In a Chapter 7 petition, you must provide a statement of intention which tells the court which property you wish to keep, such as a vehicle or home. You generally have 15 to 30 days to file any missing documents which you did not give to the court when your petition was first filed.

After filing your petition, you must take a financial management course. You have up to 45 days to complete this course. 20 to 40 days after your filing, your First Meeting with Creditors will occur. This is conducted by your bankruptcy trustee. You will answer questions under oath. Your creditors may appear at this meeting as well. At this meeting, your trustee will liquidate your nonexempt assets. Generally, within 2 to 6 months after this, the court will rule that you are legally relieved of your debts. You can then begin to rebuild your credit and your financial future.

To find out if you qualify for a Chapter 7 bankruptcy, it is important that you consult with Attorney Chenelle. If you do not qualify, you can file for a Chapter 13 bankruptcy or, if you are a business owner, your business can file under a Chapter 11 bankruptcy option. Regardless of what type of bankruptcy best suits your needs, Attorney Chenelle can provide the guidance you need to smoothly get through the bankruptcy process.

If you need legal assistance with any type of bankruptcy, contact Attorney Chenelle to find out how this legal solution can help you or your business today.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.