Bankruptcy Timeline: What to Expect After Declaring Bankruptcy

Bankruptcy Timeline: What to Expect After Declaring Bankruptcy "There are multiple types of bankruptcy that can be submitted; Chapter 7 and Chapter 13 are the most common. The duration of your filing and the common components of the procedure will largely depend on the chapter for which you file. There are time constraints and expectations associated with the filing of all types of bankruptcy. Approximately six months (180 days, to be exact) prior to filing, you will be required to complete credit counseling training. You will be ineligible to take advantage of the debt relief that can result from declaring bankruptcy until this procedure has been completed. Approximately three months prior to the procedure (exactly 90 days), you must be able to demonstrate that you are a legal resident of the state in which you are petitioning. It must be demonstrated that you have lived in that state for at least 90 days.After the pre-filing period has expired, your case will be subject to an entirely new set of time requirements. The new time limits won't begin until you file a petition with the bankruptcy court. Once this is completed, the procedure will officially begin. You will only have 15 days from the date of your bankruptcy petition to submit any and all case-specific information to the bankruptcy court. This includes any information about your personal expenses, assets, liabilities, income, etc. that could have an impact on your financial standing. If you chose Chapter 13, you will also be required to submit a repayment plan that must be met within this time frame.You must submit a Statement of Intention thirty days after filing for Chapter 7 bankruptcy. Essentially, this is a list of all the debts you desire to reaffirm during the process. In Chapter 13 cases, you are required to register your repayment plan with the court and make your first scheduled payment within the same timeframe (approximately 30 days). After 45 days, the court will hold a Meeting of Creditors regarding your case. This portion of the procedure is scheduled to occur approximately six weeks after the initial registration of your case.The proof of claims that may be filed in relation to your case are longer-term aspects of the bankruptcy procedure. This can occur at any time within 180 days of your filing, and the government agencies that may have claims against you will implement it. These agencies could include the Internal Revenue Service and other comparable organizations. Chapter 13 cases have the potential to last longer, sometimes as long as three to five years following the first payment. It is crucial to note that certain legal requirements determine whether or when you can file, and some of these are also time-sensitive. Specifically, anyone who has previously filed for Chapter 7 bankruptcy will be required to wait eight years before filing again. The waiting period for a Chapter 13 filing is two years after the bankruptcy discharge.
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