Ravosa Law Offices, PC

Chapter 7 bankruptcy is a type of bankruptcy that allows individuals or businesses to discharge their debts and start fresh. If you are considering filing for Chapter 7 bankruptcy, it is important to understand the timeline of the bankruptcy process. Here is a general timeline of a Chapter 7 bankruptcy case:

1. Pre-Bankruptcy Counseling: Before filing for bankruptcy, you must complete credit counseling from an approved agency within 180 days of filing.
2. Filing the Petition: To start the bankruptcy process, you must file a petition with the bankruptcy court. This document includes information about your income, expenses, assets, and debts. You will also need to pay a filing fee.
3. Automatic Stay: Once the petition is filed, an automatic stay goes into effect, which stops most creditors from attempting to collect debts from you.
4. Appointment of Trustee: After the petition is filed, a bankruptcy trustee will be appointed to your case. The trustee’s role is to review your petition, gather information about your assets and debts, and determine if any assets can be sold to pay your creditors.
5. Meeting of Creditors: Within 20 to 40 days of filing your petition, you will be required to attend a meeting of creditors. The trustee and your creditors may attend this meeting and ask you questions about your financial situation.
6. Liquidation of Assets: If you have non-exempt assets, the trustee may liquidate them to pay your creditors. Exempt assets are typically protected from liquidation. Most typical assets, such as your house and car, will be protected.
7. Discharge: If there are no objections from your creditors and the trustee, you may receive a discharge of your debts within 60 to 90 days of the meeting of creditors. This means that your debts are eliminated, and you are no longer responsible for paying them.
8. Close of the Case: Once the discharge is granted, the case will be closed, and the bankruptcy process will be complete.

It is important to note that the timeline of a Chapter 7 bankruptcy case can vary depending on the specifics of your case. Working with an experienced bankruptcy attorney can help ensure that your case is handled efficiently and effectively.

If you have questions about how bankruptcy works, and if this may be the solution for tackling your debt, contact our office to speak with an attorney today.