Bankruptcy Process
Once the necessary paperwork is filed with the court, you are entered into the bankruptcy process. The first step for both a Chapter 7 and a Chapter 13 bankruptcy is to provide the required documentation to the Trustee’s office (copies of tax returns, copies of pay stubs, etc.) We provide full service care for each of our cases. The next step for both the Chapter 7 Bankruptcy and the Chapter 13 Bankruptcy is the 341 First Meeting of Creditors.
341 Meeting of creditors
Once the Court accepts your bankruptcy petition, it notifies your creditors, advises them of your filing, and gives them the date and time of the meeting of creditors. Any creditors who wish to question you about the debts or assets involved in this bankruptcy may do so at this meeting. Should a creditor object to your bankruptcy filing, they must do so within a certain period of time after this meeting.
Under a Chapter 7, their objection may result in bankruptcy litigation. However, this rarely happens and typically this informal hearing is the only appearance you will need to make.
With the Chapter 13 filing, there is typically a second hearing for plan confirmation. In many cases, our experienced attorneys can get your bankruptcy repayment plan pre-approved by the court to avoid a second hearing.
The 341 First Meeting of Creditors hearing and most confirmation hearings are held by the court-appointed Trustee and are fairly informal hearings. Rarely are matters within a case brought before a bankruptcy judge.
Debt Discharge and Completion Timeline
The completion timelines vary between a Chapter 7 and a Chapter 13.
The Chapter 7 process typically completes to discharge within 3-5 months of filing. Here is a breakdown of the timeline after the case is filed with the court:
- Within 30 – 45 days: 341 First Meeting of Creditors is held
- Within 45 days after hearing: Complete the “Debtor Education” Course
- Within 60 – 90 of the 341 days: Receive discharge of debts from the court.
The Chapter 13 process completes within 36 – 60 months after the plan is confirmed with the court. Here a breakdown of the process after the Chapter 13 plan is filed with the court:
- Within 30 – 45 days: 341 First Meeting of Creditors is held
- Within 30-45 days after 341 Hearing: Confirmation Hearing is held to approve the repayment plan
- 36 – 60 months: Repayment plan is in effect
- After plan payments are concluded, the “Debtor Education” Course must be completed before a court discharge is granted.
Bankruptcy Litigation and Adversary Proceedings
The Rules of Bankruptcy Procedure governs any bankruptcy litigation between a creditor and a debtor. Such cases move very quickly and occasionally even summarily. While it is possible to file for bankruptcy without the services of a lawyer, the chance of such litigation is a sufficient reason to retain expert bankruptcy attorneys. These cases and appearances require a firm, confident approach that only a seasoned attorney can provide.
We offer free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action. We specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. We have offices in
