The length of the bankruptcy process will depend on whether or not you are filing Chapter 13 or Chapter 7 Bankruptcy.
Chapter 13 Bankruptcy Process:
Chapter 13 Bankruptcy allows a debtor to discharge debts over a 3 to 5 year period through a debt repayment plan. Contacting a lawyer, organizing your information and creating the debt repayment plan may take several weeks. What needs to be done to file for Chapter 13 Bankruptcy?
1. Gather your documents for filing - One of the most time consuming activities could be gathering all the necessary documentation and financial records for your bankruptcy lawyer. Information that will need to be gathered can include financial statements, tax returns and pay stubs.
2. Prepare the Chapter 13 Bankruptcy Petition – preparing a Chapter 13 Bankruptcy petition can be complicated. If you hire an experienced bankruptcy lawyer it may take a few hours. If you file without legal assistance, it could take days.
3. Complete the Chapter 13 Bankruptcy Filing Process – This will include filing all the appropriate forms at the courthouse. This process is generally brief. This step will include filing a list of your creditors and the bankruptcy schedules (schedules of your assets and liabilities, executory contracts, unexpired leases, statement of financial affairs, and current income and expenditures). Schedules must be submitted within15 days from the date the bankruptcy petition is filed.
4. File a Chapter 13 Bankruptcy plan – If a debtor is filing for Chapter 13 Bankruptcy they must submit a bankruptcy repayment plan within 15 days from the date the bankruptcy petition is filed. The Chapter 13 Bankruptcy repayment plan will outline the creditors and how each creditor will be paid.
5. The court mails a Notice of Commencement of Case – The court will generally mail you a notice of commencement within 18 days from the date you have submitted your Chapter 13 Bankruptcy petition. This notice outlines the dates for the bankruptcy meetings and how long the creditor has to object to the discharge of your debts.
6. Chapter 13 plan payments must be made – You must begin making debt repayments within 30 days from the date your Chapter 13 Bankruptcy was filed.
7. The 341 Creditor Meeting is held – The 341 Meeting is generally scheduled within six weeks from the date the Chapter 13 Bankruptcy petition is filed. You must attend the meeting, but the creditors do not have to attend.
8. Chapter 13 Bankruptcy Discharge completed– Chapter 13 Bankruptcy repayment plan payments will continue for 3 to 5 years until the Chapter 13 Bankruptcy plan is completed.
Hiring a Bankruptcy Lawyer
If you are considering filing for Chapter 13 Bankruptcy complete the FREE evaluation form for more information and a bankruptcy lawyer will contact you to discuss your financial situation.
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