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How long does a Chapter 7 take? What happens in a Chapter 7 Bankruptcy? A typical chapter 7 bankruptcy case takes about 3.5 to 4 months from filing until discharge. The following timeline describes the typical chapter 7 bankruptcy case with Doan Law Group:
Let's see what's going on with your life and finances and what options you have. We'll explore Chapter 7 Bankruptcy, Chapter 13 Bankruptcy , and non-bankruptcy options such as debt-settlement or budget restructuring.
If we agree Chapter 7 Bankruptcy is right for you, we can get the case started immediately. We offer low fees and easy payment plans.
Unless there is some legitimate reason for delaying the filing of your chapter 7 bankruptcy case, usually the sooner we file, the better. We will pull your credit report from Experian, Equifax, and Transunion, perform a public records search, and give you a link to a checklist of items and a bankruptcy questionnaire that provides us with the information we need to prepare your case for review. We will also provide you with a link to complete your online Consumer Credit Counseling class, which is required to file bankruptcy.
Once we have completely prepared your chapter 7 bankruptcy case with the information you provided, we'll review your case in detail and make sure we're both satisfied that its ready to file.
After your case is filed, you will receive a Notice of Commencement of Chapter 7 Bankruptcy in the mail from the United States Bankruptcy Court giving you the date and time of your 341 Meeting of Creditors. You'll get at least 30 days notice of your bankruptcy meeting.
The Bankruptcy Meeting of Creditors historically took place in a meeting room at the US Bankruptcy Court in the District where you reside. Since Coronavirus, meetings continue to take place telephonically, or by Zoom.
At your meeting, a court-appointed trustee will ask you a few questions under oath about the accuracy of your bankruptcy documents that were filed with the court.
For most debtors, all you have to do next is wait for Discharge. If the trustee needs additional information, your hearing may be continued to another date, which may be canceled if the trustee is satisfied with your submission.
Add an answAfter the conclusion of your 341 Meeting, creditors have 60 days to object, provided they have legitimate grounds. Creditors rarely object in our cases since we screen for possible objections prior to filing. About two to four weeks after the creditor objection deadline, the court will enter your discharge.
It has now been about three and a half to four months since you filed bankruptcy, and you will begin to discover life after debt.
Chapter 7 bankruptcy, also called liquidation, is the most common type of consumer bankruptcy. Chapter 7 bankruptcy completely eliminates dischargeable debt forever.
What Debt is Dischargeable in Bankruptcy?
Dischargeable debt, also known an unsecured non-priority debt, includes credit cards, medical bills, foreclosure deficiencies, auto repo deficiencies, unsecured judgments, personal loans, past-due utilities, business related debts, attorney fees, older taxes, past-due rent, EDD overpayment, and more.
What Debt is not Discharged in Bankruptcy?
While your bankruptcy case must list all of your creditors in your Bankruptcy Schedules D, E, and F, some debts will not be wipe out, or discharged.
Schedule D (Secured Debt) includes debts secured by assets, such as your home or car, where you intend to keep your home or car. To keep your house and car, simply continue to make your ordinary monthly payments.
Schedule E (Priority Unsecured Debt) includes recent taxes and domestic support obligations are considered priority unsecured debt, and will not be discharged. Though older taxes can be discharged if the eligibility requirements are satisifed. Student Loans will not be discharged in bankruptcy unless you file a motion in the bankruptcy court to show the court you are unable to pay your student loans, and to do so, you and/or your dependents would experience an undue hardhip. Domestic support obligations, like child support and spousal support, are not dischargeable in bankruptcy.
Individuals who file for Chapter 7 Bankruptcy relief have proven to the court that they have no realistic means of repaying any significant portion of their debt in the foreseeable near future.
A successful chapter 7 bankruptcy case will legally excuse the debtor from having to repay any discharged debts. The vast majority of our chapter 7 bankruptcy clients are able to keep everything they own through asset protection laws (also called bankruptcy exemptions). A typical Chapter 7 Bankruptcy case takes about four months from start to finish.
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