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Bankruptcy Timeframes

A Chapter 7 or Chapter 13 bankruptcy can be filed on an emergency basis, often within one day. You can also choose to file a bankruptcy at your convenience, and our attorneys will help you work out the best timeframe for your financial future. Chapter 7 bankruptcy generally lasts four months before debts are discharged, while Chapter 13 bankruptcy lasts between 36 and 60 months.

Below is a timeline of what you can expect when filing for Chapter 7 bankruptcy:

Within 180 days before filing for bankruptcy, you are required to complete a session of credit counselling with a government-approved agency. You will need to file your certificate of completion with the court when you declare bankruptcy

You will then submit a petition to the Court and pay any associated filing fees. If you do not file a certificate of credit counselling at this time, you will have fourteen days to do so, along with any other supplementary materials. You will also have up to thirty days following your petition to file a statement of intention. Our attorneys will guide you in preparing these documents to ensure the success of your case.

Seven days before the meeting of creditors, which will occur between days twenty and forty, is the deadline for you to provide your tax returns to the trustee assigned to your case. At the meeting of creditors, your creditors will have a chance to ask questions about your petition. You will then have thirty days to perform your statement of intention.

Up to sixty days following this meeting, you will have a chance to enter into reaffirmation agreements with your creditors to waive any debt discharge that would otherwise occur at the end of the bankruptcy. For example, if you wish to keep your car following your bankruptcy, you will need to reaffirm and agree to continue paying that loan. You also have sixty days to complete the approved personal financial management course and file the form of completion, Form B23.

At this point, you will have fulfilled the requirements of your Chapter 7 bankruptcy, and your debts will be discharged. This means creditors will no longer be allowed to take action against you to collect those debts, and you will be able to begin rebuilding your credit immediately.

If you have any questions about the bankruptcy process, or if you would like to learn more about how our firm can help you file a successful petition, please call us at 1-800-425-4357 to schedule a free consultation.