Chapter 7 Bankruptcy Process, Deadlines, and Filing

A Chapter 7 bankruptcy case can be completed efficiently. Most cases will be discharged within 3 to 6 month after the initial filing. Knowing when and how to file your case can save you a lot of time and ensure that you are complying with the proper protocol in order for your case to be processed.

There are several deadlines to keep in mind if you have already filed bankruptcy in the past.

  • Those individuals of previously filed a Chapter 7 bankruptcy must wait until eight years after the discharge date from the initial bankruptcy before filing again.
  • Those parties who received Chapter 13 bankruptcy discharge in the past six years are generally eligible to file for a Chapter 7 discharge. Parties in this situation must have paid at least 70% of the unsecured claims from the initial bankruptcy.

 

Considering a Chapter 7 Bankruptcy Filing?

The year before you file bankruptcy can be an important one, depending on your actions during this time. If you have made any efforts to defraud or delay creditors by hiding or destroying property, your Chapter 7 discharge can be denied. Your creditors may even be entitled to proceeds or the property that you have transferred or hidden. During this 12-month period prior to your filing, if you have made any attempt to pay back one of your creditors who may be considered a close business associate, family member, or friend, the court has the right to take that payment back and distribute it amongst your other creditors.

  • Don’t attempt to file for Chapter 7 discharge if you have had a bankruptcy case dismissed within the 12 months prior. If you do this, your filing will be terminated and dismissed immediately.

If you are in the process of considering bankruptcy, contact us and we can help you find the assistance of a qualified budget or credit counseling agency. This will generally be required with your case, and may provide you with other options as you move forward.

Filing For Chapter 7 Bankruptcy

  • In order to file, you must’ve been a resident of the state where you are filing for at least 90 days before the date of your official submission.
  • Any debt accumulated in the short period before your bankruptcy filing is usually not considered dis-chargeable, so do not attempt to rack up additional debt with any other creditors.

Chapter 7 Bankruptcy Filing Steps

  • File your petition in bankruptcy court. This will usually set in motion automatic stays that disallow your credits from collection or legal action.
  • The court will distribute case notice to all the creditors listed within your filed petition.
  • The court will appoint a bankruptcy trustee, who will review your documents and set up a meeting with the creditors.
  • In the 15 days following your petition filing, you are responsible for providing requested court documentation, such as proof of income and expenses. Around this same time, you will receive notification of the meeting date with your creditors.
  • Work with your bankruptcy attorney for the duration of the case.

Don’t put your families future in the hands of just any Northern Kentucky Attorney, Call Cynthia R Clausen for the right representation for your family.