Your timeline will begin when you first file your petition with the Bankruptcy court. However, there are a few restrictions that may apply prior to filing that are important. You must be a resident in the state for at least 90 days prior to filing. You must also obtain training from a certified credit counseling agency no earlier than 180 days prior to filing.
If you have ever filed a Chapter 7 before, you must wait 8 years from the date of your discharge before you can file again. If you have filed a Chapter 13 previously, you may be eligible to file 6 years after your last discharge. If you filed for a Chapter 7 previously but now need to do a Chapter 13, you must wait at least 4 years from the date of your last discharge.
The first step in any type of bankruptcy filing is to gather all information about your debts, assets, income and expenses. Our office will work with you to put this together. Once all information is gathered, our office will file the legal petition that includes the financial statement. This statement will include a full list of all creditors, amounts and types of claims. It also includes your living expenses.
30 days after filing for a Chapter 7 you must file a Statement of Intention, which states which, if any, debts you wish to reaffirm. (Basically, which debts you will keep in order to keep property, such as a car that has a loan still owing on it)
30 days after filing for your Chapter 13 repayment plan with the court, you must make your first scheduled payments on your debts.
45 days after filing the court will hold a Meeting of Creditors and assign a Trustee to oversee your case.
Approximately 4 to 6 months after filing for Chapter 7 your debts will be discharged and your bankruptcy will be finalized.
3 to 5 years after filing Chapter 13 and having made your initial payment on your repayment plan, you will receive a formal discharge from the court. All eligible debts will be discharged at that point.
