What Does a Bankruptcy Timeline Look Like?
Roseville Bankruptcy Lawyers
From the time you file for Chapter 7 bankruptcy, the process takes approximately 3-4 months, depending on various factors. Once the process resolves, you're ready for a fresh start, free of debt. Alternatively, Chapter 13 bankruptcy involves a reorganization of debt. Payment plans for Chapter 13 bankruptcy are usually around 3-5 years.
At Cecil Cianci Law, PC in Roseville, California, a bankruptcy attorney can explain a standard debt repayment timeline in more detail, and how the bankruptcy process will affect you.
Call (916) 675-3866 for a free bankruptcy consultation with an attorney.
What Does Chapter 7 Bankruptcy Look Like?
Chapter 7 Bankruptcies are perhaps the most commonly filed type of bankruptcy. A typical Chapter 7 bankruptcy follows this timeline:
- Free consultation with a bankruptcy attorney at our office;
- Fill out a bankruptcy packet and meet with one of our assistants to review your paperwork and verify that all necessary information has been provided;
- Meet with your attorney and review your Petition to be sure all information is accurate and ready to file;
- File your bankruptcy;
- Approximately 30 days after filing, attend an informal meeting with a United States Trustee (the average length of these meetings is typically 4-7 minutes);
- 60 Days later, your Discharge is processed;
- Fresh Start!
Am I Eligible for Chapter 7 Bankruptcy?
If you have not filed for Chapter 7 in the past eight years, you are eligible if you pass the means test (generally, you have to be below a specific income limit to qualify for Chapter 7). If you're not eligible to file for Chapter 7, you may be eligible for Chapter 13. You're eligible to file for Chapter 13 if you possess a stable income above a certain amount, have not filed in the past six years, and your secured and unsecured debts fall below the legal limits.
What Should I Know About Filing for Bankruptcy?
A few things will happen when you file for bankruptcy:
- You will need to take credit counseling and be a California resident. Before you sign up for credit counseling, talk to a bankruptcy lawyer at our law firm. We can recommend online or phone counseling that fits your needs. You need to be a California resident at least 90 days before filing. If you plan to pay any creditor prior to filing, talk to a lawyer first. Paying one creditor and not others could jeopardize your bankruptcy.
- The day you file, the automatic stay goes into effect. Automatic stay protection means that creditors and debt collectors cannot call you asking for payment. The court will send notices to all your listed creditors. If they call, refer them to your attorney. The stress of bill collection will stop when you file for bankruptcy.
- The process includes your intentions and creditors' meetings. In Chapter 7 bankruptcies, a U.S. trustee may seize assets such as property to repay your creditors and eliminate your debts. Talk to your attorney about reaffirming a secured debt if you wish to retain a certain asset. During the process, creditors will inform the court of any concerns they may have. When creditors have submitted their proofs of claim and your non-exempt property has been liquidated, the Chapter 7 bankruptcy will be final. Your lawyer will keep you informed about the progress of your filing.
Before you decide to file, contact a bankruptcy lawyer. Know your options.
With Cecil Cianci Law, PC, your first bankruptcy consultation is free! Our Roseville bankruptcy attorneys can give you the information you need to understand the ins and outs of your bankruptcy case. We'll work with you to develop a comprehensive legal strategy that will enable you to get a fresh financial start. Contact us online or give us a call at (916) 675-3866 to learn more.