Chapter 7 Eligibility: You are eligible to file for Chapter 7 bankruptcy after eight years have passed from a previous Chapter 7 discharge, or six years have passed from a previous Chapter 13 discharge.
Chapter 13 Eligibility: You are eligible to file for Chapter 13 bankruptcy after four years have passed from a previous Chapter 7 discharge, or two years have passed from a previous Chapter 13 discharge.
The Following Timeline is a general process for a Chapter 7 Filing
180 Days Before Filing Bankruptcy: You must meet with an approved non-profit budget and credit counseling agency for an individual or group briefing within 180 before filing for bankruptcy.
90 Days Before Filing for Bankruptcy: You must have been currently living in this State as resident for at least 90 days before filing for bankruptcy. If you have not lived in this State for more than 90 days, you must file for bankruptcy in your previous state.
Education Classes: The new bankruptcy laws listed in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require that you participate in a financial education and management course. You must take the financial education prior to the filing of the Bankruptcy Petition and must complete the management course prior to the Discharge. If you do not complete these classes, then you will not be granted bankruptcy.
Your Case is Filed: Your case will officially begin as soon as you file the bankruptcy petition with the courts. A bankruptcy trustee will be appointed to oversee your case and ensure you are eligible for bankruptcy. The trustee is responsible for reviewing your petition, making sure everything has been completed, and scheduling a meeting with your creditors. The court will also notify all of the creditors listed in your petition of your bankruptcy, and enter an Automatic Stay, which will prohibit your creditors from trying to collect or take legal action against you.
15 Days After Filing Bankruptcy: You will receive a Notice of Commencement of Case within 15 days of your filing. The court will also send this notice to your creditors. This notice will indicate the date of the Meeting of Your Creditors, as well as the deadlines for creditors who wish to object to your petition and file their own claims against you. In addition, if you did not declare your assets, liabilities, expenses, and income at the time you filed your bankruptcy petition, you have 15 days from the date your petition was filed to do so.
30 Days After Filing Bankruptcy: Within 30 days you must file a Statement of Intention, which will inform the court of whether or not you intend to surrender your property that serves as collateral, or if you plan on keeping it. If you decide to surrender your property, you have 45 days to do so from the date you filed your Statement of Intention. If you decide to make payments so you can keep your property, you must make those payments within 45 days as well.
45 Days After Filing Bankruptcy: You must file a statement that acknowledges that you received an explanation of which bankruptcy chapters are available to you, evidence of payment from your employer from within the last 60 days, an itemized statement of your monthly income, and an estimate of any anticipated increases in income or expenditures in the next year.
Six Weeks After Filing Bankruptcy: The bankruptcy trustee will hold the Meeting of Your Creditors. You are required to attend this meeting. At the meeting, you will be required to testify under oath that your petition is accurate. If you fail to appear at this meeting your bankruptcy case will be dismissed and you will have to file all over again. Furthermore, if your creditors or bankruptcy trustee have any objections to your claims for exemptions, they have 30 days following this meeting to make their objections known.
60 Days After the Meeting of Your Creditors: Your case will be discharged after 60 days from the date of your meeting as long as the trustee does not motion to dismiss your case or your creditors object to the discharge of your debts.
90 Days After the Meeting of your Creditors: All creditors, with the exception of the government, must file proofs of claim if they wish to receive payments from your case in the event that you have assets that are available for liquidation.
If you are interested in filing for bankruptcy, Contact LIN LAW GROUP TODAY!!!
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