Bankruptcy Timeline
Experienced Chapter 7 and Chapter 13 Bankruptcy Lawyers
Straightforward Bankruptcy Timeline
NOTE: after people file for bankruptcy, they cannot file again for 8 years!
- 6 months pre-bankruptcy filing people will need to complete credit counseling. They must obtain a certificate of completion from the U.S. Trustee Office. They must not have a bankruptcy case dismissed 6 months prior to filing their petitions or they will be ineligible for filing.
3 months pre-bankruptcy people must meet residency requirements. This means that if they plan to file for bankruptcy in Arizona, they must reside in Arizona for at least 90 days before they file their bankruptcy petition.
2 – 3 month pre-bankruptcy people must stop using their credit cards. People who use their credit cards in this time may be accused of fraud by their credit card provider and will be responsible for any new unsecured debt that is incurred.
Bankruptcy filing will commence when people file their bankruptcy petitions, statement of assets and liabilities and a list of their creditors. If people are filing for Chapter 13, they will also have to submit a proposed payment plan.
Weeks after people submit bankruptcy paperwork the court will notify their creditors and issue an automatic stay to stop collection efforts. Creditors will no longer be allowed to contact bankruptcy petitioners. A bankruptcy trustee will be appointed to peoples’ cases.
6 weeks post-bankruptcy filing people will have to attend a mandatory meeting with their trustee and creditors. Most creditors will not attend this meeting unless they wish to dispute assets or terms. If bankruptcy petitioners choose not to attend this meeting, their bankruptcy will be dismissed automatically.
2 months following the meeting, peoples’ debts will be discharged if they filed for Chapter 7 unless their creditors have disputes. Chapter 13 filers will continue to make their monthly payments as their debts are not subject to elimination.
Contact The Prescott Bankruptcy Law Firm to get out of debt today!
The Prescott Bankruptcy Law Firm helps people throughout Prescott, Arizona file for Chapter 7 and Chapter 13 Bankruptcy and also represents victims of creditor harassment.