The Typical Chapter 7 Timeline

March 15, 2016

A lot of my clients have not previously filed for bankruptcy. One of the most common questions is gaining an understanding of the general timeline and process of your typical Chapter 7 Bankruptcy. In general, Chapter 7 is the quickest bankruptcy to complete. The typical Chapter 7 case is completed within three to six months of the filing date. Keep in mind, before you can file a Chapter 7 bankruptcy, you need to complete your pre-filing Credit Counseling Course from a certified credit counseling agency. You must also qualify for Chapter 7 by passing the Means Test, which will be completed by your attorney and filed as part of your petition and schedules.

After your case is filed, the Court will assign a Trustee to your case and schedule the Section 341 Meeting, otherwise known as the Meeting of Creditors. This meeting generally takes place around 30 days after the case was filed. It will be held by the Trustee assigned to your case. All of your creditors are invited to attend the meeting, however, creditors rarely attend. At the meeting, you will discuss the schedules filed in your case and provide a brief explanation on what caused you to file for bankruptcy. These meetings typically last 10 minutes.

Creditors have 60 days from the completion of the Meeting of Creditors to file an objection to discharge. Assuming there are no objections, you should receive your Discharge Order roughly 60 days after your Meeting of Creditors. Once the Discharge is entered by the Court, your case will be closed and your Bankruptcy will be completed. Please see our series on rebuilding credit after your bankruptcy for further discussion of how bankruptcy affects your credit. If you have any questions about Chapter 7 or Chapter 13 Bankruptcy, contact the attorneys at Fears Nachawati today. Call 1.866.705.7584 or send an email to fears@fnlawfirm.com for a free consultation.

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