Bankruptcy Timeline
Helping people file for Chapter 7 and Chapter 13 Bankruptcy
- 180 days before bankruptcy is filed: people must complete credit counseling and receive a certificate of completion. They may not file for bankruptcy if their previous bankruptcy filings were dismissed 180 days prior.
90 days before bankruptcy is filed: people must meet residency requirements. This means that people must be a resident of the state where they are filing for bankruptcy for at least 90 days before submitting paperwork.
60 days before bankruptcy is filed: people must not incur $1,075 of new unsecured debt. If they do, the debt will be considered “non-dischargeable” and people will be responsible for paying it back regardless of the outcome of their bankruptcy proceedings.
0 days, bankruptcy is filed: people will send in a petition to one of the U.S. bankruptcy courts. The petition will request protection from creditors under Chapter 7 and Chapter 13 bankruptcy laws.
15 days after bankruptcy is filed: people who have filed must submit schedules that list all of their assets and liabilities. If people have filed for Chapter 13, they must also submit a proposed repayment plan.
18 days after bankruptcy is filed: the court will send a Notice of Commencement to peoples’ creditors.
30 days after bankruptcy is filed: the first payment is due for people who have filed for Chapter 13 and people must have sent a Chapter 13 Plan to each of their creditors. People who have filed for Chapter 7 must submit their Statement of Intention.
6 weeks after bankruptcy is filed: people must attend a meeting with their creditors and bankruptcy trustee. The meeting is mandatory, which means if people do not show up, their cases will be dismissed.
30 days after meeting: creditors who are planning to object to exempt property claims must do so.
60 days after meeting: debts will usually be discharged if no objections are made for people who have filed for Chapter 7. Those who have filed for Chapter 13 will continue to make monthly payments for the next 3 to 5 years.
The Las Vegas Bankruptcy Law Firm represents individuals who wish to file for bankruptcy in Las Vegas, Nevada.