The time it takes to complete Chapter 7 bankruptcy varies depending upon your situation. In general, you can expect it to take around three to four months on average to complete Chapter 7 bankruptcy and have your debts discharged. However, if there are objections from creditors or other complications, it could take much longer.
An experienced Melville, NY bankruptcy lawyer will do everything possible to ensure you complete Chapter 7 bankruptcy as quickly as possible so you can move on with your life and begin to rebuild your credit score. Call Ronald D. Weiss, P.C. today to learn more about how you can get help to complete Chapter 7 bankruptcy.
Before you can file Chapter 7, you must complete pre-bankruptcy counseling with an approved credit counselor or agency. This counseling is the first step in your bankruptcy and you must complete the counseling within 180 days before officially filing for bankruptcy.
You have to be a resident of the state where you plan to file for bankruptcy at least 90 days prior to filing for protection and you are not allowed to repay any creditors or incur certain types of new debts for “luxury goods or services” within this 90 day period. If you give any creditor money in the 90 days before filing, the transaction may be undone. If you buy luxury items, obtain cash advances exceeding $750 or pay for luxury services on credit within the time leading up to the bankruptcy, the debt will be considered non-dischargeable.
Your bankruptcy officially begins when you actually file a bankruptcy petition in a bankruptcy court in New York State. Your creditors will receive notice of the bankruptcy and a bankruptcy trustee will be assigned and will oversee your case until you complete Chapter 7 bankruptcy.
Within 15 days of filing, you must complete and file your financial schedules with the court. These forms require you to declare expenses, income, assets and liabilities. These financial schedules can also be filed with your initial petition.
Around 15 days after you have filed with the court, you will also receive a Notice of Commencement of Case in the mail. This notice will also be sent to your creditors. It contains the date of your 341 meeting of creditors as well as deadlines for creditors to object.
A Statement of Intention must be filed within 30 days of your initial bankruptcy filing. This will advise the court and creditors whether you intend to keep any property that is serving as collateral for secured debts, such as keeping a car that is serving as collateral for a car loan. After the Statement of Intention is filed, you have 45 days to either get current on property you are keeping or to surrender property that you have chosen not to keep.
A meeting of your creditors is held within around three to six weeks after your case is initially filed. This meeting is presided over by the bankruptcy trustee and creditors may attend but often choose not to come. After the meeting, creditors and the trustee have 30 days to make objections to exemptions you’ve claimed. Creditors also have 60 days to object to any of the debts included in your bankruptcy being discharged. Usually, there are no objections.
Within 90 days, creditors also have to file a proof of their claim if they want to recover any money from the bankruptcy estate. If you owe any money to the government, the government has 180 days after your case is filed to submit proof of a claim against you.
Finally, if no objections are filed, your debts are discharged and the bankruptcy process ends. You should be guided throughout this process by an experienced Melville, NY bankruptcy lawyer who will help you complete Chapter 7 bankruptcy. Call Ronald D. Weiss, P.C. today to get the representation you need.