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Bankruptcy Timeline: What to Expect After Declaring Bankruptcy

April 06, 2012 | Comments: 0 | Views: 107

There is more than one type of bankruptcy which can be filed; two of the most common are Chapter 7 and Chapter 13. The duration of your filing and the common components of your process will primarily depend on which chapter you file for. In general, there are time limits and expectations that pertain to the filing of any type of bankruptcy. Approximately six months (180 days to be specific) before filing you will be required to undergo training from a certified credit counseling agency. Until this process has been completed you will be ineligible to take advantage of the debt relief that can come from declaring yourself bankrupt. About three months prior to the process (90 days exactly) you must be able to establish that you are a valid resident of the state in which you are filing. It must be proven that you have been a resident in that state for no less than 90 days.

Once the pre-filing period has passed, a whole new set of time standards will be applied to your case. The new time limits will officially begin only once you file a petition in bankruptcy court. Once this has been done, the process will be officially underway. It will be important to keep in mind that you have only 15 days from the time of your filing in the bankruptcy court in which you will be able to provide the court with any and all information specific to your case. This includes any information about personal expenses, assets, liabilities, income, etc. that could affect your financial standing. If you opted for Chapter 13, you will be expected to also file for a repayment plan that must be met within this same time frame.

Thirty days after filing for Chapter 7 you will be expected to file a Statement of Intention. Essentially, this is a statement which identifies any and all debts that you wish to reaffirm in the process. For Chapter 13 cases, during this same time period - approximately 30 days - you will need to file your repayment plan with the court and also make the first of your scheduled payments. After 45 days of filing, a Meeting of Creditors will be held in court regarding your case. This part of the process is specifically designated to occur about six weeks after the initial filing of your case.

More long-term aspects of the bankruptcy process include the proof of claims that may be filed in regards to your case. This can happen any time within 180 days of your filing and it will be enacted by the government agencies that may have claims against you. These agencies could include the IRS and other similar faculties. Chapter 13 cases have the potential to extend to lengthier amounts of time, sometimes as long as three to five years after your first payment has been made. It is important to note that certain legalities exist which will determine if or when you can file at all, and some of these are time-related as well. Specifically, anyone who has previously filed for Chapter 7 will be subjected to an eight year wait period before doing so again. In the case of a Chapter 13 filing the wait time is two years after the bankruptcy discharge.

A Chicago bankruptcy lawyer from the law office of Joseph P. Doyle can help you recover from the financial strain that has been weighing on your life. Whether this is through bankruptcy or some other type of debt relief, you can confidently rely on the firm for knowledgeable legal representation in all matters of bankruptcy law, from the most standard to the most complex. The firm's lead attorney is dedicated to helping people get a second chance at financial stability after struggling for any period of time. The firm does so providing excellent legal services to the clients it represents, never failing to supplement their professional services with personal support as well. When you choose to work with Joseph P. Doyle you will be given a free consultation of your case and an attorney will be by your side form day one all the way to the conclusion of your case.

Source: EzineArticles
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