How long does it take to file for bankruptcy after gathering all the documents?
I’m getting ready for bankruptcy after losing my job last year in a company lay-off. I finally got all the necessary documents to my lawyer and am just waiting to hear from them what to do next. Has anyone out there been through this before and can tell me how long everything is supposed to take? I have noe idea how long it will take my attorney to actually file with the court and once he does that how long it will take to get my court date to talk with the trustee.
Posted July 26th, 2010 in Bankruptcy Q And A. Tagged: bankruptcy, job, lawyer, necessary documents, trustee.
It took mine about 6 weeks from actually filing the petition to getting the bankruptcy confirmed. (I filed a Chapter 13, and I think that goes through a little more quickly.)
The good thing is that as soon as the attorney files, all collection efforts stop. So the way it affects you personally is about the same on the day the attorney files the petition and the day the bankruptcy is discharged.
We filed the first of November, and I think the trustee meeting was about 4 weeks later. The trustee asks you about three or four "yes or no" questions & that’s it. We thought that after the trustee meeting everything was done. But this really is a "fact finding" meeting by the trustee and they make their actual decision a few weeks later.
The trustee is always very nice and professional. Then the attorney called about 3 weeks later and said the trustee challenged the amount we proposed for the monthly repayments. We had two options: work out the deal with the trustee or go before the bankruptcy court and plead our case. The attorney worked it out with the trustee so he would agree to a payment about $40/month more than we were asking, so we didn’t have to go to court. I guess if the trustee agrees with the attorney’s plan, it’s just a matter of the court stamping approval on the bankruptcy. We never had to go to court for anything. I guess if the trustee says you need to pay a higher amount that you believe, then you have to present it to the court and let the court make the decision. I don’t know how long that would take.
If you’re filing chapter 13 you should be aware that the court really does leave you with pretty much exactly the money you need to live on month to month for the duration of the plan (mine is 5 years). Except for money you’re putting in a retirement plan (which is exempt from the bankruptcy) you don’t have anything to pay unexpected bills like car repair or repair to your house. That’s the scary thing for the next 5 years. So if you do have some money hidden somewhere, keep it put away and don’t spend it unless it is absolutely necessary.
July 26th, 2010 at 12:18 amIt should take no more than a couple months. Plus your bankruptcy attorney should of told you this answer.
July 26th, 2010 at 12:18 amI was in a similar difficulty last year. I found assistance from an attorney from over here http://www.lawyersearchcentral.tk
July 26th, 2010 at 12:18 amFrom the date of filing – 3-4 months for a ch 7, 3-5.5 yrs for ch 13.
I take it you are in the US and filing under chapter 7. If you are in a situation where you need relief from a creditor or several creditors – your attorney can file an emergency filing (just 3 of the court documents instead of the entire packet) then will be able to file the remaining docs withing two weeks.
Once your petition has been filed the meeting of the creditors (aka creditors meeting or 341 meeting) will be set in aprox. 60 days. Discharge is usually 30-45 days after that meeting.
A bankruptcy filed under chapter 7 will remain on your credit report for 10 years, filed under 13 for 7 years.
July 26th, 2010 at 12:18 am