Bankruptcy Attorney Serving Corpus Christi, McAllen, Brownsville and Harlingen

The Timeline For Bankruptcy

Filing for bankruptcy can take some time, as there are specific actions that occur at different time periods.  Careful attention must be paid to the requirements, as they can affect the outcome of your filing as well as how your creditors will react towards the filing.  The two main types of filings used by individuals are Chapter 7 and Chapter 13.  Each has differing timelines during the process.  The Malaise Law Firm bankruptcy attorneys can provide you with full information on the process, but in brief the timeline is as follows:

Prior to any filing there are certain restrictions and actions that are applicable to your current filing.  For one, a person must be a resident of the state they are filing in for at least 90 days.  In addition, a credit counseling course must be completed no earlier than 180 days prior to your filing.

Anyone who has previously filed a Chapter 7 bankruptcy cannot file another one for at least 8 years from the date of your prior discharge.  If you are now going to be filing a Chapter 13, then you must wait at least 4 years from the date of your prior Chapter 7 discharge.  If you have filed a Chapter 13 previously, you may be eligible to file 6 years after your last discharge. 

Your first actual step in the filing process should be to retain a qualified bankruptcy lawyer to handle the procedure for you.  Along with their help, you will gather all of your financial information relating to income, expenses, assets and liabilities.  Your attorney will then file the Petition and financial statement with the court.  If you are doing a Chapter 13 bankruptcy, a Plan on how your debts will be restructured for payment must also be included.

30 days after filing for a Chapter 7 you must file a Statement of Intention, which states which, if any, debts you wish to reaffirm. (Basically, which debts you will keep in order to keep property, such as a car that has a loan still owing on it)

30 days after filing for your Chapter 13 repayment plan with the court, you must make your first scheduled payments on your debts.

Approximately 45 days after filing the court will hold a Meeting of Creditors and assign a Trustee to oversee your case.

Approximately 4 to 6 months after filing for Chapter 7 your debts will be discharged and your bankruptcy will be finalized.

3 to 5 years after filing Chapter 13 and having made your initial payment on your repayment plan, you will receive a formal discharge from the court.  All eligible debts will be discharged at that point.

Getting Through the Bankruptcy Process

Following the proper guidelines for filing each type of bankruptcy is important to its successful outcome.  Failing to properly fill out the financial statement can lead to delays and debts left owing.  By utilizing the experienced bankruptcy attorneys from the Malaise Law Firm, you can feel confident your bankruptcy process will go smoothly.  Our legal staff has over 40 years combined experience serving the communities of Corpus Christi, McAllen, Brownsville, and Harlingen in South Texas.  With our extensive resources, we can provide you with excellent customer service and individual attention.

What is the timeline for bankruptcy?  Find out by contacting the Malaise Law Firm today!