Can I Keep My Wedding Ring in Bankruptcy?
Key Takeaways
- A Chapter 7 case runs about four to six months.
- Your 341 meeting comes 21 to 40 days after filing.
- Chapter 13 payments start within 30 days, before court approval.
- A Chapter 13 plan itself runs three to five years.
A common misconception is that filing for bankruptcy may grant you instant financial relief. In reality, you must dedicate a large chunk of time and effort to earn this relief. This is all to say that your bankruptcy proceedings may be more extensive than you initially anticipated. Read on to discover how long it will be until your bankruptcy filing is completed and how a seasoned Rockland County Chapter 7 bankruptcy attorney at The Law Offices of Allen A. Kolber, Esq. can work to ensure you are on track.
What Are the Steps Involved in a Chapter 7 Bankruptcy?
Every debtor undergoing Chapter 7 bankruptcy proceedings must abide by its mandatory steps. Your having to complete each step may make the process more time-consuming than you would have guessed. Without further ado, the involved steps read as follows:
- You must fill out the mandatory Chapter 7 bankruptcy paperwork to its completion, as soon as possible.
- You are required to attend the 341 Meeting of Creditors, which will take placed no fewer than 21 days and no more than 40 days after the filing date.
- You may have to provide additional documents if your bankruptcy trustee requests it, which may continue your hearing to another date.
- You must file your financial management course certificate, within 60 days of your first 341 meeting of creditors date.
- You may expect to receive your bankruptcy discharge if all goes well, within 60 days of your first 341 meeting of creditors date.
- You may expect to be issued the final decree closing your case after you receive your bankruptcy discharge. Closing a case differs from dismissal, which happens when the case is thrown out and no debts are wiped out.
How Long Will It Be Until My Chapter 7 Bankruptcy Filing Is Completed?
Generally speaking, if you can complete all the Chapter 7 bankruptcy steps without a hitch, you may expect your proceedings to last anywhere between four to six months. Of note, this timeframe accounts for the date you submitted your paperwork until you receive a final decree. Ultimately, you must immediately respond to minor issues arising throughout your proceedings. This is because minor issues may develop into major ones if not resolved on time. Subsequently, this may cause days’ worth of delays to turn into months’ worth.
The Chapter 13 Timeline Runs on Its Own Deadlines
Chapter 13 is better understood as two phases. The first is short and governed by fixed rules; the second is the plan, and it is the long part.
The Opening Months
- Your plan is filed with your petition or within 14 days of it
- Plan payments begin within 30 days of filing, even though the court has not yet approved anything
- Your 341 meeting falls between 21 and 50 days after filing, a slightly wider window than Chapter 7 allows
- The confirmation hearing is held no later than 45 days after the 341 meeting
Then the Plan Itself
Once your plan is confirmed with the court, you will make payments over the course of three to five years, and your discharge only occurs once the final payment clears. As such, the administrative part of a Chapter 13 case finishes within a few months of filing, though the case itself will run for years. Anyone who quotes you a single figure for the length of a Chapter 13 case is generally doing so without explaining which is which.
Contact Our Rockland County Bankruptcy Law Firm
In a way, the best thing you can do to help yourself is to let a competent Rockland County bankruptcy attorney help you. So please, as soon as you are ready, get in contact us at The Law Offices of Allen A. Kolber, Esq.
