Northern Colorado Bankruptcy Timeline
There are different timelines for how long your bankruptcy will take, depending on what type of filing you do, a Chapter 7 or Chapter 13 bankruptcy. Our bankruptcy attorney can provide you with full information on the process, but in brief the timeline is as follows:
Your timeline will begin when you first file your petition with the Bankruptcy court. However, there are a few important restrictions that may apply prior to filing. You must be a resident in the state for at least 90 days prior to filing. You must also obtain a certificate from a certified credit counseling agency no earlier than 180 days prior of filing.
If you have ever filed a Chapter 7 before, you must wait 8 years from the date of your discharge before you can file again. If you have filed a Chapter 13 previously, you may be eligible to file 6 years after your last discharge. If you filed for a Chapter 7 previously but now need to do a Chapter 13, you must wait at least 4 years from the date of your last discharge.
The first step in any type of bankruptcy filing is to gather all the information about your debts, assets, income, and expenses. Our office will work with you to put all this information together and file the legal petition. This paperwork contains a full list of all your creditors, amounts owed, and types of claims. It also includes your living expenses.
About 30 days after filing, the court will hold a Meeting of Creditors and assign a Trustee to oversee your case. This is the only time most people go to court. The Meeting of the Creditors is held in both Chapter 7 and Chapter 13 cases.
Thirty days after filing your Chapter 13 repayment plan with the court, you must make your first scheduled payment.
After approximately 4 to 6 months of filing for Chapter 7, your debts will be discharged and your bankruptcy will be finalized.
Within approximately 3 to 5 years of filing Chapter 13, and having made all of your payments on your repayment plan, you will receive a formal discharge from the court. All eligible debts will be discharged at that point.
Legal Assistance for Your Bankruptcy
There are many legal issues to follow in a bankruptcy, and every creditor and asset must be carefully listed in order to not jeopardize your filing. With the trusted bankruptcy lawyers at Sumner Law Office P.C., you can feel confident that we will take every precaution to ensure your bankruptcy process goes smoothly and quickly.
Find out how long your bankruptcy will take, contact the bankruptcy attorneys at The Sumner Law Office P.C.to discuss your options.