how many days will it take for an attorney to file for bankrupcy

This would depend on the particular circumstances of your case. If you provided all of the documents needed and you are looking at a Chapter 7, usually within a couple of days the papers could be prepared. Almost all bankruptcy attorneys use computer software which helps speed up the process.

Full Answer

How long should you wait before filing for bankruptcy?

Here are a few things you don't want to do anywhere from 90 days to two years before filing for bankruptcy. The time will depend on the circumstances. You can't pick or "prefer" one creditor over another before bankruptcy.

How long does it take to close a Chapter 7 bankruptcy?

“Once you file your Chapter 7 bankruptcy, the meeting of creditors with the Chapter 7 trustee is approximately 30-45 days later. Then, the court waits 60 days to see if any creditors object to your Chapter 7 bankruptcy. If no objection, it takes about another 15 days to close out the case and get your Chapter 7 discharge of debt.”

How long does the meeting with a bankruptcy trustee take?

The meeting usually takes about 10 minutes and requires much of the same paperwork you used to file for bankruptcy. The trustee will request the documentation from you beforehand, and, again, the quicker you provide them, the faster the process will go. The trustee will go over everything with you and determine how much your creditors will be paid.

What should I do before filing bankruptcy?

What you do shortly before filing your bankruptcy petition can help your case or create problems needlessly. Learn why it might be best to: avoid filing for bankruptcy after credit purchases and property transfers. If you haven't filed yet, find out how bankruptcy works and what you should know about bankruptcy.

How fast is the bankruptcy process?

How Long Does Bankruptcy Take? The bankruptcy process lasts about three to four months from start to finish for Chapter 7 filings. Chapter 13 takes the same amount of time to file, but because you pay down some of your debts over time, the payment plan may last three to five years.

How long does it take to discharge a bankruptcy?

Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing.

What can you not do after filing bankruptcies?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt.

What debts are not discharged in bankruptcy?

Additional Non-Dischargeable DebtsDebts from fraud.Certain debts for luxury goods or services bought 90 days before filing.Certain cash advances taken within 70 days after filing.Debts from willful and malicious acts.Debts from embezzlement, theft, or breach of fiduciary duty.More items...•

How do I know if I have been discharged from bankruptcy?

You will be sent a copy of the notice stamped by the court notifying you of your date of discharge. The process of early discharge is unlikely to be completed less than six months from the date of the bankruptcy order.

How long does a Chapter 7 discharge take?

four to six monthsA Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge – meaning you no longer have to repay your debt. Various factors shape how long it takes to complete your bankruptcy case.

How long does it take to get a discharge after 341 meeting?

between 60 - 90 daysHow Long After the 341 Meeting Do I Get My Discharge? Your Chapter 7 discharge order will be granted between 60 - 90 days after your 341 meeting. The earliest your discharge can be entered is after the deadline to object to your discharge has passed. You can find this date on your Form 309A under “Deadlines.”

Can Chapter 7 be removed from credit before 10 years?

Can Chapter 7 Bankruptcy Be Removed From My Credit Report Before 10 Years? Chapter 7 bankruptcy stays on your credit report for 10 years. There's no way to remove a bankruptcy filing from your credit report early if the information is accurate.

William Joseph Kopp Jr

Timing is very important in BK. Once there is nothing holding up your case, he/she should file right away. However, if he/she waiting on certain things to fall off your timeline, go with that advice. More

Carl H Starrett II

You need to insist on a better answer from your attorney. Some of my clients take weeks or even months to get me the documents needed to file their case. Others get me what I need within hours or days. We can't tell if the delay is on your for not getting the documents to your attorney or if the attorney is really busy...

Dorothy Ann Bartholomew

You are entitled to a better answer than "not to worry." Ask your attorney what specifically is holding up your filing. More

David Earl Phillips

This would depend on the particular circumstances of your case. If you provided all of the documents needed and you are looking at a Chapter 7, usually within a couple of days the papers could be prepared. Almost all bankruptcy attorneys use computer software which helps speed up the process.

How long does it take to file for bankruptcy?

Of course, your own Chapter 7 bankruptcy timeline may vary. However, in most cases, it takes just over three months to complete. Some complicating factors that could affect how long it takes to resolve your case may include: 1 The state where you live as well as how long you’ve lived there 2 How long it takes you to gather all relevant financial documents in order to file in court 3 When you can schedule and attend all required counseling courses, meetings, etc. 4 Whether you can pay all legal and filing fees up front, or over time using a payment plan (if approved)

How long does it take to file for bankruptcy after filing Chapter 7?

If you fail to do this, a bankruptcy judge will automatically dismiss your case. You must then wait another 180 days after your dismissal to file another Chapter 7 bankruptcy petition. Within 10-12 weeks. Your Chapter 13 trustee meets with the court to approve or disapprove your submitted payment plan.

How long does it take to file a 341?

Give your Chapter 7 trustee copies of your most recent tax returns at least seven days before your 341 Meeting. Within 20-30 days. You must file your Statement of Intention with the court within 30 days after your filing date or before your scheduled 341 Meeting (whichever comes first). Within 40-60 days.

How long before filing bankruptcy can you avoid paying?

Since a judge must approve your waiver request, don’t assume you can avoid paying to file. Important: You must complete all above tasks in the 180 days before your filing date. This is true regardless of whether you file Chapter 7 or Chapter 13 bankruptcy.

What to do before filing for bankruptcy?

However, you have other prep work to do before your bankruptcy timeline officially starts, such as: Find the right bankruptcy attorney to help you. When you’re serious about discharging unsecured debt, get professional legal assistance. In addition, a lawyer can provide a realistic bankruptcy timeline for your unique situation.

How long does it take to file Chapter 7?

Chapter 7 Bankruptcy Timeline: About 100 Days-6 Months Total. Of course, your own Chapter 7 bankruptcy timeline may vary. However, in most cases, it takes just over three months to complete. Some complicating factors that could affect how long it takes to resolve your case may include: The state where you live as well as how long you’ve lived there.

How long do you have to reaffirm a 341?

Complete any Reaffirmation Agreements with your creditors within 60 days of your 341 Meeting. This deadline applies if you want to keep property used as collateral for secured debts (i.e., home, vehicle). In such cases, you must negotiate a repayment plan that you and your creditor both agree to first.

3 attorney answers

THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney. I recommend that you have a Durable Power of Attorney prepared by an attorney for your husband to sign.

Joseph Linn Colburn Jr

If a bankruptcy is filed jointly by a husband and wife, then the case can be finished should one of them die prior to the receipt of a discharge.

Why do you have to wait six months to file for bankruptcy?

Because the means test is a calculation of your average gross income over the six-month period prior to your filing, waiting can help you file bankruptcy under more favorable circumstances. For example, if you lose a high-income job, waiting six months to file will help your average income go down, helping you get into a Chapter 7 ...

How long before filing bankruptcy can you spend on luxury goods?

If you spent more than $675 (as of April 2016) on luxury goods or services on your credit card, for example, within 90 days before filing bankruptcy, there is a risk that the credit card company will ask the court not to discharge that debt, forcing you to pay it back despite the bankruptcy.

How long does it take for a trustee to demand money from a sister?

Because she filed within two years after giving that money to her sister, the trustee can demand $5,000 from the sister as a fraudulent transfer, In either of these cases, waiting at least two years from the date of the transfer to file bankruptcy will prevent the trustee from trying to seize the funds.

What is a preference payment in bankruptcy?

A preference occurs when, within a certain time period before filing bankruptcy, while you are insolvent, you pay more than $600 in aggregate to one creditor and put that creditor in a better position than other creditors (you are "preferring" one creditor over another).

How much money does Chris pay his mother before bankruptcy?

Example. Chris repays $2,400 to his mother six months before filing for bankruptcy. The trustee will want Mom to turn over the $2,400. When Chris learns this from the trustee, he might decide to pay it himself to prevent the trustee from suing mom and obtaining a money judgment against her.

What happens to your property after bankruptcy?

You Expect a Windfall. Any property you own or money you expect to receive will be property of your bankruptcy estate after you file a bankruptcy case. To protect your property, you have to claim exemptions, which are available under either federal or state law.

What is means test in bankruptcy?

The bankruptcy means test is a form that uses your income over the past six months to determine important issues, such as whether you qualify for Chapter 7, how long your Chapter 13 plan must be and how much you must pay into the Chapter 13 plan. Because the means test is a calculation of your average gross income over the six-month period prior ...

How long do you have to take credit counseling before filing bankruptcy?

Credit Counseling Course: Those filing bankruptcy must take a credit counseling course 180 days or less before filing. The courses are provided by agencies that are approved by the U.S. Trustee Program office. The judge won’t accept the filing without a certificate showing you took the course. The point of the counseling is to make sure filing Chapter 7 bankruptcy is your only option. If the credit counseling agency develops a repayment plan for you, you’re required to file it with your other information for the court, whether you agree with the plan or not.

How much does it cost to file for bankruptcy?

Paying the Filing Fee: When you file for bankruptcy, you have to pay a bankruptcy fee, which is $335. The court process doesn’t begin until it’s paid. If the judge allows you to pay in installments, the final installment must be paid before the court handles your case.

How does the Chapter 7 Process Differ from Others?

About 70% of those who filed for bankruptcy in 2020 filed Chapter 7, with almost all remaining filing Chapter 13. A small fraction filed Chapter 11, which is a reorganization bankruptcy most commonly used by businesses.

What are the things that slow down the trustee process?

Cibik said things that commonly slow the process down include “tardiness or noncompliance in getting the proper documentation to the trustee,” as well as objection to discharge by creditors, too much income, excess equity in real estate, a pending inheritance, or outstanding lawsuit where the debtor is the plaintiff. “That’s just to name a few things that could go wrong,” he said.

Where does bankruptcy take place?

Bankruptcy cases take place in U.S. Bankruptcy Court. Each state has one, but the process actually starts before you file. Those planning on filing have to be able to prove to the court they don’t have the money to pay their unsecured debt and are also required to take a credit counseling course before they can file.

What happens when you file Chapter 7?

Once Chapter 7 bankruptcy is filed, the court process starts. It involves loads of paperwork and documentation and a strict schedule. Things that can delay it include not filing all the paperwork on time, misrepresenting property as exempt or creditors disputing a discharge.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is called “liquidation bankruptcy, ” because, in theory, a person’s assets are “liquidated” to pay their unsecured debt. In reality, most people who file Chapter 7 get to keep their house, car and other necessary assets, as long as they stay current on payments.