One day, I’ll have to do a Top 10 list of questions that my clients ask me. But somewhere in there is, “How long will it take before my bankruptcy case is done.”
Of course, I can’t give an answer that applies to everyone, but in our office, these are the steps we take to get your debts discharged in a Chapter 7 bankruptcy:
- Initial consultation – this is the first time you will meet with an attorney. They’ll ask lots of questions to get a better idea of your financial situation, and you’ll get a chance to ask all your questions about the bankruptcy process.
- Homework – in our office, we have a 25 page questionnaire that all clients fill out. In order to prepare your bankruptcy petition, we need to know every detail of your financial situation, including all of your debts, your assets, employment, etc.
- Credit counseling class – before we can file your bankruptcy petition, you must take a credit counseling class. This class is available online, over the phone, and in person.
- Petition signing – we will meet a second time to review your petition to make sure that everything is correct. We cannot file your petition without your signature.
- Petition filing – after you sign the petition, we will file it electronically. The second we file, the automatic stay kicks in. No debt collector can take any further action against you, including proceeding with any lawsuit or garnishing your wages.
- Meeting of creditors (341 meeting) – when we file your petition, we will get a date for your meeting of creditors, which is anywhere from 20 to 45 days after we file. This is when you meet with the trustee, who will ask you questions about your case. It’s a fairly painless meeting and something that everyone who files bankruptcy must attend.
- Financial management class – within 45 days of the meeting of creditors, you must complete your second educational course, which is also available online, over the phone, and in person.
- Discharge – after 100 days, and as long as the trustee doesn’t have to distribute any property to any of your creditors, your case will be discharged, meaning your debts will be wiped out and your case is over.
As I said, these are the steps in a typical Chapter 7 case. If you file a Chapter 13 case or if any creditor disputes your bankruptcy, it could take longer.
If you have any questions about the personal bankruptcy process, please come in for a free, no-obligation consultation with an experienced bankruptcy lawyer. You can make an appointment by using our online scheduling system or by calling us at 303.331.3403 to set up a time that’s convenient for you.