How Long Does It Take To File Bankruptcy

How long does it take to file bankruptcy? It can take up to six months for a Chapter 7 bankruptcy to be filed. This is from the moment you file until you get a final discharge, which means you are no longer obligated to repay your debts. Before you file, there are some things that you will need to do. Your timeline may be longer if you have delays.   

You Must Attend a Meeting of Creditors

A month after filing, you will be required to attend a creditors meeting. There, a trustee will inquire about your information. You will have to answer the question under oath. This meeting is called the “341 meetings”.

You must complete a course in financial counseling within two months of attending creditors meetings. Once you have received budget counseling, you must wait for a discharge from bankruptcy court.

Most people who file for Chapter 7 bankruptcy are able to keep all of their assets. You cannot, however, sell or give away property without first clearing it with the trustee. Most bankruptcy cases receive a discharge order within 60 days of the initial creditors meeting.

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy lets you get rid of your overwhelming debts and make a fresh start with managing your finances. This can help you to get rid of your creditors and reduce your debt. This option is intended to provide debtors with a fresh financial start.

The key benefit of declaring bankruptcy is that any debt collection efforts must cease as soon as you file. This can help you to get rid of the pressures and calls from creditors that only increase your financial difficulties.

Chapter 7 bankruptcy does not require repayment plans to be filed. Instead, you can retain your assets and the courts will discharge any qualifying debts.

Find Out if You Are Eligible to File for Bankruptcy

If the debt becomes overwhelming or your ability to repay increases due to job loss, changes in the family dynamic, or other reasons, bankruptcy might be an option. These people might be eligible to file Chapter 7:

  • People who have made an honest effort to repay their debts
  • People who can’t realistically pay their debts
  • Individuals, married couples, as well as certain businesses

Although the bankruptcy process can be difficult, you don’t have to do it alone. A lawyer will help you determine whether you are eligible for Chapter 7 bankruptcy. 

The Benefits of Hiring a Bankruptcy Lawyer

Hiring a Jacksonville Florida bankruptcy attorney can make it easier to file Chapter 7. As you go through the process, an attorney from Bruner Wright P.A. can answer all of your questions. We are also able to handle complex cases.

Once you are our client, your attorney will do these things:

  • Recommendations for the best bankruptcy chapter to suit your financial situation
  • Provide information on dischargeable and nondischargeable debts
  • Check out the bankruptcy consequences for your vehicle, home, and other assets
  • Define the impact bankruptcy might have on your taxes, credit reports, and other financial matters
  • Help you fill out and file the necessary forms, provide advice on continuing to pay your debts, and educate you about relevant laws and procedures. 

Although you are not required to bring a bankruptcy lawyer to the Chapter 7 creditors meeting (or any other legal proceedings), we can assist you in completing and filing necessary forms, as well as advising you about continuing to pay debts, and familiarizing you with relevant laws and procedures.

We Will Help You With Your Chapter 7 Bankruptcy Paperwork

We will assist you with all the paperwork involved in bankruptcy cases. The first step in declaring Chapter 7 bankruptcy is to file a petition for relief from debt. The following schedules should be included in your petition for debt relief:

  • Assets and liabilities
  • Current income and expenses
  • Financial matters
  • Executory agreements
  • Leases not renewed

Your case trustee must also receive all tax returns and relevant information. It is possible that you will need to show proof of credit counseling or information about federal or state student debt. Your official petition includes:

  • Complete list of creditors and amounts owed
  • An overview of income sources
  • Complete list of all debtor properties

Each individual filing can have different assets, debts, and financial problems, so bankruptcy discharge can be complicated, and varied. Our team will help you prepare the necessary documents and schedules for your case. We’ll also assist you in navigating the bankruptcy court system.

Contact Our Lawyers Today

If you’re considering bankruptcy because of overwhelming debts, you should understand that it is never too late to file for bankruptcy. It doesn’t have to be difficult to file for bankruptcy. Bruner Wright P.A. represents both individuals and small businesses in Florida that need Chapter 7 debt relief.

To speak to a member of our team about the time it takes to file a Chapter 7 bankruptcy, and when you can expect to see benefits from filing, contact us now.