How long does bankruptcy take? The timeline is one of the main questions people have when they consider filing for Chapter 7 bankruptcy in Jacksonville. There are several steps in filing bankruptcy, but an experienced attorney makes the process smoother and quicker. If you decide to go it alone, you might make mistakes that result in unwanted delays.
Pre-Filing Credit Counseling
The initial requirements under Chapter 7 of the bankruptcy code must be met before you file for bankruptcy. The first step in the timeline requires completing an online or telephonic credit counseling course from an accredited agency. Typically, these courses last an hour from start to finish. Upon completion, you’ll receive a certificate affirming that you completed the course. Credit counseling must be completed within 180 days of filing for Chapter 7 protection. The credit counseling certificate is usually filed with the initial bankruptcy pleadings.
Filing the Chapter 7 Bankruptcy Petition and Paying Fees
Your bankruptcy case formally begins when your petition is filed. Along with your petition, you must also pay the associated filing fee, unless you file a motion to pay the fees in installments. The Court will allow installment payments if it is financially necessary.
Filing Lists and Schedules in a Jacksonville Bankruptcy Case
In Jacksonville, along with submitting your petition, you must also file your schedules and other disclosures. These outline your assets and liabilities — what you own and owe — in detail. Additionally, you must file a complete list of your creditors along with their contact information. It is possible to file these lists and schedules at the same time as the petition, but the deadline is 14 days after the petition is filed.
Attend the Meeting of Creditors
The meeting of creditors, also known as the 341(a) meeting, occurs a few weeks after schedules are filed. The date and time of the meeting are set by the bankruptcy trustee. While all creditors are invited to this informal meeting, it typically involves a discussion between you and the trustee. At this meeting, the trustee asks questions to better understand your assets and debts. This step in the Chapter 7 bankruptcy timeline is where the expertise of a local attorney in Jacksonville can be especially beneficial. Since the spread of the novel coronavirus, these trustee meetings have been held telephonically and by video.
Completion of Financial Management Course and Discharge
At the end of the bankruptcy process, the court issues a discharge. However, before a discharge is available, you’ll need to complete a financial management training course, which is different from the credit counseling course required before filing. After you file your certificate of completion, the court will then discharge your debts.
Discuss the Chapter 7 Bankruptcy Timeline With a Jacksonville Attorney
Understanding each step in the bankruptcy process is vital to a successful outcome. bankruptcy Missing or delaying any step can push back the date of your discharge or result in the dismissal of your case entirely. Let an experienced Jacksonville attorney assist you through every stage of your Chapter 7 bankruptcy timeline. To get started, schedule a confidential consultation today.