Bankruptcy Timeliine

[anonymuse]

I used to know just right where to find this, but now I'm at a loss and just can't seem to find it.

I'm looking for the Bankruptcy Timeline from time of filing, to 341 meeting, to objections, closure, etc.

Can anyone find that list that I just can't seem to find in my search?

[anonymuse]

Murphy's Law, found this old post--but it was pre-change in laws:

Day #1
The Bankruptcy documents are filed with the Bankruptcy Court.
There is an immediate stay so that most actions by creditor are prevented, wages cannot be garnisheed, legal actions cannot be continued.

Day #14
Creditors are advised by the clerk that a petition has been filed.

Day #20-#40
A Meeting of Creditors is held at the Court ("The 341 meeting").
The debtor must attend this meeting. Creditors can attend but usually do not attend the meeting. If they attend they usually only have a few minutes to ask questions.

The trustee assigned to the case presides. The meeting is either tape recorded or recorded by a court reporter. The trustee asks you questions under oath such as:

Did you read the schedules before signing?
Did you list all of your assets?
Did you list all of your debts?
Are the schedules accurate?
Do you want to make any corrections to the schedules?
Are your cars insured?
Have you destroyed your credit cards?
The trustee either orally, or by giving the debtor written information, will ensure that the debtor is aware of:


The effect on credit history; the effect of receiving a discharge; the effect of reaffirming a debt; the ability to file a petition under a different chapter.

Note: The typical 341 meeting lasts about 4 to 5 minutes.

Day #20-30 and After
The trustee will sell any nonexempt assets available for the benefit of the creditors.
The trustee has the authority to:

pursue causes of action (lawsuits belonging to the debtor;
set aside preferential transfers made to creditors within 90 days before the petition;
undo security interests and other pre-petition transfers of property that were not properly perfected.

Day #90 (after the 341 meeting)
Unsecured creditors must have filed their claims.


Day #60-#90 (after the 341 meeting)
The debtor is discharged and all debts (with some exceptions) are written off.

More than 99% of the bankrupts are discharged.

Is this timeline still approximately the same?

[CATCHMEIFYOUCAN]

Hope This Helps Too !

http://www.totalbankruptcy.com/chapter_7_bankruptcy_timeline.htm

8 Years Before Your Bankruptcy

You are ineligible for a Chapter 7 discharge until eight years from the date you filed a prior Chapter 7 and received a discharge. If you received a Chapter 13 or Chapter 12 discharge in a case filed within the previous six years, you will be eligible for a Chapter 7 discharge generally if, in the prior case, you paid at least 70 percent of your allowed unsecured claims, and your plan was proposed in good faith and was your best effort.

1 Year Before Your Bankruptcy

If you have tried to delay or defraud your creditors by transferring, hiding, or destroying your property within the 1-year period prior to your bankruptcy, the court may deny you a Chapter 7 discharge and even allow your creditors to recover the property that you transferred.

Also, if you pay back one of your creditors who is also a relative or close business associate ("insider") at any time within the 1-year period prior to the filing of your bankruptcy case, the payment is an unlawful preference and the court may recover all such payments and distribute them to your other creditors.

If you had a prior bankruptcy case dismissed within one year of the time you file a Chapter 7 case, the Automatic Stay entered in the Chapter 7 case will be terminated within 30 days unless you can demonstrate that the Chapter 7 case was filed in good faith.

180 Days Before Your Bankruptcy

If within 180 days before your bankruptcy you had a prior bankruptcy case that was dismissed because you failed to obey court orders or you voluntarily requested a dismissal, then you may not file your bankruptcy case until this 180-day period expires.

Also, within 180 days of your bankruptcy filing, you must receive an individual or group briefing from an approved nonprofit budget and credit counseling agency.

90 Days Before Your BankruptcyYour Case is Filed!

Your case is formally commenced when you file your bankruptcy petition with the appropriate bankruptcy court. As soon as you file your petition, the court will enter an Automatic Stay order prohibiting your creditors from taking or continuing any collection or legal action against you. This means no more harassing letters or phone calls while your case is in progress.

Next, the court will send a notice of your case to all of the creditors listed in your petition.

Additionally, the bankruptcy court will assign a bankruptcy trustee to oversee your case. The trustee is a federal employee appointed by the court to monitor your case and make sure you are eligible for bankruptcy. The trustee will review your petition, make sure that it is complete, and then schedule a meeting of your creditors.

15 Days After Your Case is Filed

You have a deadline of 15 days after you file your petition to file certain financial "schedules" with the court-documents declaring your assets, liabilities, expenses, income, and a statement of your affairs. In most case, however, your attorney will file these schedules with your petition.

Approximately 15 Days After Your Case is Filed
Within approximately 15 days after you file your case, the court will mail the Notice of Commencement of Case to you and to all of the creditors listed in your petition. This notice will inform you of the date set by the court for the meeting of your creditors, and the deadlines for your creditors to object to your case and file their claims against you.

Approximately 30 Days After Your Case is Filed

Within 30 days after you file your case, or before the meeting of your creditors if that occurs first, you are required to file a Statement of Intention. In this document, you advise the court whether you intend to keep your property that serves as collateral for your debts, or whether you intend to surrender it to your creditors.

If you intend to keep the property, you must indicate your intention to: (1) reaffirm your debts and continue making all of your payments on those debts; or (2) redeem the property by paying the fair market value for it, in which case you will receive a discharge of debt owed over the fair market value of the item.

You must serve a copy of your Statement of Intention on the bankruptcy trustee and your creditors at the time you file it with the court.
45 days After Your Statement of Intention is Filed
You have 45 days after your Statement of Intention is filed to surrender or keep your property as you indicated in your Statement and make all necessary payments.

Approximately 6 Weeks After Your Case is Filed
60 Days After The Meeting of Your Creditors90 Days After The Meeting of Your Creditors
All of your creditors (except for government entities) must file their proofs of claim (these are documents your creditors submit to the court specifying how much you owe them) within 90 days after the first date set for your creditor meeting if they wish to share in the payments from your case if any assets are available for liquidation.

3 Years From the Date of Your First Repayment

Government entities that have claims against you (such as the IRS) have 180 days after the filing of your case to submit their proofs of claim.

[anonymuse]

That is an old list (should start with 6 years) and includes a Chapter 13 (i.e. repayment). Just looking for the brief one from filing to closure.

[lrprn]

That is an old list (should start with 6 years) and includes a Chapter 13 (i.e. repayment). Just looking for the brief one from filing to closure.

Here are two timelines that reflect the current 2005 bk law:
http://www.totalbankruptcy.com/chapt...y_timeline.htm (Chapter 7)
http://www.totalbankruptcy.com/chapt...y_timeline.htm (Chapter 13)

And here's a one-pager...couldn't be simpler! http://www.almb.uscourts.gov/Bankrup.../timelineb.pdf but does mix both chapters.

Hope this helps! (And good to see you, anon - we've missed you! Hope all is well.)

[anonymuse]

Lrprn, you knew exactly which diagram I was thinking of--GMTA. (I'm finally ready to file--I'll explain in another post when I get a chance.)