Bankruptcy for the LA Area - The Chapter 7 Timeline

Most Chapter 7 bankruptcies follow a particular timeline from start to finish, barring a few exceptions for unusual circumstances. By familiarizing yourself with the likely timeline, you are more likely to be prepared at each stage of the bankruptcy process. If you have concerns about your Chapter 7 bankruptcy, you should speak to a skilled legal professional, who can outline these stages in a more detailed manner.

Before the bankruptcy - You will need to take an approved debt management course and gain a certificate of completion. Generally, you will want to take this course within 180 days of filing for bankruptcy. Some individuals take the course on the same day that they plan to file, but you may want to give yourself more time. Be aware that unless yours is an emergency filing, you will have to have the certificate of completion prior to actually filing any court papers. However, even if your case is an emergency filing, you will still have to take the course before your bankruptcy can be discharged.

Filing the petition - when you file the petition, you will need to provide information about your debts, creditors, assets, and liabilities. You must be thorough when you provide this information - failing to disclose assets can result in having your case dismissed if the courts determine that you acted in order to defraud the bankruptcy court. If you have legal representation, you won't have to worry - our skilled Los Angeles County Bankruptcy Attorneys will ensure that you are aware of all types of information that may need to be provided, and we will file the petition on your behalf.

Evaluating your case - before your case goes to court, it will be evaluated to ensure that you meet the qualifications for filing for Chapter 7 bankruptcy. Again, if you've retained competent legal counsel, you don't have to worry - we'll ensure that you pass the required tests in order to file before we file your petition.

Attending the Meeting of Creditors - you will have to meet with the bankruptcy trustee and any of your creditors that choose to attend. Generally speaking, most creditors do not attend this meeting, and you will spend most of your time speaking to the trustee about your financial situation, any assets that you have, and the bankruptcy process itself. If there are creditors present, they may ask you about your current financial situation as well, and the circumstances that led to your filing for bankruptcy. If you have an attorney, he or she will also be present to represent your best interests throughout this portion of the bankruptcy process.

Asset Liquidation and Disbursement - unless your case is a "no asset" case, the bankruptcy trustee will sell your non-exempt property in order to satisfy as much of your debts as possible. Some of your non-exempt property may not be sold if it is determined to be too costly to liquidate it. If you've hired one of our trained Los Angeles County Bankruptcy Attorneys, then you will know in advance what to expect, and how much, if any, of your property may be subject to liquidation.

Receiving your Discharge - after your assets have been disbursed, your bankruptcy will be discharged. Any unpaid debts will no longer be owed by you, and you will be free to make a fresh financial start. In general, Chapter 7 bankruptcy cases are discharged fairly quickly - within a few months after the Meeting of Creditors.

If you are concerned that you may have unique circumstances that would cause your bankruptcy to deviate from the timeline listed here, you can talk to one of our well-trained Los Angeles County Bankruptcy Attorneys about your case. We are legal experts when it comes to understanding the Chapter 7 process, and we can help you to determine if there are any special situations that you need to be aware of in your case. Contact us today and arrange for a free case evaluation as soon as possible. Once you are comfortable with the Chapter 7 timeline, it will be easier for you to move forward and claim the financial freedom you deserve.