Bankruptcy Timeline
Every bankruptcy case is different and will take a different amount of time to go through. However, you can expect the following timeline before, during and after the bankruptcy process.
Leading up to Bankruptcy
Before you can file your petition for bankruptcy, you will need to discuss your options with a Minneapolis bankruptcy attorney. Our lawyers will help you decide which bankruptcy – Chapter 7 or Chapter 13 – is your best option. We will also help you gather the documentation needed to file for bankruptcy including information about your assets, debts, income and expenses.
You will also need to be a resident of the state you are filing for bankruptcy in for at least 180 days. Furthermore, you will need to obtain training from a certified credit counseling agency no earlier than 180 prior to filing. This can be done over the phone – our attorneys will help you with this.
Filing for Chapter 7 Bankruptcy Timeline
- Day 1 – the bankruptcy process begins on the day that you have filed your petition with the bankruptcy court. Our lawyers will do this for you once we have collected all the required information. As soon as the petition is filed, any wage garnishment and creditor harassment will stop.
- Day 30 –you will need to attend a court meeting with the Meeting of Creditors. Our lawyers will be by your side for this meeting. A Trustee will be assigned to oversee your case.
- Day 90–your debts will be discharged and your Chapter 7 bankruptcy will be finalized.
After Filing for Bankruptcy
- Three to Five Years – this is how long you can expect to make payments for during a Chapter 13 bankruptcy filing. After the required time, your remaining debts (if any) will be discharged.
- Four Years – this is how long you will need to wait if you have filed for Chapter 7 and need to file for Chapter 13.
- Six Years – this is how long you will need to wait if you have filed for Chapter 13 and need to file for bankruptcy again
- Eight Years – this is how long you will need to wait if you have filed for Chapter 7 bankruptcy and need to file for bankruptcy again.
Minneapolis Bankruptcy Attorney
Regardless of your individual bankruptcy timeline, our lawyers will help you along the way. If you are confused about the process or worried about how your bankruptcy is progressing, we are available 24/7 to meet with you and discuss any questions or concerns you may have. With over 60 years experience between them, the team at Schneider, Baudler & Abbott, PC offers affordable rates, compassionate and confidential service and qualified legal support when you need it most.
We represent bankruptcy clients in matters involving Chapter 7 bankruptcy, Chapter 13 bankruptcy, wage garnishment, creditor harassment, foreclosures and debt consolidation. Contact Myles A. Schneider & Associates, Ltd. 24 hours a day, seven days to week at 763-315-1100 to see how we can help you.
