Long Island Bankruptcy Attorney Loscalzo & Associates
What is the usual bankruptcy timeline?
If you have filed for bankruptcy in the past and are considering filing for your second or third bankruptcy, there are certain time constraints that must be adhered to. After your first Chapter 7 filing, you must wait eight years before filing for
Chapter 7 again,
Chapter 13 requires a 6 year period before filing again.
If you are filing for the first time or have waited the necessary amount of time, the first thing you should do is get the assistance of a Long Island bankruptcy attorney. By working closely with the legal team at
Loscalzo and Associates, you can begin to gather all of the necessary information for the filing. Such paperwork will include the official petition, your "Statement of Financial Affairs," schedules and other pertinent information.
When you have determined that filing for bankruptcy is the best course of action for resolving your debt situation, it is imperative that you do not hesitate to contact a knowledgeable Long Island bankruptcy lawyer. By understanding the bankruptcy process and getting answers to all your questions, you will be informed every step of the way.
Timeline After Initial Bankruptcy Filing
After the official filing, an automatic stay will be put into place by the Bankruptcy Court. This will legally bind all creditors from taking actions or attempting any further collection activity on the debts that you owe them. The court will then notify your creditors of the petition as well as assign you a Trustee to oversee the case.
Within 30 days, your Long Island Bankruptcy Attorney will assist you in submitting a "Statement of Intention" if you are filing a Chapter 7 which will detail the debts you are looking to reaffirm. This statement will allow you to keep certain pieces of property and is your affirmation that you will continue to make payments instead of liquidating them.
Within 20 to 50 days after the filing, you will need to attend a 341 hearing to meet with the Trustee to verify all information you have given and answer any questions about your assets and liabilities. After this meeting, your creditors will have 30 days to object to your exemption claims, and 60 days to object to your debt discharge requests for Chapter 7 filings. For Chapter 13 filings, creditors will have 45 days to object to your repayment plan before they have another hearing to discuss their opinion on the plan.
Within four to six months of a Chapter 7 filing, all of your debts will be discharged, unless a creditor objects to dischargeability. If you have filed for
Chapter 13, you will continue to make payment for the next three to five years before receiving a formal discharge.
There are numerous deadlines and procedures that must be completed during the bankruptcy process, and to ensure that you are working your way towards your successful result you should contact an attorney from Loscalzo and Associates. We have years of experience filing bankruptcies and can offer you the legal assistance and protection you require.
Do you have questions about bankruptcy? Don't wait to contact a Long Island Bankruptcy Lawyer at Loscalzo and Associates as soon as you can.