The Bankruptcy Timeline
Guidance From a Dupage County Bankruptcy Lawyer
The specific timeline involved with filing for bankruptcy will vary depending upon where you live, the particular circumstances of your case and whether you file a
Chapter 7 or
Chapter 13 bankruptcy petition. The Law Office of Joseph P. Doyle has outlined a basic bankruptcy timeline below:
Within 180 days before filing for bankruptcy, a debtor must successfully complete a
credit counseling course by an approved agency.
- The debtor must be a resident in Illinois for more than 90 days before filing for bankruptcy.
- Upon determining if you qualify, either you or your lawyer can file your bankruptcy petition with your local bankruptcy court.
- You or your lawyer must provide the bankruptcy court with information about assets, expenses, liabilities, property and other personal financial information within 14 days after filing for bankruptcy. Your repayment schedule must also be submitted if you are filing a chapter 13 case.
- You must make your first payment within 30 days after filing for a Chapter 13 case. If you are filing for a Chapter 7 case, you must submit a Statement of Intention (statement of which debts, if any, you wish to reaffirm).
A Meeting of Creditors will take place between 21 and 41 days after filing for a Chapter 7 case, or
between 21 and 50 days after filing for a Chapter 13 case.
- Approximately 6 months after filing, your Chapter 7 case will be complete and the court will issue a formal discharge of all your eligible unsecured debt.
- Approximately 3 years to 5 years after filing a Chapter 13 bankruptcy case and upon the successful completion of your repayment plan, your eligible debt will be discharged.
Consulting With a Capable Legal Professional
Talk to a skilled Dupage County, Illinois bankruptcy lawyer about your case and find out more about how bankruptcy might affect you.
Contact the Law Office of Joseph P. Doyle today for a free bankruptcy evaluation!