What Is The Timeline For My Chapter 13 Bankruptcy Case?
The timelines for different types of bankruptcy can vary widely, and the specific timeline for your bankruptcy case may not be immediately clear to you. Chapter 13 bankruptcy timelines can be particularly complicated, and often confusing, given that these cases usually last for many years. Even within the same type of bankruptcy, including Chapter 13 bankruptcy cases, timelines can vary based on the circumstances of the debtor. However, there are some timeline points that are set by U.S. bankruptcy law. Our West Palm Beach Chapter 13 bankruptcy attorneys can provide you with more information about the general timeline for your Chapter 13 bankruptcy case and what you should expect when you file.
Before You File Your Chapter 13 Bankruptcy Petition
Part of the timeline of any Chapter 13 bankruptcy is the pre-filing period, or the time before you file your bankruptcy petition. Prior to filing, you will need to work with your bankruptcy attorney to gather all of your financial information, including details about your exempt and non-exempt assets, as well as the debts you owe, in order to be prepared to file for Chapter 13 bankruptcy. Your lawyer will need to analyze all of your financial statements and prepare your bankruptcy petition, in addition to required schedules and statements.
The pre-filing timeline can vary greatly from debtor to debtor. In some cases, the pre-filing period may take only a couple of weeks, or the timeline may be longer.
File Your Chapter 13 Bankruptcy Petition and Required Materials
When you file your Chapter 13 bankruptcy petition, you will also submit required schedules and a wide variety of documentation that will include documents like W-2s, tax returns, pay stubs, and various other materials. You will be working with your lawyer to determine which documents the trustee has required in your case, and you will need to be sure that you provide all of those materials. Any materials requested by the trustee must be received by the trustee at least 7 days before the 341 meeting of creditors.
Begin Making Payments Within 30 Days of Filing
Once you file your bankruptcy petition and all required materials, you will need to begin making payments on your Chapter 13 repayment plan. You must start making payments within 30 days from the date that you filed your bankruptcy petition.
341 Meeting of Creditors, Objections, and Debtor Education
The 341 meeting of creditors will typically take place anywhere from 30 to 40 days after you have filed your Chapter 13 bankruptcy petition. At the 341 meeting of creditors, your creditors will have an opportunity to ask you questions about the bankruptcy case, as will the trustee. If a creditor wants to object to your repayment plan, the creditor must do so within 7 days from the date of the 341 meeting of creditors. Within 45 days from the date of the 341 meeting of creditors, you will need to file your debtor education certificate.
Confirmation of Your Bankruptcy Plan
The court will confirm your bankruptcy plan within 30 days of the 341 meeting of creditors if there are no objections.
Repayment Plan Period
The repayment plan period for a Chapter 13 bankruptcy is usually between three years and five years. Once the terms of the repayment plan have been completed, the trustee will submit a final report, and remaining eligible debts can be discharged.
Contact a Chapter 13 Bankruptcy Lawyer in West Palm Beach
If you have questions about your bankruptcy timeline, one of the West Palm Beach consumer bankruptcy lawyers at Kelley, Fulton, Kaplan & Eller can help.