The Bankruptcy Timeline
Want to know what to expect?
Declaring bankruptcy is not as simple as telling your creditors that you can’t keep up with your bills any longer and therefore you are now bankrupt. It is an involved and complicatedprocess with many steps. This helps to prevent people who don’t honestly need the legal protection of bankruptcy from abusing the system. In order for you to successfully file for bankruptcy, whether it is Chapter 7 or Chapter 13, you will have to follow a schedule of events, filling out and submitting various forms to specific offices in Nashville and appearing in court for certain hearings and actions.
The first thing you must know is that within 180 days before filing you have to attend a credit counseling course. There is also a requirement that for at least 90 days before filing you must have established residency in Tennessee. Then, within 15 days after filing you will be required to present the court with full information about your assets, liabilities, income, expenses etc. You will need to provide a plan for repayment if you are filing Chapter 13. At 30 days after filing Chapter 7 you will have to submit a Statement of Intention to hold on to any debts you want to reaffirm (e.g. a car loan). The first payment of a Chapter 13 repayment plan will be due at this time. Down the line, around 6 weeks after filing the court will hold a Meeting of Creditors and you will be required to attend. When it hits 180 days after you file, any government agency to which you owe debts (which will not be discharged by bankruptcy) will be able to submit proof of your debt
These are just a few of the items on the timeline and it is vital that you are prepared to meet each one on time. Your bankruptcy process will be smoother however, if you obtain our elite team of attorneys to ensure that nothing slips through the cracks and every legal deadline is met.
Guiding You Step by Step
You will improve your chances of staying on schedule throughout the bankruptcy timeline when you contact an attorney from Cain & Associates, PLLC. Our attorneys have experience in walking clients through all the steps required to successfully file bankruptcy. We will help you to gather all the information you need, fill out the necessary paperwork and appear with you at your court dates and meetings to help you with the do’s and don’ts of bankruptcy. We will advise you through the whole experience of bankruptcy, all the way to the highlight of the process—discharging your debt. So go ahead, Contact Attorney Cain as early as you can when you decide to file bankruptcy to make sure you can complete every step of the process when it needs to be done.