Bankruptcy Timeline
Franklin Bankruptcy Attorney
When you find it is in your best interests to take advantage of bankruptcy protection, having the help of a Franklin bankruptcy lawyer can help you further protect those interests. We help clients navigate the whole bankruptcy process from start to finish and Cain & Associate may be able to represent you!
Bankruptcy Timeline for Pre-filing Requirements
There are some requirements which must be met before one can even file for bankruptcy. It is vital that these prerequisites and conditions are in place in order to avoid bankruptcy filing difficulties on the outset. In brief, an individual must have been a Tennessee resident for 90 days or more in order to file for bankruptcy in this state. You must attend a class at an approved credit counseling agency within 180 days of filing. There are additional time requirements such as a certain number of years before filing for a second bankruptcy of a particular kind-speak with a bankruptcy attorney at our firm to find out how this may particularly apply to your case.
General Bankruptcy Timeline upon Filing
It is especially crucial from the point of filing your bankruptcy petition to the conclusion of your dealing with the court that you have the help of a bankruptcy lawyer. Once the filing fee and bankruptcy petition have been submitted, your case has officially commenced in the eyes of the law. Key points in the Chapter 13 timeline include:
15 days after filing: Assets, income, debt and other liabilities schedules due. Chapter 13 Plan must also be filed by this time. 18 days after filing (approx.): Notice of Commencement of Case is sent to creditors. 30 days after filing: Payment plan is in effect. 6 weeks after filing: Debtor is to attend the Meeting of Creditors 3 to 5 years after filing: Debt is discharged (assuming payment plan was followed).
The Chapter 7 Bankruptcy timeline includes similar points after the initial filing:
15 days: Schedule of assets, liabilities, etc. filed Approx. 18 days: Notice of Commencement of Case 30 days: Statement of Intention is filed Approx 6 weeks: Meeting of Creditors 4 to 6 months: Debts and qualified liabilities are discharged
Contact a Franklin Bankruptcy Attorney
as soon as possible after deciding to file for bankruptcy. An Attorney at our firm may be able to help you!
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