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Amarillo,Texas 79102
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Amarillo,Texas 79102
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Chapter 7 Timeline of Events
A Typical Chapter 7 Timeline
Understanding the steps involved with filing a Chapter 7 Bankruptcy can help alleviate some of the anxiety associated with filing. Please keep in mind that the chart below may not fully pertain to your individual situation. Please don't hesitate to contact us for a free initial consultation where we can provide you with a more thorough look as to what to expect during this process based on your own personal circumstances.
| Chapter 7 Bankruptcy Process Overview | |
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Before
Filing... |
Complete a mandatory credit-counseling course by phone or online.
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| Step 1 |
File the official bankruptcy forms listing all your property and creditors and provide information about your financial transactions for the past two years.
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| Step 2 |
Mail the bankruptcy trustee, who handles the case for the court, a copy of your most recently filed income tax return, plus any other documents the
trustee asks for.
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Step 3
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Attend a Creditors' meeting around 30 days after you file. This is usually the only personal appearance you will be required to make. The creditors’ meeting is conducted by the trustee in a small hearing room. Creditors rarely come to these meetings. During this meeting you will be required to answer under oath any questions the trustee has about the information in your paperwork, as well as provide other information the trustee thinks is relevant to your case. These meetings typically last no longer than 5 minutes.
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Step 4
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Within 45 days following the creditors’ meeting you must attend mandatory budget counseling either by phone or online. After budget counseling a form must be filed with the court informing them you have completed it. |
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Step 5
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Keep things low key. Don’t operate a business that involves inventory or sell or give away any property without the trustee’s authorization. Wait until the court sends you a written discharge of your debts before carrying on with business as usual. You should receive the written discharge about 60 to 90 days after the creditors’ meeting. While awaiting your written discharge creditors have the right to object to your request of debt forgiveness, but in reality they rarely do. |
| Step 6 | Your written discharge is received and your trustee arranges for you to surrender any nonexempt property you may have. Many people who file for bankruptcy don’t own any nonexempt property. |