how long does it take for a lawyer to file bankruptcy papers

How long does it take for a bankruptcy to be approved?

A Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge – meaning you no longer have to repay your debt. Various factors shape how long it takes to complete your bankruptcy case. You will have to take care of some tasks before you file.

What automatically happens when a bankruptcy petition is filed?

The automatic stay means that a creditor cannot call you, send you collection letters, file a lawsuit, or otherwise attempt to collect its debt from you.

What can you not do after filing bankruptcies?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt.

Can you have an 800 credit score with a bankruptcy?

Many people are afraid of what bankruptcy will do to their credit score. Bankruptcy does hurt credit scores for a time, but so does accumulating debt....Bankruptcy Affects High Credit Scores More Than Low Credit Scores.ScoreAverage Drop in Credit ScoreExcellent (850-800)200 pointsVery Good (740-799)200 points3 more rows•Jun 30, 2021

3 attorney answers

THIS IS NOT LEGAL ADVICE! YOU NEED TO SPEAK TO AN ATTORNEY WHO IS LICENSED IN YOUR STATE FOR LEGAL ADVICE. This is merely suggestions for you to think about in discussing your situation with the local attorney. I recommend that you have a Durable Power of Attorney prepared by an attorney for your husband to sign.

Joseph Linn Colburn Jr

If a bankruptcy is filed jointly by a husband and wife, then the case can be finished should one of them die prior to the receipt of a discharge.

What are the obligations of a debtor after filing bankruptcy?

The debtor’s obligations after filing are few: show up at the 341 meeting, and complete the post bankruptcy education class.

How long does it take to get discharged from Chapter 7?

In a Chapter 7, filing to discharge is about four months ; in Chapter 13 it’s three to five years. But, too often, the real gating issue is getting ready to file. How long will it take you to get your attorney all the needed information. And that’s a timeline that you, the client, control.

What are the actions of a Chapter 13 debtor?

But in most districts, Chapter 13 debtors have few action items: make the payments to the trustee, provide requested updated information, and take the debtor education class.

Does it depend on how committed the debtor is to get out of under the financial problem?

It seems to depend on how committed the debtor is to get out from under the financial problem.

Phase 2: 341 Meeting Date Of Discharge

Remember how the date of the 341 meeting determines a lot of deadlines for the rest of the case? Here is how it works:

Asset Chapter 7 Cases Take Longer

If the case involves assets the trustee needs to sell, the case could go on for months or years after the discharge. The amount of time will depend on whether the Chapter 7 trustee needs to file lawsuits against creditors or others or sell assets like real estate, vehicles, or businesses.

Do I Need To Attend My Bankruptcy Hearing

For many, the luxury of having a lawyer for their bankruptcy case helps take a load off their shoulders. From drafting repayment plans to filing paperwork, bankruptcy attorneys work hard so their clients can focus on their other affairs.

Delay In Completing The Financial Management Course

Before you receive your discharge, you must take a financial management course within 60 days of your meeting of creditors. Failure to complete this course within the time allotted will delay your discharge and the closure of your case.

What Is Business Bankruptcy

The type of bankruptcy that most people think of when they hear this word is Chapter 7. Filing for Chapter 7 bankruptcy usually results in liquidation. Business assets are distributed to creditors, so the business shuts down. This is the most common and least favorable type.

What Happen If Litigation Occurs

Two kinds of litigation can delay the closing of your bankruptcy case.

How Long Does Probate Take In Ontario For A Large Estate Vs A Small Estate

How long does it take to prepare a probate application? Once all of the facts are properly collected, it is a matter of hours to prepare and finalize all of the necessary documentation. The probate application can all be submitted online.

Why do you have to wait six months to file for bankruptcy?

Because the means test is a calculation of your average gross income over the six-month period prior to your filing, waiting can help you file bankruptcy under more favorable circumstances. For example, if you lose a high-income job, waiting six months to file will help your average income go down, helping you get into a Chapter 7 ...

How long before filing bankruptcy can you spend on luxury goods?

If you spent more than $675 (as of April 2016) on luxury goods or services on your credit card, for example, within 90 days before filing bankruptcy, there is a risk that the credit card company will ask the court not to discharge that debt, forcing you to pay it back despite the bankruptcy.

How long does it take for a trustee to demand money from a sister?

Because she filed within two years after giving that money to her sister, the trustee can demand $5,000 from the sister as a fraudulent transfer, In either of these cases, waiting at least two years from the date of the transfer to file bankruptcy will prevent the trustee from trying to seize the funds.

What is a preference payment in bankruptcy?

A preference occurs when, within a certain time period before filing bankruptcy, while you are insolvent, you pay more than $600 in aggregate to one creditor and put that creditor in a better position than other creditors (you are "preferring" one creditor over another).

How much money does Chris pay his mother before bankruptcy?

Example. Chris repays $2,400 to his mother six months before filing for bankruptcy. The trustee will want Mom to turn over the $2,400. When Chris learns this from the trustee, he might decide to pay it himself to prevent the trustee from suing mom and obtaining a money judgment against her.

What happens to your property after bankruptcy?

You Expect a Windfall. Any property you own or money you expect to receive will be property of your bankruptcy estate after you file a bankruptcy case. To protect your property, you have to claim exemptions, which are available under either federal or state law.

What is means test in bankruptcy?

The bankruptcy means test is a form that uses your income over the past six months to determine important issues, such as whether you qualify for Chapter 7, how long your Chapter 13 plan must be and how much you must pay into the Chapter 13 plan. Because the means test is a calculation of your average gross income over the six-month period prior ...

What happens if you file bankruptcy?

Once you do file, they must leave you alone or they will have to answer to the bankruptcy court itself. This is part of what is known as the automatic stay, which prevents creditors from taking any action against you once the bankruptcy case is filed. If you give them a case number, they will know you have actually filed ...

What is trustee in bankruptcy?

The trustee is a lawyer appointed by the bankruptcy court to administer your case. In addition to assigning a trustee, the court will also set a date for your court appearance about 4 to 5 weeks after the filing. This is called a creditors meeting. Your creditors receive notice of your filing and can come on this court date and ask you questions.

What happens when a trustee adjourns a case?

Sometimes the trustee will instead adjourn your case. This can happen if he wants some documents from you or your attorney. When cases are adjourned, you usually do not have to go back, but you should make sure your second appearance is not required. In most cases, the meeting is closed and there are no assets for the trustee to administer, and the trustee will file a no-asset report with the court.

How long does it take to get a second counseling session?

This second counseling session must be completed within 45 days of your first court date, but can be done any time after the petition is first filed.

How long does it take to get a discharge?

Unless there is some type of objection to your case, an extremely rare occurrence, you will be entitled to a discharge in 60 days. When the 60 days are up, the court will issue a discharge, which will be mailed to you and all of your creditors.

Do you have to go back to court if a case is adjourned?

When cases are adjourned, you usually do not have to go back, but you should make sure your second appearance is not required. In most cases, the meeting is closed and there are no assets for the trustee to administer, and the trustee will file a no-asset report with the court.