how long shouldvit takr my lawyer to prepare ch. 7

Full Answer

How long does a Chapter 7 bankruptcy case take?

The average Chapter 7 bankruptcy case will take from four to six months from the time you file to the time that you receive your discharge (the order that officially wipes out your debt). Your case will take longer, however, if any number of things happen.

How long does it take to get an elder law attorney?

Get an attorney who does elder law and it should only take days. This field is required. Stay away from family. You know the old saying "the cobbler's children have no shoes".

How long will my bankruptcy hearing take?

The trustee usually allocates ten minutes to each bankruptcy filer (there will be multiple filers at your hearing). If a creditor can't examine you within that time, or if more than one creditor wants a turn, the trustee might reschedule the hearing.

How long does the meeting with a bankruptcy trustee take?

The meeting usually takes about 10 minutes and requires much of the same paperwork you used to file for bankruptcy. The trustee will request the documentation from you beforehand, and, again, the quicker you provide them, the faster the process will go. The trustee will go over everything with you and determine how much your creditors will be paid.

How long does Chapter 7 take to complete?

four to six monthsA 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.

Does Chapter 7 trustee check your bank account?

Your Chapter 7 bankruptcy trustee will likely check your bank accounts at least once during the process of overseeing your filing. They have a right to perform a full audit of your accounts or check them any time it is necessary. However, it is rare for them to keep close tabs on every account.

How long does a Chapter 7 audit take?

within 21 daysThe audit firm uses the information you provide, as well as your bankruptcy petition and schedules, to verify your income, expenses, and assets. The auditor also conducts a public record search to determine whether you own any assets not disclosed in your filing. The audit firm completes the audit within 21 days.

How long does Chapter 7 take on a report?

10 yearsWhen is bankruptcy removed from your credit report? A Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date.

How far back does trustee look at bank statements?

two yearsThe trustee will use these statements to get a glimpse into your financial history. Your bankruptcy trustee can ask for up to two years of bank statements. The trustee will look at your statements to verify your monthly payments to make sure they match the expenses you put on your bankruptcy forms.

Do they freeze your bank account when you file Chapter 7?

Some banks will freeze your account as soon as they find out about the bankruptcy. They do it to protect the assets for creditors. In most cases, you or your attorney can ask the bankruptcy trustee to contact the bank and release the freeze. The trustee will likely do so if you're entitled to the funds.

How long does Chapter 7 take to discharge?

about four to six monthsFor most filers, a Chapter 7 case will end when you receive your discharge—the order that forgives qualified debt—about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can't protect (nonexempt assets).

Can I spend money after filing Chapter 7?

Frivolous spending after you file could put your case in jeopardy. Spending money willy-nilly after you file for bankruptcy could appear like fraud and upend your court ruling.

What happens if your income increases during Chapter 7?

An Increase in Income During Chapter 7 The bankruptcy trustee will eliminate most if not all of your debts, and possibly sell some of your assets to pay debts. This process is appropriate if you have an income but cannot cover all of your necessary expenses or can pay the basics, yet not pay down your debts.

How much will my credit score go up when my Chapter 7 comes off?

How Much Will Your Credit Score Increase After Chapter 7 Falls Off Your Credit Report? When a chapter 7 falls off your report, you can expect a boost of around 50–150 points on your credit score.

How much does Chapter 7 affect credit score?

Bankruptcy will have a devastating impact on your credit health. The exact effects will vary. But according to top scoring model FICO, filing for bankruptcy can send a good credit score of 700 or above plummeting by at least 200 points. If your score is a bit lower—around 680—you can lose between 130 and 150 points.

How Does Chapter 7 Bankruptcy Work?

In Chapter 7 bankruptcy you can wipe out most of your nonpriority, unsecured debts, such as credit card balances, personal loans, and medical bills...

When Does The Chapter 7 Bankruptcy Process Start?

Your Chapter 7 bankruptcy case begins when you file the bankruptcy petition and schedules with the bankruptcy court. The documents provide details...

Attending The 341 Meeting of Creditors Hearing

After you file the petition, the court will notify your creditors that all collection activities against you must stop. The court will set the date...

Filing Your Financial Management Course Completion Certificate

Once you receive the notice of your 341 meeting of creditors, you’re free to complete your financial management course—the second of the two course...

When Your Chapter 7 Case Might Take Longer

Even though most cases are over in less than five months, it isn’t always the case. Here are a few common situations that could cause your Chapter...

First, The Meeting Of Creditors

Once the case is filed, the court assigns a date and time for the meeting of creditors. That’s anywhere from 30-45 days after the case is filed.

Then The Deadline To Object

Creditors, the trustee and other people impacted by your bankruptcy case have 60 days from the first date set for the meeting of creditors to object to the discharge or dischargeability of certain debts.

Meanwhile, You Tie Up Loose Ends

You do your financial management certification and make sure the certificate is filed with the court.

William Joseph Kopp Jr

Timing is very important in BK. Once there is nothing holding up your case, he/she should file right away. However, if he/she waiting on certain things to fall off your timeline, go with that advice. More

Carl H Starrett II

You need to insist on a better answer from your attorney. Some of my clients take weeks or even months to get me the documents needed to file their case. Others get me what I need within hours or days. We can't tell if the delay is on your for not getting the documents to your attorney or if the attorney is really busy...

Dorothy Ann Bartholomew

You are entitled to a better answer than "not to worry." Ask your attorney what specifically is holding up your filing. More

David Earl Phillips

This would depend on the particular circumstances of your case. If you provided all of the documents needed and you are looking at a Chapter 7, usually within a couple of days the papers could be prepared. Almost all bankruptcy attorneys use computer software which helps speed up the process.

How long does it take to file Chapter 7?

Let’s Summarize. Most Chapter 7 bankruptcy cases take between 4 - 6 months to complete after filing the case with the court. The order erasing eligible debts can be granted as early as 90 days from the date the case was filed. No-asset cases are typically closed a couple of weeks after the discharge date.

How long before bankruptcy do you have to take credit counseling?

Taking credit counseling: This course has to be completed in the 180 days before your bankruptcy petition is filed with the court.

What is the deadline for a 341 meeting?

341 meeting + 30 days = Deadline for the trust ee (or creditors) to object to an exemption you claimed. This deadline starts when the 341 meeting is “concluded” which can be delayed if the trustee schedules a follow up meeting. 341 meeting + 60 days = Deadline for creditors to object to having their debt discharged.

How long does it take to file a 341?

Phase 1: Filing Date ➡️ 341 Meeting of Creditors. The 341 meeting is scheduled about 30 days after the petition date. The meeting itself typically takes less than 10 minutes to complete. While waiting for your 341 meeting, you’ll likely hear from your trustee.

What is the trustee waiting for in bankruptcy?

In some cases, all the trustee is waiting for is the filer's tax return for the year their bankruptcy case is filed in. If no specific exemption for a tax refund exists, a portion of the refund may be used by the trustee to pay creditors. Usually, not much else is required from the filer during this process.

What is means test in bankruptcy?

The means test shows the bankruptcy court that you’re eligible for debt relief because your monthly income isn't enough to pay your unsecured debts in a Chapter 13 bankruptcy. Unsecured debt includes credit card debt, medical bills, and personal loans. Not all unsecured debts are dischargeable.

How long does it take to get a 341 meeting?

341 meeting + 60 days = Deadline for creditors to object to having their debt discharged. Creditor objections are not very common in typical Chapter 7 cases, but they do happen. 341 meeting + 45 days = Deadline to deal with secured debts, like car loans (if you want to keep the car).

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What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is called “liquidation bankruptcy,” because, in theory, a person’s assets are “liquidated” to pay their unsecured debt. In reality, most people who file Chapter 7 get to keep their house, car and other necessary assets, as long as they stay current on payments.

Chapter 7 Bankruptcy Timeline

The Chapter 7 bankruptcy process has many steps. Your obligation includes gathering information required by the court and the trustee, taking a credit counseling course, paying a filing fee, which sets the court process in motion, attending a “meeting with creditors,” and more. The judge could discharge your debt once all that happens.

Meeting of Creditors

The bankruptcy trustee assigned to you by the court will meet with you, in a 341 hearing, usually referred to as the “meeting of creditors.” While your creditors are invited, they don’t generally attend. The meeting usually takes about 10 minutes and requires much of the same paperwork you used to file for bankruptcy.

How does the Chapter 7 Process Differ from Others?

There are several different types of bankruptcy, though the two most used by individuals (rather than businesses) are Chapter 7 and Chapter 13. About 70% of those who filed for bankruptcy in 2020 filed Chapter 7, with almost all remaining filing Chapter 13.

What Affects the Chapter 7 Bankruptcy Process?

There are a lot of things that can affect how long Chapter 7 bankruptcy takes, some including court delays in the aftermath of the COVID-19 pandemic. But the biggest factor on how long your Chapter 7 bankruptcy case will take is you.

Speak with a Professional

The U.S. Bankruptcy Court strongly suggests that those filing get an attorney. Court officials, including judges, are barred by law from offering advice to people who’ve filed for bankruptcy. The court does have information and documents available for those doing it themselves, legally called pro se.

What should an attorney advise you at the first meeting?

The attorney should advise you at the first meeting how long it will be to complete everything; if things are delayed for some reason, the attorney should be calling YOU to explain why! I don't like the sound of how things are going with this attorney and agree with the others that you may want to try to move on.

Can a lawyer send you a bill for time spent on your case?

Unfortunately, if the lawyer has already spent time on your case, he may feel justified in sending you a bill for the time spent to date. You will have to review your agreement with the attorney (if any). Sometimes telling the attorney that you are upset and are considering filing a complaint with the local legal ethics board will (a) ...

Do I need a new attorney for my divorce?

YES, you definitely need a new attorney (if you want to go that route) - it shouldn't take that long at all, and as the other post said and I agree - you shouldn't have any relative or friend helping you with these papers - it's none of their business. And go back and get the papers from the original lawyer. Good luck.

Is elder law a good choice?

An elder lawyer is a good choice because he/she will be able to guide you if nursing care, medicaid, elderly rights, etc issues come up later. Good luck. This field is required. Get an attorney who does elder law and it should only take days. This field is required.