CHAPTER 7 BANKRUPTCY TIMELINE
Preparation of Bankruptcy Petition
The hardest part of a chapter 7 bankruptcy case is the gathering of all the necessary documents for us to prepare your bankruptcy petition. The bankruptcy petition is a comprehensive summary of all of your assets (things you own) and all of your liabilities (things you owe) plus a brief two-year financial history. Preparation of the petition is, by far, the most labor-intensive part of a bankruptcy case. However, it is my experience that a thorough and complete bankruptcy petition yields an uneventful court process.
Date of Filing
The Date of Filing is the day you sign your petition and we file it with the Bankruptcy Court.
About one week from Date of Filing
You will receive a NOTICE OF BANKRPTCY FILING. On this notice is your Bankruptcy Case Number, Date of Filing, the date of the Meeting of the Creditors.
As soon as your case is filed, you can complete your Debtor Education Course. You may use the same agency you used for the pre-bankruptcy counseling or one of the many others available to choose from. The provider will forward the certificate to my office for filing with the Court. It is important to timely complete this course. If you do not complete the Debtor Education Course, you will not receive a discharge and your bankruptcy case will be for naught.
About 30 days from Date of Filing
You will have a Trustee Meeting. This is also referred to as a “Creditor’s Meeting” or “341 Meeting”. The meeting is held at 1000 Elm Street, 7TH floor, Manchester, NH. All creditors are invited to attend this meeting but rarely, if ever, attend. At this meeting, you will be interviewed under oath by the case trustee regarding your assets and liabilities. There is no need to be nervous for the Trustee Meeting. The Trustee will not humiliate or embarrass you. A typical Trustee Meeting lasts under five (5) minutes.
About 100 days from Date of Filing
Within a few weeks after the deadline to object to the dischargeabilty of debts (see deadline on your NOTICE OF BANKRUPTCY FILING), your Discharge Order will issue from the Court. The Discharge Order is the order which releases you of your legal obligation to pay your debts. Shortly after the Discharge Order is entered, your case will close.
About 3 months after your case closes
I recommend that you order a credit report about 3 months after your bankruptcy case closes to ensure it is being reported properly.