Long Beach and Bakersfield Bankruptcy Counseling
After Filing Timeline
This timeline discusses the timing of certain key events after a bankruptcy case is filed. This timeline is provided for information purposes only. It does not include all bankruptcy events. You should seek the assistance of a qualified attorney to determine how the bankruptcy code will apply to your situation.
Bankruptcy Filed
Commencement of Bankruptcy Case- A voluntary bankruptcy is "commenced" by the filing of a petition with the Bankruptcy Court. The petition request protection from creditors under an applicable Chapter of the Bankruptcy Code (e.g. Chapter 7 or Chapter 13). Spouses may file one petition together and commence a joint case.
Filing fee due- In both Chapter 7 and Chapter 13, the filing fee must accompany the petition, unless the court grants an application to pay the fee in installments.
List of Creditors must be filed- In Chapters 7 and 13, the petition must also be accompanied by a list of the names and addresses of your creditors.
Statement of Social Security Number must be filed- In both Chapters 7 and 13, the petition must be accompanied by a verified statement that sets out the debtor's social security number.
15 Days After Bankruptcy Filed
Bankruptcy Schedules must be filed- In both Chapters 7 and 13, the following schedules must be filed within 15 days after the bankruptcy was filed: (i) schedules of assets and liabilities; (ii) a schedule of current income and expenditures; (iii) a schedule of executory contracts and unexpired leases; and (iv) a statement of financial affairs.
Chapter 13 Plan must be filed- In a Chapter 13 case, the Plan must be filed within 15 days after the Bankruptcy was filed. The plan provides for the use of future income and the treatment of creditors, specifying when and how much each type of creditor will receive.
Within 20 Days After Bankruptcy Filed
Court mails Notice of Commencement of Case- The Court mails a Notice of Commencement of Case to the creditors included in the list of creditors usually within 20 days of filing the bankruptcy. The notice contains meeting date and deadlines for filing Proofs of Claims and Objections to Discharge.
30 Days After Bankruptcy Filed
Chapter 7: Statement of Intention Regarding Secured Debt must be filed- You must file a Statement of Intention regarding property secured by consumer debt within 30 days after filing a Chapter 7 Petition. The statement shall provide whether you intend to: (i) reaffirm the debt and continue to make the payments remaining for the balance of the debt; (ii) redeem the property by immediately paying the value; or (iii) surrender the property.
Chapter 13: Plan payment due- If you file a Chapter 13 Bankruptcy, you must start making plan payments within 30 days after the bankruptcy was filed.
7 Days Before the 341 Meeting
Provide copies of tax returns- On or before 7 days prior to the date first set for the 341 Meeting of Creditors, you must provide a copy of your most recent Federal Income Tax return to the trustee and to any creditors that have requested it.
Approximately 4-6 Weeks After Bankruptcy Filed
341 Meeting of Creditors- Section 341 of the Bankruptcy Code requires the trustee to conduct a meeting of creditors within a "reasonable time" after the filing of the bankruptcy case. This meeting is usually held approximately four to six weeks after the Bankruptcy is filed.
You are required to attend this meeting to testify under oath regarding your bankruptcy filing. Your creditors may come to this meeting to make inquires into your filing and financial condition. The failure of a creditor to attend the meeting does not effect its right to challenge your discharge in a Chapter 7 or to object to the plan in a Chapter 13.
If you fail to attend the 341 Meeting of Creditors, your case will be dismissed.
If you retain The Gorski Firm, APC to assist you in filing for bankruptcy, we will attend the 341 Meeting of Creditors with you to ensure that your rights are adequately protected.
30 Days After the 341 Meeting
Deadline to file objection to exemptions- If the Trustee or another party in interest wants to object to your claim of exempt property, they must do so within 30 days after the 341 Meeting of Creditors.
Chapter 7: You must perform under the Statement of Intention- In a Chapter 7 case, you must perform under the Statement of Intention, and (i) reaffirm the secured debt and continue to make the payments remaining obligated for the balance of the debt; (ii) redeem the property by paying its value; or (iii) surrendering the property.
60 Days After the 341 Meeting
Chapter 7: Deadline for objection to discharge of a particular debt under Section 523(c)- Your Creditors have until 60 days after the first date set for the 341 Meeting of Creditors to file a complaint under Section 523(c). This code section permits your creditors to object to the discharge of certain debts (e.g. those obtained by false pretenses, a false representation, actual fraud, embezzlement or larceny, and debts for willful and malicious injury).
Chapter 7: Deadline for objecting to discharge of all debt- Your creditors have until 60 days after the first date set for the 341 Meeting of Creditors to file a complaint objecting to discharge for the reasons listed in Section 727. This section allows objections to the discharge of debts involving misconduct such as transfer/destruction/concealment of property, concealment/destruction/falsification or failure to keep financial records, making false statements, withholding information, failure to explain losses, failure to respond to material questions, having received a discharge in a prior case within the last 6 years.
Chapter 7: Deadline for U.S. Trustee or court to move to dismiss case for "substantial abuse"- The U.S. Trustee or the court may move to dismiss a case in which debts are primarily consumer debts if it finds that granting relief is a "substantial abuse" of the provisions of Chapter 7.
Shortly After 60 Days After the 341 Meeting
Discharge entered in Chapter 7 case- The Federal Rules of Bankruptcy Procedure require that a "discharge" be entered "forthwith" after the expiration of the time for objecting to discharge or moving to dismiss the case. The deadline for those objections is 60 days after the first date set for the 341 Meeting of Creditors (see above).
However, note that a discharge is not final or absolute. The Trustee can ask that the discharge be set aside if you fail to turn over non-exempt property, if you fail to cooperate or perform other duties, or if there were some matters pending which would result in the denial of discharge.
90 Days After the 341 Meeting
Deadline for non-government creditors to file their Proofs of Claim- Creditors, other than government units, must file their Proof of Claim within 90 days after the first date set for the 341 Meeting of Creditors if they want to share in payments from the estate.
120 Days After Bankruptcy Filed
Final installment on filing fees due- If the Court allowed you pay the filing fees in installments, the final payment must be made on or before 120 days after the filing of the bankruptcy.
180 Days After Bankruptcy Filed
Governmental unit proof of claim deadline- Governmental units (e.g. the Internal Revenue Service) must file their Proof of Claim within 180 days after the commencement of the case if they want to share in payments from the estate.
3 to 5 Years After First Chapter 13 Plan Payment
Length of payments under Chapter 13 Plan- Unless all allowed claims are paid sooner, Chapter 13 plan payments must continue for at least three years beginning on the date that the first payment is due under the plan, or a maximum of five years.
Discharge entered in Chapter 13- The discharge in Chapter 13 cases is entered upon completion of all plan payments.