What are the time limits and deadlines in Chapter 7 and Chapter 13 bankruptcy?
Time Periods and Deadlines in Chapter 7 and 13 Bankruptcy Cases
In both Chapter 7 and Chapter 13 bankruptcy, there are specific time limits and deadlines that you need to be aware of. These deadlines ensure the process moves along in a timely manner and help manage the expectations of all parties involved. Here’s a general overview:
Chapter 7 Bankruptcy Deadlines:
- 341 Meeting of Creditors: Typically held about 21 to 40 days after the petition is filed. You must attend this meeting where creditors can ask questions about your bankruptcy and financial situation.
- Debtor’s Education Course: After filing for bankruptcy, you must complete a debtor education course and file the certificate of completion within 60 days after the first date set for the meeting of creditors.
- Objections to Discharge: Creditors have 60 days from the first date set for the meeting of creditors to object to the discharge of any of the debts.
- Discharge of Debts: The discharge usually occurs about 60 to 90 days after the 341 meeting if there are no objections.
Chapter 13 Bankruptcy Deadlines:
- 341 Meeting of Creditors: Usually held between 21 to 50 days after filing. Similar to Chapter 7, you must attend this meeting.
- Plan Confirmation: The plan must generally be submitted with the petition or within 14 days after the petition is filed. The confirmation hearing, where the court approves the debtor’s repayment plan, typically occurs within 45 days of the meeting of creditors. However, this can vary and may take longer if the plan needs to be amended.
- Completion of Payment Plan: In Chapter 13, the debtor commits to a repayment plan that lasts between 3 to 5 years. You must adhere to this timeline to successfully complete the bankruptcy process.
- Debtor’s Education Course: Similar to Chapter 7, you must complete an approved financial management course before the court discharges any remaining eligible debts. This must be done before making the last plan payment.
- Discharge of Remaining Debts: After completing the payment plan, any remaining eligible debts are discharged. The timing depends on the length of the repayment plan (3 to 5 years).
General Notes:
- Filing Deadlines: Various documents and schedules need to be filed with the court either at the time of filing the petition or within 14 days afterward unless an extension is granted.
- Automatic Stay: The automatic stay, which stops most collection actions against the debtor, goes into effect immediately upon filing the petition for both Chapter 7 and Chapter 13.
- Multiple Filings: If you’ve previously filed for bankruptcy, there may be waiting periods before you can file again. For example, you must wait 8 years between filing for Chapter 7 and another 8 years if you choose to file for Chapter 7 again.
These are general guidelines, and the exact timelines can vary based on your jurisdiction and specific case details. It’s crucial to work closely with a bankruptcy attorney who can guide you through these timelines and ensure all deadlines are met to avoid any issues during your bankruptcy process.
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