Houston Bankruptcy Attorney

What is the Timeline for Bankruptcy?

This is a common question when starting the bankruptcy process.  The timeline will vary depending on whether you are filing for a  Chapter 7 or  Chapter 13 case.  The full information on what to expect can best be determined when you meet with an experienced  Houston bankruptcy lawyer from the Malaise Law Firm. You are also welcome to view a helpful video we created about the bankruptcy timeline.

Although your bankruptcy filing formally begins with your petition, prior to that there are certain actions you need to be aware of.  They include:

• If you have filed a Chapter 7 Bankruptcy previously, you must wait 8 years from the date of your discharge before you can file again. 
• If you have filed a Chapter 13 Bankruptcy previously, you may be eligible to file 6 years after your last discharge. 
• If you previously filed for a Chapter 7 but now need to do a Chapter 13, you must wait at least 4 years from the date of your last discharge. 
• You must be a resident of the state you are filing in for at least 90 days.
• You must complete training regarding finances from a Certified Credit Counseling Agency no earlier than 180 days prior to filing.

The first step in any type of bankruptcy filing is to gather all information about your debts, assets, income and expenses.  Our office will work with you to put this together.  Once all information is gathered, our office will file the legal petition that includes the financial statement.  This statement will include a full list of all creditors, amounts and types of claims.  It also includes your living expenses.  This document is due as indicates below.  The rest of the steps follow after the original filing.

• 15 days after filing your petition you are required to provide the court with your financial statement.  For a Chapter 13 you must also file your proposed "Debt Repayment Plan" within this time period.
• 30 days after filing for a Chapter 7 Bankruptcy you must file a "Statement of Intention", which states which, if any, debts you wish to reaffirm.  (Keep and not include in the bankruptcy)
• 30 days after filing for your Chapter 13 Repayment Plan you must begin to make your first scheduled payments on your debts.
• 45 days after your bankruptcy filing the court will hold a Meeting of Creditors and assign a Trustee to oversee your case.
• If you owe any taxes, those agencies who might have claims against you, such as IRS taxes, have 180 days from the date of your filing to provide proof of their tax claim.
• Approximately 4 to 6 months after filing for Chapter 7 your debts will be discharged and your bankruptcy will be finalized.
• 3 to 5 years after filing Chapter 13 Bankruptcy and having made your initial payment on your "Repayment Plan", you will receive a formal discharge from the court.  All eligible debts will be discharged at that point.

The Bankruptcy Timeline in Houston

Each individual has differing circumstances that may affect the timeline of their bankruptcy filing.  As can be seen, the process can be somewhat complex and lengthy.  To ensure you have no unnecessary delays or debts inadvertently left out of your petition, ensure you retain our competent and caring bankruptcy lawyers when seeking advice on your debt situation. With the trusted lawyers at the Malaise Law Firm, you can feel confident we will take every precaution in ensuring the timeline goes smoothly and quickly.

Contact a Houston Bankruptcy Attorney at our firm for more information about the timeline associated with this form of debt relief.