Timeline of a Typical Chapter 7 Bankruptcy
To begin a Chapter 7 case, the debtor must gather financial information and complete a questionnaire, and pay the required fees. We then prepare the bankruptcy pleadings and send a draft to the debtor for review and approval before filing the case. The length of this process is largely dependent upon how long it takes the debtor to supply all the required information and documentation; the pleadings can be finalized and filed within one day after receiving final approval.When a Bankruptcy petition is filed, the Automatic Stay goes into effect immediately, and a meeting of creditors (MOC) is scheduled for within 20-40 days of the filing date of the petition.
Within 45 days of the MOC, the second credit counseling certificate must be filed.
If a creditor wishes to object to the discharge, they must file an objection within 60 days of the MOC or lose the right to do so.
The debtor receives a discharge approximately 120 days from the date of filing the petition.