Source: http://wplawpractice.com/chapter-7-bankruptcy/chapter-7-bankruptcy-timeline/
Timestamp: 2015-04-21 13:05:40
Document Index: 674272341

Matched Legal Cases: ['§727', '§727', '§523', '§507', '§727', '§523', '§727', '§301', '§302', '§521', '§521', '§521', '§523', '§727', '§541']

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Chapter 7 Bankruptcy TimelineContact a Kansas City Bankruptcy Attorney to Benefit from Bankruptcy
Prior to Filing a Bankruptcy Case
In the last 8 years did you:
~~ File for a Chapter 7 bankruptcy and receive a discharge?
If it has been less than 8 years ago then you will be ineligible to receive another discharge at this time. (§727)
~~ File for a Chapter 12 or Chapter 13 bankruptcy in the last six years and receive a discharge?
If you paid at least 70% of your allowed unsecured claims, your plan was proposed in good faith, and you made your best effort – you generally will be eligible for a Chapter 7 bankruptcy discharge at this time. (§727)
In the last 3 years did you:
~~ Have unpaid taxes?
Income tax filings/returns due within 3 years prior to your bankruptcy case being filed are not discharged in a Chapter 7 bankruptcy. The due date includes any extensions if the 3 year period has been passed. (§523; §507)
~~ File tax returns late?
Tax returns that are filed late or filed 2 years before a Chapter 7 bankruptcy case are not discharged. (§727; §523)
~~ Try to delay or defraud your creditors by making any transfers, hiding, or destroying your property?
Your discharge may be denied and creditors may be allowed to recover transferred property. (§727)
The Kansas City Bankruptcy Attorneys at Walden & Pfannenstiel can help you explore all of the above and fully advise you on your options. Contact us today for a free bankruptcy consultation to determine the best course of action for you. If you decide that filing for bankruptcy is the right choice, we will be here with you, every step of the way. During these difficult times, you need not feel alone, help is available.
Your Chapter 7 bankruptcy case begins once a Petition is filed with the Bankruptcy Court. A husband and wife may file a joint Petition. (§301; §302) The Schedules listing assets, creditors, income, expenses, executory contracts, leases, and co-debtors are customarily filed along with the Petition. The Declaration Regarding Payment Advices and Credit Counseling Certificate are also usually filed along with the Petition. The filing fee is paid at the time of filing.
~~ The Bankruptcy Clerk will mail you and your creditors the Notice of Chapter 7 Bankruptcy Case, Meeting of Creditors, & Deadlines, which provides the date set for your meeting of creditors and other important deadlines.
~~ Statement of Intention must be filed, informing the court if you plan to keep any collateral property or if you intend to submit it to your creditors. (§521) This Statement of Intention is customarily filed along with the Petition.
~~ Your most recent tax returns are due to the Trustee 7 days before the date first set for the 341 meeting. (§521)
~~You must perform your intentions as stated in the Statement of Intentions. You will need to surrender the property, reaffirm the debt, or redeem for the allowed secured claim. (§521)
~~ You must have completed your debtor education course and filed a certificate of completion within 45 days of the first date set for the 341 meeting.
60 days after your 341 Meeting:
~~Creditors must object to discharge of debts that were obtained by false pretenses, a false representation, or actual fraud; debt from fraud or defalcation while acting in a fiduciary capacity, embezzlement or larceny; and debt for willful and malicious injury. This deadline applies to objections to discharge of: Consumer debts owed to a single creditor of more than $500 for luxury goods or services obtained within 90 days before a Chapter 7 bankruptcy. (§523) Creditors must also object within 60 days of the original 341 date for debts involving misconduct including transfer, destruction or concealment of property; concealment, destruction, falsification or failure to keep financial records; making false statements; withholding information; failing to explain losses; failure to respond to material questions; having received a discharge in a prior bankruptcy case filed within the last 6 years. (§727)
~~Trustee must determine if you bankruptcy case should be dismissed due to abuse or debts discharged.
~~ Reaffirmation agreements, if relevant, must be filed with the court.
~~Your discharge will be filed by the Bankruptcy Clerks. The discharge is not absolute or final. The Trustee can ask that the discharge be set aside if the debtor does not turn over non-exempt property, if the debtor fails to perform other duties, or if there were other matters pending which would result in the denial of the discharge.
~~Government agencies or units must file a proof of claim within 180 days of your bankruptcy case filing.
~~You no longer risk losing property you acquire or become entitled to after your bankruptcy case is filed as a result of inheritance, bequest, devise, property settlements involving divorce, or beneficiary on life insurance. The above-mentioned if received after your bankruptcy case is filed is at risk of being liquidated by the Trustee if received within 180 days of filing. (§541)
This timeline does not include every applicable event or deadline that can affect or occur during the course of a Chapter 7 bankruptcy case. All citations are to Title 11 of the U.S. Code unless otherwise noted.