Brief Overview of the Bankruptcy Timeline

• 6 months before filing for bankruptcy, people will need to complete credit counseling and obtain a certificate of completion from the U.S. Trustee Office.  They must not have a bankruptcy case dismissed 6 months prior to filing for Chapter 7 or Chapter 13 bankruptcy.
• 3 months before filing for bankruptcy, people must meet residency requirements.  They must reside in the state in which they plan to file for bankruptcy for at least 90 days.
• 2 – 3 months before filing for bankruptcy, people will need to stop using their credit cards.  Also, they must be aware that any new unsecured debt may not be discharged.
• People will file for bankruptcy when they submit a bankruptcy petition, a statement of assets and debts and a list of creditors.
• Shortly after filing for bankruptcy, the court will send a person’s creditors a notice of the case and also issue an automatic stay, which prevents creditors from continuing collection activities.  A bankruptcy trustee will be appointed to the person’s case.
• After documents have been submitted, people who have filed for bankruptcy will have to attend a mandatory meeting with their trustee and creditors.  However, most creditors will choose not to attend the meeting.  During the meeting, bankruptcy paperwork will be reviewed and the trustee will go over the peoples’ exempt and non-exempt assets.
• Approximately 60 days later, peoples’ debts will be discharged if they filed for Chapter 7 and their creditors did not file disputes.  If people filed for Chapter 13, they will begin to make their monthly payments and continue to do so until their debts are repaid in full.

Tucson Bankruptcy Law Firm

The Tucson Bankruptcy Law Firm is truly a results oriented bankruptcy firm.  If you would like to speak with one of our Tucson bankruptcy attorneys about your debt, contact us to set up an initial consultation!

The Tucson Bankruptcy Law Firm is comprised of independent Tucson bankruptcy lawyers that handle Chapter 7 and Chapter 13 Bankruptcy cases in Arizona.