The Chapter 7 Timeline

A Chapter 7 bankruptcy case in California follows a set process from beginning to end – one that is unlikely to change in most circumstances. By being informed of the process, you can minimize the stress of filing for bankruptcy, and be fully prepared for each step in the process as it occurs. Having the legal representation of an experience California Bankruptcy Attorney can minimize the concerns that you may have as well – each of our attorneys is fully qualified to provide legal advice and guidance on all types of bankruptcy law, and we will work with you to be certain that you are prepared for the Chapter 7 bankruptcy process.

Before you file for Chapter 7 bankruptcy, you must first attend a court-approved debt management class and obtain a certificate of completion. The particulars of these types of classes varies depending upon the particular program – some may only take one or two sessions, while others may take a week or more to complete. In this class, you will most likely create a budget, which you will also be expected to file with the court, even though you will not be required to follow it if you are filing for Chapter 7. After you have the certificate of completion, you must file for bankruptcy within 180 days for the course to count towards your requirement.

When you file for California bankruptcy, you will be required to list your creditors, and any financial assets and holdings that you may have, including real estate, money in a trust fund, or other potential sources of income. It is important to be complete in your bankruptcy filing; any omissions can be costly. Creditors not included in the bankruptcy filing may still attempt to collect debts that you owe, and any omissions of your assets or financial holdings may be construed as attempting to abuse the California bankruptcy process, which could get your case thrown out.

Once your bankruptcy filing is accepted, a Meeting of Creditors will be scheduled. At this meeting, your creditors will have the opportunity to question you about your financial situation, however, most creditors do not choose to attend. For most individuals, the Meeting of Creditors is brief, and consists of the bankruptcy trustee informing you of your rights, the details of the bankruptcy process, and other information. The trustee may also ask questions about your bankruptcy filing. If you have obtained qualified legal counsel, your attorney will be present at the meeting, and will also be able to advise you.

After the Meeting of Creditors, if there are any assets to be disbursed, the bankruptcy trustee will handle the arrangements to have the items sold. If there aren’t any assets, typically your California bankruptcy will be discharged rather swiftly – within a few months after the Meeting of Creditors has been held. Once your bankruptcy is discharged, your creditors may no longer contact you for payment if theirs is one of the discharged debts.

Understanding the bankruptcy process and the timeline of events can help you to feel secure about your California bankruptcy case. Our reputable California Bankruptcy Attorneys are always happy to explain the process to potential clients. Contact us today and arrange for your free online California Bankruptcy case evaluation as soon as possible to fully understand how Chapter 7 bankruptcy works and what you can expect when you file.