Chapter 7 Bankruptcy

How Long Does a Chapter 7 Bankruptcy Take?

Bankruptcy, debt, Debt Relief, Uncategorized / By / May 12, 2020
Many people who come to seek my help are afraid to file bankruptcy. They assume that once they file bankruptcy their life is over. This is simply not true. Filing for bankruptcy can help you get back on your feet and start over. You will be able to get credit again. If you are concerned about how the process works give Karra L. Kingston Esq. a call to better understand the process and your options.

How Long Does Chapter 7 Bankruptcy Take?

A Chapter 7 can be filed immediately once you have given us all of your paperwork to create your Chapter 7 bankruptcy petition. When you meet with us our lawyers will provide you with a list of documents that you will have to gather. Once you have gathered all of the requested information we will create your petition. Normally, a petition takes about a few days to a week to complete. Once we have completed your petition we will have you review it to make sure everything is in order. During this time you will also have to complete an online counseling course before we file. Once you have reviewed your petition you will sign it. As soon as the petition is signed and no corrections have to be made, we will file your Chapter 7 bankruptcy petition with the Court.As soon as the Clerk of Courts receives your bankruptcy petition, you will be assigned a case number, a bankruptcy trustee and a court date.

If you have no property/ assets most Chapter 7 bankruptcy cases typically take anywhere from three to six months to be completed. If on the other hand you have assets it could take longer. For example , if you have a foreclosure pending and want to try to get a loan modification through the Bankruptcy Court it could take four months or longer.

Bankruptcy Document Requests

Our office makes sure that the documents the trustee requests are sent before you go to Court. This allows for a smoother process. If we get to Court and the trustee asks for more documents this could also extend your Chapter 7 bankruptcy case timeline.

What is a Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is considered the liquidation chapter of bankruptcy. This is because the Chapter 7 bankruptcy trustee can sell your property in order to pay your creditors back. A good bankruptcy lawyer will make sure that you will not lose any property. Many people don’t realize that their are exemptions that protect your assets and  allow you to keep your property when you file a Chapter 7 bankruptcy. A bankruptcy lawyer knows what exemptions to use so you can still file bankruptcy and not lose anything!

What are The Bankruptcy Exemptions

There are certain Federal and State exemptions that allow you to keep certain property. New York and New Jersey have different state exemptions. It is important to know when you should use the Federal exemptions vs the State exemptions. Speaking with a bankruptcy lawyer is the best way to ensure your property is safe.  Some exemptions that allow debtors filing a Chapter 7 bankruptcy to keep their property are for:

Vehicles, clothing, retirement, tools, personal property, pensions, jewelry, health aid, life insurance, child support , alimony, retirement benefits, pensions etc.
Do I Need an Attorney a Bankruptcy Attorney to File a Chapter 7 Bankruptcy?
You are not required to hire a bankruptcy attorney to help you file bankruptcy. However, it may be in your best interest to hire one. Exemptions are complicated and hiring an attorney can make the difference between losing your property and protecting it. A Chapter 7 bankruptcy attorney can also prepare you for the types of questions that will be asked in Court and ensure that the proper paperwork is filed prior to your hearing. If you are worried about paying for a bankruptcy attorney many law firms allow payment plans and will help you. Our office works with each of our client’s to make sure they are able to file a Chapter 7 bankruptcy without worrying!