If you research bankruptcy online, you will find some useful information but you will also find a great deal of misinformation. Unfortunately, this misinformation can create doubt, confusion, and fear for a person who is already suffering the stress of dealing with debt problems. You may believe that the bankruptcy timeline is long and complicated; however, our staff is here to help you through each step in the bankruptcy timeline so that you can put the stress and anxiety of debt problems behind you in less time than you think.
The Bankruptcy Timeline for Kain & Scott Clients
Free Bankruptcy Consultation
The first step in your bankruptcy timeline will be to meet with one of our bankruptcy attorneys. During your bankruptcy consultation, the attorney will review your financial situation by discussing your debts, assets, and financial history. Based on your unique situation, the attorney will advise you of what options you have for solving your debt problems. Those options may include both bankruptcy and non-bankruptcy solutions. He will also give you his legal opinion as to which option is best for your situation. If you decide to file bankruptcy, you move onto the second step in the bankruptcy timeline.
Retaining the Law Firm
If you want to proceed with a bankruptcy filing, one of our assistants will meet with you to sign the documents to retain Kain & Scott as your attorneys and review the information we will need to prepare your bankruptcy petition and schedules. We do NOT send you home with a thick packet of paperwork to complete on your own. We are here to help you gather the information and fill out the bankruptcy forms. Our assistants will also explain the credit-counseling course that you must complete before filing bankruptcy. This course can be completed online in under one hour.
Review and Sign Appointment
We want to ensure that your bankruptcy timeline moves along without delay; therefore, when you retain our law firm, our assistant will schedule a second appoint that we refer to as the Review and Sign Appointment. At this appointment, you will meet with an assistant who will review every page of your bankruptcy petition and schedules to ensure that the information contained in the schedules is complete and accurate. You will then meet with your attorney to review and sign the bankruptcy forms. Your attorney will answer any questions you may have about the forms or the bankruptcy filing. This appointment typically lasts for about two hours. Your bankruptcy case will be filed shortly after you sign the forms.
First Meeting of Creditors
Approximately four to six weeks after your bankruptcy case is filed, you will attend your First Meeting of Creditors. This is part of the bankruptcy timeline that we cannot control because the court schedules these hearings. Your hearing will last about 5 to 10 minutes while you answer questions about your bankruptcy filing. The trustee assigned to your case conducts the hearing and most hearings take place without any creditors appearing.
Closing the Bankruptcy Case
The bankruptcy timeline will depend on the chapter of bankruptcy you file. If you file a Chapter 7 case, you will receive a discharge 60 days after the meeting of creditors. If you file a Chapter 13 case, you will continue to make your plan payments each month until you pay all of the payments due under the plan. Once all payments are made, the court will grant a discharge and close the case.
How Can You Keep Your Bankruptcy Timeline as Short as Possible?
The bankruptcy law firm you choose can have an effect on the length of your bankruptcy timeline. Some law firms require multiple visits before the forms are completed, signed, and filed. Kain & Scott does this in two appointments. You also have an effect on your bankruptcy timeline. If you wait too long between steps, your bankruptcy case will take longer. For example, we cannot file your bankruptcy case until you complete your credit-counseling course. Devoting sufficient time to complete the necessary steps will make the process go much faster. Our staff is here to assist you and to answer any questions you have to make your bankruptcy timeline as efficient as possible.
If you are ready to relieve yourself from your debt and start the bankruptcy process, sign up for a free bankruptcy consultation. We will work with you to solve your financial problems as fast as we can so you can move on to a debt free life.
