Chapter 13 Timeline

When you initially file your Chapter 13 bankruptcy, the court will enter an Automatic Stay order prohibiting your creditors from taking legal action against you. The court will then send a notice of your case to all of the creditors listed in your petition and assign a bankruptcy trustee to monitor your case and schedule a meeting of your creditors.

Within 15 days of your Chapter 13 bankruptcy filing, you must file financial schedules listing your assets, liabilities, expenses, income and a statement of your affairs. Often, your bankruptcy attorney will file these schedules with your petition.

You also have 15 days to file your repayment plan. Within 15 days after you file your case, the court will mail the Notice of Commencement of Case to you and your creditors. This notice will give you the date for the meeting of your creditors and the deadline for your creditors to file any claims against you.

You will need to make your first payment of your repayment plan within 30 days after the date that your plan was filed, or your bankruptcy case may be dismissed.

About six weeks after your Chapter 13 case is filed, the court will convene the meeting of your creditors. Your bankruptcy trustee will preside over this meeting, which you are required to attend (otherwise your case may be dismissed). At this meeting you will testify under oath as to the accuracy of the statements in your petition. The court-appointed bankruptcy trustee and your creditors have 30 days after this meeting to make any objections to the bankruptcy filing.

Forty-five days after the meeting of your creditors, the court will hold a confirmation hearing when the bankruptcy trustee will recommend to the judge if your repayment plan should be approved by the court. Although your creditors have the right to make objections at this time, your lawyer should previously have resolved these.

All creditors, except government entities must file their proofs of claim within 90 days after the first date set for your creditor meeting, if they are to share in the payments from your case. Government bodies, such as the IRS, have 180 days after the filing of your case to submit their proofs of claim.

Upon your final payment under your three-to-five-year repayment plan, you will receive your formal discharge notice from the court. However, before your Chapter 13 bankruptcy is officially discharged, you will need to complete an approved financial management course.

To speak with a qualified and experienced bankruptcy representative from Client First Bankruptcy, please call us toll-free at 800-383-6004. Filing bankruptcy stops creditor harassment, so call us right now.