Bankruptcy Timeline

Once the necessary bankruptcy paperwork is filed with the court, you are entered into the bankruptcy timeline and have full creditor protection. The first step for both a Chapter 7 and a Chapter 13 bankruptcy is to provide the required documentation to the Trustee’s office (copies of tax returns, copies of pay stubs, etc.)

Once the Court accepts your bankruptcy petition, it notifies your creditor to advise them of your filing; and gives them the date and time of the 341 first 

meeting of creditors. Any creditors who wish to question you about the debts or assets involved in this bankruptcy may do so at this meeting. Should a creditor object to your bankruptcy filing, they must do so within a certain period of time after this meeting.

• Under a Chapter 7, their objection may result in bankruptcy litigation.  However, this rarely happens and typically this 341 meeting is an informal hearing and the only appearance you will need to make.

• With the Chapter 13 filing, there is typically a second hearing for plan confirmation.  In many cases, our experienced attorneys can get your bankruptcy repayment plan pre-approved by the court to avoid a second hearing.

The 341 First Meeting of Creditors hearing and most confirmation hearings are held by the court-appointed Trustee and are fairly informal hearings.  Infrequently are matters brought before a bankruptcy judge.

Debt Discharge Timeline

The completion timelines vary between a Chapter 7 and a Chapter 13.

The Chapter 7 bankruptcy timeline typically completes to discharge within 3-5 months of filing.  Here is a breakdown of the timeline after the case is filed with the court:

• Within 30 – 45 days:  341 First Meeting of Creditors is held

• Complete the “Debtor Education” Course within 45 days after hearing

• Within 60 – 90 of the 341 days:  Receive discharge of debts from the court.

The Chapter 13 bankruptcy timeline completes within 36 – 60 months after the plan is confirmed with the court.  Here a breakdown of the process after the Chapter 13 plan is filed with the court:

• Within 30 – 45 days:  341 First Meeting of Creditors is held

• Within 30-45 days after 341 Hearing:  Confirmation Hearing is held to approve the repayment plan

• 36 – 60 months:  Repayment plan is in effect

• After plan payments are concluded, the “Debtor Education” Course must be completed before a court discharge is granted.

The Rules of Bankruptcy Procedure governs any bankruptcy litigation between a creditor and a debtor. Such cases move very quickly and occasionally even summarily. While it is possible to file for bankruptcy without the services of a lawyer, the chance of such litigation is a sufficient reason to retain expert bankruptcy attorneys. These cases and appearances require a firm, confident approach that only a seasoned bankruptcy attorney can provide.

Contact Acclaim Legal Services for Help

As a Michigan bankruptcy attorney, Acclaim Legal Services offers free in-office or phone consultations to review your personal circumstances, analyze your situation and advise you on the best course of action to resolve your financial concerns. Our lawyers specialize in bankruptcy law, debt resolution, foreclosure prevention and credit repair. Acclaim Legal Services has offices in Detroit, Southfield, Dearborn, Flint, Ann Arbor, Lansing and Warren, Michigan. 

Please call us toll free at 866-261-8282 or schedule a consultation right now.