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Deadlines in a Chapter 7 Bankruptcy

Posted By admin || 17-Nov-2011

Deadlines in a Chapter 7 Bankruptcy

What are the Deadlines for a Chapter 7 Bankruptcy?

Like all things legal, a Chapter 7 bankruptcy has deadlines that signify important milestones in your case. The following deadlines are ones you want to take particular note of because they're very important.

10 Days after the 341 Meeting

Ten days after your 341 meeting with the bankruptcy trustee and your creditors you will receive a notice regarding the Means Test. This notice will tell you whether you've passed or failed. If you've failed the Means Test the trustee will file a statement to dismiss your case within 30 days.

30 Days after the 341 Meeting

If there are  no objections to your exemptions within 30 days after  your 341 meeting then typically your assets are safe. If any amendments were filed the 30 day clock starts from the day refilled.

60 Days after the 341 Meeting

Sixty days after your 341 meeting your creditors can no longer claim that certain debts shouldn't be discharged. If they miss this deadline then they have no recourse and those debts will be wiped out with the bankruptcy. Also within that 60 day time period if anyone believes there was misconduct and wants to refute the discharge entirely they need to bring it to the courts attention.

Once these deadlines have passed you can assume that you've completed your paperwork properly and that no one is disputing any of your claims. The bankruptcy should then proceed smoothly.

Categories: Chapter 7 Bankruptcy
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