The Bankruptcy Timeline
Guiding You Through the Bankruptcy Process Every Step of the Way
At Allmand Law Firm, PLLC, our Dallas bankruptcy lawyers strive to help
our clients through the bankruptcy process as efficiently and successfully
as possible. While no two bankruptcy cases are alike, a general timeline
does apply in most cases regardless of what Chapter you file under.
Here’s what you should know about how bankruptcy cases typically progress:
Eligibility requirements with prior cases. If you have filed for
Chapter 7 bankruptcy before and are considering filing a new case, you will have
to wait until at least eight years have passed since the date of your
prior filing. If you previously filed under
Chapter 13 or Chapter 11 within the last six years, you will only be eligible to
file under Chapter 7 if you have paid at least 70 percent of your unsecured
debt from your previous case.
Credit counseling. All consumers are required to complete credit counseling within 180 days
prior to filing for bankruptcy under the Bankruptcy Abuse Prevention and
Consumer Protection Act (BAPCPA).
Beginning the process. The bankruptcy process formally begins when you file a petition with
the bankruptcy court. Once you have filed, the court will issue an automatic
stay, which will stop all collection actions against you by creditors
while your case is pending.
Meeting of creditors. After you have filed your bankruptcy petition, you will be required to
attend a mandatory meeting of creditors within 60 days. During this meeting,
you will have to answer questions under oath about your income, assets,
liabilities, and expenses. Your case will then progress based on your
unique financial situation and the Chapter you filed under.
Receiving a discharge. Because each case is different, there is no set time for how long it
will take for a filer to receive a discharge. Generally, however, Chapter
7 filings may be resolved in as little as four to six months, while Chapter
11 or 13 filings may be resolved within three to five years after completing
a repayment schedule.
Contact Us for an Assessment of Your Case
As the largest bankruptcy filing firm in Texas with more than 20 years
of experience, Allmand Law Firm, PLLC has handled thousands of bankruptcy
cases in Dallas, Fort Worth, and the Mid Cities. If you are struggling
with debt and are considering bankruptcy, turn to our firm for expert
assistance. Our firm’s founder,
Reed Allmand, is Board Certified in Bankruptcy by the Texas Board of Legal Specialization,
so you can be confident that we have the knowledge and resources to help
you regain your financial freedom. Our clients are our top priority, which
is why we offer free case evaluations to assess your case and recommend
a solution that works best for you.
To talk about your case, filing options, and approximate timeline for your
unique situation, please fill out an
online contact form and our Dallas bankruptcy lawyers will be in touch with you promptly.