Chapter 7 Bankruptcy Timeline

Understanding Chapter 7 Bankruptcy Process & Timeline by Jacksonville, Florida Lawyer

If you reside, own a property, or have a place of business in the Florida and are currently burdened by unsecured debts that you can no longer pay, you may be able to file for Chapter 7 bankruptcy in a federal court. Declaring bankruptcy is always difficult, emotionally and financially. Having a Chapter 7 bankruptcy lawyer behind you during this difficult time can ease the loss and guide you through the process. At The Law Offices of Justin McMurray, P.A., you get the best legal advice from our bankruptcy and foreclosure attorneys, who can help you prepare for all possible outcomes of your bankruptcy.

Use this timeline as a guide for the Chapter 7 Bankruptcy Process in Jacksonville:

  1. Before Filing – It is best to talk to a bankruptcy lawyer to weigh your options and to help you make important decisions whether you qualify for a Chapter 7 Bankruptcy filing. It is important to understand the entire process before you file so as not to be overwhelmed during the process and avoid making mistakes.
  2. Prior to filing a credit counseling course must be completed. The Law firm will guide you through this easy online process.
  3. Day 1 – Your first official step to bankruptcy is the law firm filing the petition. This is an official court declaration of your request for bankruptcy, thus beginning the process. Soon after you file the petition, the court will issue an automatic stay, which secures you from being pursued by collectors and creditors. This automatic stay remains active for as long as the petition is pending.
  4. 30 days after filing – Around a month after filing the petition, an inquiry between with your creditors and trustee is held (341 meeting of creditors), where you will be asked questions about your income, debts, and intentions for declaring bankruptcy. During this procedure your attorney will be there to assist with any questions or concerns.
  5. Shortly before discharge – a Follow-up counseling course must be taken before the process is finalized.
  6. 90 to 120 days after filing – A discharge hearing marks the finalization of the process. Once completed, a bankruptcy court hearing is held where you will receive your discharge papers.