Posted on April 30, 2008
Filed Under Debt Consolidation, Avoid Bankruptcy, Business Bankruptcy, Chapert 11, Chapter 13, Blog Carnivals |
The laws pertaining to bankruptcy are very complicated. That is the reason why you are recommended to be properly aware of the timeline before filing your petition under chapter 13 bankruptcy. The following timeline describes the laws at different stages before, during, and after filing your petition.
Four Years Prior To Filing
If you already have been given discharge under other chapters, such as seven, eleven, or twelve within the last four years, the court will deny your request to consider discharge under chapter 13.
Two Years Prior To Filing
However, if the previous discharge was under chapter 13, the maximum restriction is two years.
180 Days Prior To Filing
Within this period, if you had filed for bankruptcy under any chapter and was dismissed because you did not obey the orders of the court, you will be able to file again only after the expiration of this 180-day period.
What is more, as per the new bankruptcy laws, it has now become mandatory for you to avail a credit counseling service through a certified agency. The report offered by the agency must explain the ways to do a budget analysis, the alternatives to bankruptcy, and the management of the financial matters in a more appropriate manner.
90 Days Prior To Filing
Within the 90-day period prior of filing your case under chapter 13 bankruptcy if you have moved from one state to another, your case will be denied by the court. The laws require you to be a resident of the state you are filing your case in for at least 90 days. If you have not yet completed the 90-day period, you will have to file your petition in the state where you were living previously. But again, your residential status in that state now must be at least 180 days.
If your previous residential status is also less than 180 days, the bankruptcy laws allow you to file your petition in the state where your primary properties and assets are located for more than 180 days.
During The Time While You Have Filed Your Case
Your case commences as soon as the filing process is complete. It is followed by an automatic stay order and the appointment of a trustee. A notice is also sent to all the creditors mentioned in the petition regarding the filing.
15 Days After Filing
You have to file the repayment within the first fifteen days after filing your case.
The 15-day deadline is also applicable to file certain financial “schedules”, such as the documents pertaining to your income, expenses assets, and liabilities.
Keeping in mind the above timeline will make things easier for you while you are planning to file your petition under chapter 13 bankruptcy.
The timeline for chapter 13 bankruptcy is very much similar to that in the chapter 7, but with some exceptions. You need to understand the specific bankruptcy laws that have to be followed at different stages while you are filing under chapter 13. The new bankruptcy laws have also made things a bit more complicated now.For more information visit filing bankruptcy
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