San Antonio Bankruptcy Lawyer
The bankruptcy process begins with providing your San Antonio bankruptcy attorney with financial documents, some of which include tax returns, paystubs, titles and deeds. Once you supply this information your attorney will draft your bankruptcy petition.
You will receive credit counseling from a counseling agency that is approved by the bankruptcy court.
Once your Chapter 7 or Chapter 13 petition is filed with the bankruptcy court, the “automatic stay” which halts all forms of debt collection activity and foreclosures will go into effect.
Whether you file a Chapter 7 or a Chapter 13, a bankruptcy trustee will be appointed to your case.
If you filed a Chapter 13, then you will be required to file a Chapter 13 payment plan within 15 days of filing your petition.
For Chapter 7 and Chapter 13 cases, a Section 341 Meeting of the Creditors will take place between 30 and 45 days of filing your petition; you are required to attend this meeting. Creditors have up to 60 days to file any objections, but objections are rare especially in Chapter 7 no-asset cases.
Prior to obtaining a discharge, the debtor will need to complete a financial management course, so it’s a good idea to get this out of the way as soon as possible.
If you filed a Chapter 13, then you will be expected to pay payments on your Chapter 13 payment plan for 3 to 5 years. The length of time for a Chapter 13 payment plan will be dependent upon the amount of debt you have and your monthly disposable income.
For Chapter 7 filers, any non-exempt assets will be liquidated and the proceeds will be used to pay off creditors. However, a number of Chapter 7 bankruptcies are no-asset bankruptcies thereby making this step unnecessary. Assuming there are no objections from creditors and the debtor has satisfied other requirements, the court will discharge their debts and the case will be closed; most Chapter 7 cases are discharged around four to six months after filing. For Chapter 13 filers, their case will be discharged after all payments and requirements are satisfied.
Contact Attorney Rick Flume Today
To obtain more information about the Texas bankruptcy timeline, contact me to arrange a free consultation to discuss all of your available options.