Expert: Norma Duenas - California Bankruptcy Attorney - 1/18/2010

Question
QUESTION: I just started working for a law firm in Santa Clarita as a legal assistant. I'm trying to learn as much as I can about Chapter 7 and Chapter 13 bankruptcy. I've looked all over for a simple timeline of the Chapter 13 process and have not been successful. Is there anyway you could summarize the chapter 13 process into a basic timeline?

ANSWER: The basic timeline for a Voluntary Chapter 13 bankruptcy is as follows:

1) Chapter 13 bankruptcy case is commenced with the filing of the bankruptcy petition, in a voluntary case the petition should be submitted with statement of social security and Credit Counseling.If the following documents are not filed with petition then they must be filed within 14 days of filing the petition: schedules of assets and liabilities, schedule of current income and expenses, schedule of executory contracts and unexpired leases, and statement of financial affairs, means test and Chapter 13 Plan must be filed with the court.

2) 7 days before the meeting of creditors, the trustee should be provided with copies of the last four years of federal tax returns.

3)At least 7 days prior to the meeting of creditors you should file Declarations re: Domestic Support Obligations and Tax Returns in the Central District.

4)After the filing of the case, the 341 meeting of creditors will be held between 20 to 50 days after.

5) Not more than 45 days after the meeting of creditors the judge must hold a confirmation hearing.

If you need further assistance you can contact me through http://www.socaladvocates.com

---------- FOLLOW-UP ----------

QUESTION: Thank you for answering my question reguarding Chapter 13 bankruptcy. Is the timeline for Chapter 7 basically the same? What are the differences?

Answer
The timeline for a Chapter 7 is similar and is as follows

1) A Chapter 7 voluntary bankruptcy case commences with the filing of the Chapter 7 bankruptcy petition. If the schedule of assets and liabilities, current income and expenditures, schedule of executory contracts, statement of financial affairs, copies of payment advices for last 60 days, means test were not filed with the petition, then it should be filed within 14 days. Similar to above the petition should be submitted with Statement of social security and Credit counseling.

2) In a Chapter 7 bankruptcy if there is secured debt then a statement of intention needs to be filed within 30 days of the filing of the petition or before the date of the meeting of creditors.

4)At least 7 days before the meeting of creditors the trustee must have the prior years filed tax returns. Most trustees require 2 years.

3) The meeting of creditors should be held between 20 to 40 days after the filing of bankruptcy case.

Generally the discharge for a Chapter 7 bankruptcy occurs 60-90 days after the first meeting of creditors and you must file the statement of completion of financial management course (debtor education course) within 45 days from the meeting of creditors. Please keep in mind that there are some exceptions to the dates statement above.

If you need further assistance you can contact me through http://www.socaladvocates.com