Timeline for a Bankruptcy in Kane County

If you are filing for bankruptcy, you may be wondering how long it will take before your case is resolved and your debt is discharged. If you are filing a Chapter 7 bankruptcy, it may take as little as 6 months, and if you are filing a Chapter 13 bankruptcy, it will be resolved usually within a 3 to 5 year period. If you are filing for bankruptcy in Kane County, Illinois, here is a basic timeline of events:

• 180 days before you file for bankruptcy, you must complete a credit counseling course in order to qualify. This course must be completed with an approved agency.
• If you are filing for bankruptcy in the state of Illinois, you must be a resident for a period of more than 90 days before filing for bankruptcy in the state.
• 14 days after you file your bankruptcy petition, you must file information with the bankruptcy court that relates to your assets, your income, your expenses and your liabilities. When filing for a Chapter 13 bankruptcy, you will also have to create a repayment schedule.
• 30 days after filing, you are required to make the first payment to the bankruptcy trustee if you filed a Chapter 13. If you filed a Chapter 7, you are required to file a Statement of Intention that states which debts you are going to reaffirm to retain specific assets by continuing to make payments.
• 21-50 days after filing your case, a Meeting of Creditors will be held. In Chapter 7 cases, the meeting has to take place 21 to 40 days after filling. For Chapter 13 cases, it has to take place 21 to 50 days after filing. You will also be required to testify in regard to the information that has been given to the court, to date.
• In the case of a Chapter 7 bankruptcy, a discharge will typically happen approximately 6 months after filing.
• In the case of a Chapter 13 bankruptcy, a discharge will occur once the repayment schedule has been completed, which can take from 3 to 5 years.

Get the guidance you need through the process by contacting the Kane County bankruptcy attorney at the Law Office of Joseph P. Doyle. Contact us today!