How Long Does Chapter 7 Bankruptcy Take in California? Get an Answer from an Attorney

How Long Does Chapter 7 Bankruptcy Take in California? Get an Answer from an Attorney If you have no non-exempt assets, filing for Chapter 7 bankruptcy in California is rather quick and simple. A bankruptcy attorney with experience can ensure that your documentation is error-free and moves through the court system as swiftly as possible, which is often the key to a speedy resolution. What to anticipate during a typical Chapter 7 bankruptcy filing is listed below. If you have questions, contact Law Offices of Terrence Fantauzzi at (909) 552-1238 for a consultation.

Bankruptcy petition filing

The hardest aspect of filing for bankruptcy is usually preparing to do so since you need to gather a lot of financial information about your debts and make sure all of your documentation is in order. Although this can take some time, your lawyer will assist you to ensure that it proceeds as soon as possible.

The creditors’ meeting

A Meeting of Creditors must be scheduled by the Bankruptcy Court within 20 to 40 days of the bankruptcy petition being filed. The Chapter 7 trustee in charge of looking into your finances will question you about your debts during the Meeting of Creditors. This process will be short and simple assuming you appropriately reported your obligations and assets and no errors were discovered in your documents.

Since all of their assets are shielded by California exemption laws, most people who file for Chapter 7 bankruptcy do not have any assets that need to be auctioned in order to pay off their obligations. If your situation fits this description, the trustee will submit a “no asset report” and forward your case to the next phase.

Period of creditor objection

There is a 60-day window for creditors to object following the Meeting of Creditors. Your case will normally be finished within a week of the end of this 60-day term, assuming no creditors object to you securing a discharge under Chapter 7.

To sum up

The normal Chapter 7 bankruptcy case will take 90 to 120 days to complete from beginning to end. If a thorough financial investigation is necessary or if any creditors oppose, your case can take longer. Of course, if your case is submitted correctly, the process will be faster than it will be if there are errors. If you have questions or need assistance from a bankruptcy attorney, contact Law Offices of Terrence Fantauzzi at (909) 552-1238.

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