Timeline For Chapter 7 Bankruptcy

Get Debt Relief And A Fresh Start

Most people who have unmanageable debts find themselves getting deeper in the hole with each passing week. But help could be just a phone call away. In a few short months, you could obtain debt relief and the chance to begin your financial life again.

Paul Camarena at North & Sedgwick Law is an experienced bankruptcy lawyer who has helped many people obtain debt relief. In a free consultation, attorney Paul Camarena can review your situation and discuss your debt relief options, which may include Chapter 7 or Chapter 13 bankruptcy.

The Chapter 7 Bankruptcy Timeline

Step One — If you decide to move forward, Mr. Camarena can file your bankruptcy petition while you wait, even during the evening or on a weekend. This immediately stops legal actions, including foreclosure, repossession, garnishment and collection actions.

Step Two — Between 20 and 40 days after filing, Paul Camarena will represent you in a hearing before the bankruptcy trustee with the goal of getting your debt liquidation plan approved.

Step Three — About 90 days after filing, your Chapter 7 bankruptcy will be concluded. Your unsecured debts (such as credit card debts, medical bills and personal loans) will be completely discharged.

Some Chapter 7 bankruptcies can be more complex, requiring up to 18 months or longer to complete. In other cases, bankruptcy litigation may delay final resolution for a long period of time and keep the automatic stay in effect. This may delay foreclosure or imposition of tax levies during that period.

The Power Of The Automatic Stay

The moment the firm files Chapter 7 bankruptcy for you, the terrifying threat of immediate foreclosure, repossession and collection judgments stops. That will give attorney Paul Camarena time to develop the optimal debt relief plan for you. This could involve obtaining a loan modification or reaffirmation agreement that enables you to keep your car or another property purchased with secured debts. If you own a home, you may be able to continue to live in it until the final discharge of your debts, though you may lose some equity at that time.

North & Sedgwick Law will take full legal advantage of the automatic stay and the bankruptcy laws to maximize your debt relief and protect your property.

Contact A Bankruptcy Lawyer Serving Chicago And Cook County

To discuss the timeline for a Chapter 7 bankruptcy and learn more about the bankruptcy process, contact North & Sedgwick Law for a free consultation.

El abogado habla español.

†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.