What’s the next step in your bankruptcy after a creditors meeting in Chapter 7?
Thirty days after the conclusion of your creditors meeting is the deadline for the trustee or any other party to object to exemptions. If no objection is filed by this date then it is waived. Thirty days after is also the deadline to follow through with your intent to reaffirm or redeem secured debts and collateral. If this is not done timely, the automatic stay may have terminated and the lender may be allowed to repossess the car or other personal property even if you are current. Read more about this.
Forty five days is the deadline to take the financial management course, but as a practical matter if you take it before sixty days there is no cponsequence for being late.
Sixty days is the deadline to object to you getting a discharge at all and to dischargeability of specific debts. If no one objects and you have filed your certificate of financial management course, then your discharge could be almost automatic.
In some districts if you have failed to file the certificate the case will close without a discharge. This is problematic not only because the automatic stay expires and you have no protection, but also because you will have to pay a filing fee that is almost as high as the original one to reopen the case and get the court to issue a discharge.
Additionally if you want to reaffirm a debt the agreement must be made before discharge and possibly also filed with the court before discharge.
Bankruptcy FAQ – Frequently Asked Questions
by Alex Wathen, Board Certified Consumer Bankruptcy Law – Texas Board of Legal Specialization
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“Honest people are routinely taken advantage of by powerful banks and finance companies who know the rules. I work to level the playing field.”
Alex Wathen, San Antonio Bankruptcy Attorney-Lawyer
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Hi, outgoing posts there
thank’s for the gripping word