Despite all of the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, the processes to get your case filed and on its way to a discharge are almost identical –even though the time-frame for each chapter is vastly different.
The first step for either chapter is always the most difficult –signing up for a free consultation with a Kain & Scott attorney to discuss your options. It takes a lot of courage to walk through the doors of a bankruptcy law firm. But, as we’ve seen time and time again with our clients, the relief felt after talking to one of our lawyers cannot be overstated!
After you’ve had your initial consult, you will want to get on the calendar for a review & sign appointment. Each chapter requires you bring different types of documents but, regardless, this is when the I’s are dotted and the t’s are crossed. Once everything is set to go, we file your Chapter 7 or Chapter 13 and you are onto the next step.
With your Chapter 7 or 13 filed, a court date is set for a 341 meeting or ‘meeting of creditors. Short and sweet, this is 5-10 minutes in front of a judge about six weeks after your date of filing.
When the 341 is done, the processes for Chapter 7 and Chapter 13 diverge.
If you filed a Chapter 7, your next step is a discharge! This happens about 60 days after your 341 meeting and means that your bankruptcy is completed!
For a Chapter 13, however, the next step is a confirmation hearing. This is not a hearing that you need to attend typically. This is a hearing in which the court goes over the proposed repayment plan for your case and gives the ‘yay’ or ‘nay.’
Once your payment plan has been given the green light, your 3-5 year plan commences. The final step is a discharge after all of your plan payments are completed.
Regardless of which chapter you are filing, Kain & Scott is dedicated to making the process as quick and stress free as possible.
Still have question about the bankruptcy process? Go to www.kainscott.com to schedule a consultation or chat with a team member from MN’s NICEST bankruptcy law firm.