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The Court enters an order discharging individual Debtors after all requirements are met, but no sooner than the last day to object to the Debtor's Discharge. This is usually 60 days after the 1st setting of the 341 Meeting of Creditors unless a motion is filed with the court to extend that time.
Chapter 11 is the chapter used by large businesses to reorganize their debts and continue operating. Corporations, partnerships, and limited liability companies cannot use chapter 13 to reorganize and must cease business operations if a chapter 7 bankruptcy is filed.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
CHAPTER 7 BANKRUPTCY TIMELINE Day 1: File Bankruptcy Petition with Court & Pay Filing Fees. Day 13 to 33: (7 Days BEFORE Meeting of Creditors) Deadline to Provide Tax Returns to Trustee. Day 20 to 40: Meeting of Creditors - also called 341(a) Meeting. Day 80 to 100: (60 Days AFTER First Date Set. ... DISCHARGE GRANTED.
Chapter 7 Doesn't Wipe Out Mortgage Liens Even though a Chapter 7 bankruptcy discharge wipes out your obligation to pay back the loan, it doesn't eliminate the mortgage lien. If it did, everyone could file bankruptcy and own their homes free and clear.
A Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge ? meaning you no longer have to repay your debt. Various factors shape how long it takes to complete your bankruptcy case. You will have to take care of some tasks before you file.
In most cases, a Chapter 7 bankruptcy can stay on your credit reports for up to 10 years from the date you file bankruptcy. Once the 10-year period ends, the bankruptcy should fall off your credit reports automatically.
Courts can issue a discharge ruling when the debtor meets the discharge requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, or the ruling is based on a debt canceling. A canceling of debt happens when the lender agrees that the rest of the debt is forgiven.