HOW LONG DOES IT TAKE TO FILE CHAPTER 7 BANKRUPTCY IN PHILADELPHIA?

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1 HOW LONG DOES IT TAKE TO FILE CHAPTER 7 BANKRUPTCY IN PHILADELPHIA? Before You Decide to Move Forward with Chapter 7 Bankruptcy, You Need to Become Familiar with All the Finer Details of the Process; this Includes a Basic Idea of How Long It Will Take to File, as well as the Steps that You Need to Follow Along the Way DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY

2 While nobody wants to file Chapter 7 bankruptcy, there may come a time in your life where this is the best decision you can make. It is going to change your financial life in many ways and in the long run it could be one of the best decisions you ever make. Before you decide to move forward with Chapter 7 bankruptcy, you need to become familiar with all the finer details of the process. This includes a basic idea of how long it will take to file, as well as the steps that you need to follow along the way. 3

3 Remember, there is nothing simple about filing bankruptcy. This holds true regardless of if you are considering Chapter 7 or another type. With paperwork to be filed as well as decisions to make, this can become challenging process. Tip: by hiring a bankruptcy attorney, you can avoid a lot of the stress associated with the filing process. An experienced legal professional knows the ins and outs of Chapter 7 bankruptcy, including which steps to take and how to fill in all the required paperwork. Before we go any further, it is important to note that you should make a decision as soon as possible. The sooner you start the filing process the sooner the automatic stay will protect you. By law, the automatic stay prohibits creditors from contacting you. This means that you will not have to worry about collection efforts for the time being. Note: the Chapter 7 bankruptcy process differs from one state to the next. This is another reason why you need to hire a local attorney who has knowledge of state bankruptcy laws. 4

4 Generally speaking, Chapter 7 bankruptcy is a straightforward process. If you have an attorney on your side and follow along with the right steps, you will eventually reach the end. Step 1: Before filing, you must complete a mandatory credit counseling course online or via telephone. This may not be something you want to do, especially if you know that Chapter 7 bankruptcy is right for you, but it is required nonetheless. Step 2: Hire an attorney who can help you file the appropriate bankruptcy forms for your state. In these forms, you will list all of your property and creditors along with financial information covering the past two years. It is important to be as accurate as possible with all of the information you provide. Step 3: Supply a copy of your most recent income tax return to your lawyer who is required to supply the same to the bankruptcy trustee. At the same time, the trustee may require 5

5 additional information from you. Your lawyer will guide you with anything else that the trustee requests. Step 4: Approximately 30 days after you file, you will attend a creditors meeting. At this meeting, the trustee is in charge. Although creditors usually do not appear, this is not out of the question. At this meeting, you will answer questions, under oath, pertaining to the information you have supplied. Your attorney will appear with you at this hearing, and you will feel more comfortable with a professional by your side. Step 5: Within 45 days of your creditors meeting, you will attend budget counseling either by phone or online. You are then required to provide the court with a certificate of completion, letting them know that this step has been satisfied. Step 6: At this point, you will sit back and wait for the court to send you written notification of which debts have been discharged. You can expect this to happen within two to three months of the creditors meeting. During this time if you have nonexempt property, you can be contacted by the trustee and asked to turn over any nonexempt property. Your attorney will be able to advise you early on if you have any non-exempt property that 6

6 the trustee can require to be turned over. In most cases, there will be no property which needs to be turned over to the trustee. These are the six basic steps associated with filing Chapter 7 bankruptcy. There is a good chance that these steps will not be exactly the same for you, since the process is not identical in each state. However, as long as you are working with a qualified attorney you don t have to concern yourself with the details of each step. You know you will be in good hands throughout the process. Within six months, at the most, your bankruptcy filing should be complete and you will be in position to move on with the rest of your life. It is your hopes that you are now in a better financial position, and ready to make the right decisions in the future. 7

7 About the Author David M. Offen A native to the Philadelphia area, Mr. Offen attended Temple University College and Law School. Mr. Offen is licensed to practice in the States of Pennsylvania and New Jersey. He is a member of the Eastern District of Pennsylvania Bankruptcy Conference and the National Association of Consumer Bankruptcy Attorneys. David M. Offen has over 20 years of experience and has helped over 8,500 individuals and families go through the Bankruptcy process. These filings have included stopping foreclosure on a home, stopping repossession of a car or vehicle, stopping IRS tax levies and frozen bank accounts and putting a stop to; lawsuits, credit card bills, personal loan, bills, utility shutoffs and other types of debt. With Mr. Offen s help, these families have saved countless millions of dollars of debt. David enjoys getting to know his clients and will be happy to answer any and all questions you may have. You are treated as a person and not a number. Remember there is no such thing as a silly question. Don t be afraid to ask any questions you may have. David M. Offen has found that people looking to file Bankruptcy are not trying to avoid their responsibilities but rather to make a difficult situation easier. David enjoys getting people to stop worrying and making their financial lives much better and stop feeling overwhelmed. In some cases, Bankruptcy is not the best move and he can review your situation with you and tell you the right move for you to make. Get a completely free evaluation of your situation. For the past 20 years, the Law Offices of David M. Offen has been among the top filers of bankruptcy in the Eastern District of Pennsylvania. The Law Offices of David M. Offen The Curtis Center 601 Walnut Street, Suite 160 West 1st Floor Philadelphia, PA (215)