Bankruptcy Timeline for Raleigh's Debtors
Information from Our Raleigh Divorce Lawyers
The specific timeline for bankruptcy proceedings in Raleigh, North Carolina
will vary depending upon the case itself and your specific situation.
Following is a basic bankruptcy timeline which should be used for general
informational purposes only.
- Any voluntary bankruptcy proceeding begins with filing a petition with
the Bankruptcy Court. At this time, a filing fee must be paid.
- Within 15 days after filing, the debtor (or the debtor’s attorney)
must file a “schedule” – detailed information must be
supplied to the court regarding assets, income, expenses, property and
debts. For Chapter 13 bankruptcy, a payment plan must be filed at this
time as well.
- Approximately 18 days after filing, the court will mail a “Notice
of Commencement of Case” to the debtor and to his or her creditors.
- Within 30 days of filing under Chapter 7, the debtor must file a “Settlement
of Intention” regarding property secured by debt. This statement
will inform the court of whether the debtor intends to keep paying these
debts or will surrender the property to the court in order for the debt
to be discharged.
- Within 30 days of filing under Chapter 13, the first payment under the
repayment plan will be due. The debtor must start making payments within
30 days of filing.
- Approximately 6 weeks after filing for bankruptcy, a “341 meeting”
will be held. This is a meeting involving the debtor and creditors. The
debtor must attend this meeting or his or her case will be dismissed.
At the 341 meeting, the debtor must testify under oath regarding bankruptcy.
- More than 60 days after the 341 meeting, a “discharge” will
be entered in a Chapter 7 bankruptcy case. This means that debts will
be discharged and the debtor will be clear and free of them. (There are
certain situations where a discharge can be set aside, however.)
- 3 to 5 years after the first payment under a Chapter 13 repayment plan,
a discharge will be entered by the court. This will release the debtor
from an obligation to pay any remaining eligible debt.