Chapter 13 Bankruptcy Timeline

When a person is filing for chapter 13 bankruptcies, he needs to know all the laws pertaining to the bankruptcy. The most important thing to know about the whole process is its timeline.

Proper knowledge of timeline helps you to take right decision and make proper estimates. Hence, it is advisable to get proper understanding of the time under this chapter.

Here is the timeline that describes the bankruptcy law with respect to various stages of the filing of petition: Considerations prior to filing:

Four years: if an individual has been discharged under any other bankruptcy chapter like 7, 12, or 11 within last 4 yearsthen the court denies the request to discharge under chapter 13.

Two years: in case an individual has been discharged under chapter 13, the restriction is only for two years.

180 days/six months: if an individual has filed under chapter 13 and had been dismissed as he did not obey court's orders. In that case he will have to wait for six months period before refilling.

90 days/three months: in case you have moved from one state to another with 3 months(90 days) then the court can deny your petition. One can file for chapter 13 only if he is living in that particular state for more than monthsperiod. In case you immediately want to file the petition, you will have to do so in the previous state's court where you were residing. However, in that case your residential status has to be at least 180 days in that particular state. If your residential status is less than 180 days then you can file for petition in the state where your prime property and assets are located for more than six months.

Consideration during the time of filing of petition: once you have completed the filing process, your case starts. The first step is automatic stay order and appointment of a trustee (in case you require). Along with this a letter is sent to creditors, telling them about the filing of petition. Next you need to file the repayment schedule within 15 days of filing.